Notes to Accounts of Tiger Logistics (India) Ltd.

Mar 31, 2025

Provisions are recognized when the Company
has a present obligation (legal or constructive) as
a result of a past event, and it is probable that the
Company will be required to settle the obligation,
and a reliable estimate can be made of the
amount of the obligation.

l)The amount recognized as a provision is the
best estimate of the consideration required to
settle the present obligation at the end of the
reporting period, taking into account the risks
and uncertainties surrounding the obligation.
When a provision is measured using the cash
flows estimated to settle the present obligation,
its carrying amount is the present value of those
cash flows (when the effect of the time value of
money is material).

2) When some or all of the economic benefits
required to settle a provision are expected to be
recovered from a third party, a receivable is
recognized as asset if it is virtually certain that
reimbursement will be received and the
amount of the receivable can be measured
reliably.

3) A disclosure for contingent liabilities is
made where there is-

A possible obligation that arises from past
events and whose existence will be confirmed
only by the occurrence or non-occurrence of
one or more uncertain future events not wholly
within the control of the entity; or
A present obligation that arises from past
events but is not recognized because:

i) It is not probable that an outflow of resources
embodying economic benefits will be required
to settle the obligation; or

ii)The amount of the obligation cannot be
measured with sufficient reliability.

4) A contingent asset is a possible asset that
arises from past events and whose existence will
be confirmed only by the occurrence or
non-occurrence of one or more uncertain future
events not wholly within the control of the entity.

5) Commitments include the amount of
purchase order (net of advances) issued to parties
for completion of assets.

6) Provisions, contingent liabilities, contingent
assets and commitments are reviewed at each
reporting period.

7) Provisions for onerous contracts are
recognized when the expected benefits to be
derived by the Company from a contract are
lower than the unavoidable costs of meeting the
future obligations under the contract.

j) Financial Instruments

Financial assets and financial liabilities are
recognized when Company becomes a party to
the contractual provisions of the instruments.

Financial assets and financial liabilities are
initially measured at fair value. Transaction
costs that are directly attributable to the
acquisition or issue of financial assets and
financial liabilities (other than financial assets
and financial liabilities at fair value through
profit or loss) are added to or deducted from
the fair value of the financial assets or financial
liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the
acquisition of financial assets or financial
liabilities at fair value through profit or loss are
recognized immediately in Statement of Profit
and Loss.

Company becomes a party to 1 he contractual
provisions of the instruments. Financial assets
other than trade receivables are initially
recognized at fair value plus transaction costs for
all financial assets not carried at fair value
through profit or loss. Financial assets carried at
fair value through profit or losses are initially
recognized at fair value, and transaction costs are
expensed in the Statement of Profit and Loss.

ii) Subsequent measurement

Financial assets, other than equity instruments,
are subsequently measured at amortized cost,
fair value through other comprehensive income
or fair value through profit or loss on the basis of
both:

The entity’s business model for managing the
financial assets and the contractual cash flow
characteristics of the financial asset.

iii) Classification of financial assets

Debt instruments that meet the following
conditions are subsequently measured at
amortized cost (except for debt instruments
that are designated at fair value through profit
or loss on initial recognition):

- The asset is held within a business model
whose objective is to hold assets in order to
collect contractual cash flows; and

- the contractual terms of the instrument give
rise on specified dates to cash flows that are
solely payments of principal and interest on the
principal amount outstanding.

Debt instruments that meet the following
conditions are subsequently measured at fair
value through other comprehensive income
(except for debt instruments that are
designated as fair value through profit or loss
on initial recognition)

- the asset is held within a business model
whose objective is achieved both by collecting
contractual cash flows and selling financial
assets; and

- the contractual terms of the instrument give
rise on specified dates to cash flows that are
solely payments of principal and interest on the
principal amount outstanding.

Interest income is recognized in Statement of
Profit and Loss for FVTOCI debt instruments.
For the purposes of recognizing foreign
exchange gains and losses, FVTOCI debt
instruments are treated as financial assets
measured at amortized cost. Thus, the
exchange differences on the amortized cost are
recognized in Statement of Profit and Loss and
other changes in the fair value of FVTOCI
financial assets are recognized in other
comprehensive income and accumulated
under the heading of ‘Reserve for debt
instruments through other comprehensive
income’. When the investment is disposed of,
the cumulative gain or loss previously
accumulated in this reserve is reclassified to
Statement of Profit and Loss.

All other financial assets are subsequently
measured at fair value.

iv) Effective interest method

The effective interest method is a method of
calculating the amortized cost of a debt
instrument and of allocating interest income
over the relevant period. The effective interest
rate is the rate that exactly discounts estimated

future cash receipts (including all fees paid or
received that form an integral part of the effective
interest rate, transaction costs and other
premiums or discounts) through the expected
life of the debt instrument, or, where appropriate,
a shorter period, to the net carrying amount on
initial recognition.

Income is recognized on an effective interest
basis for debt instruments other than those
financial assets classified as at FVTPL. Interest
income is recognized in Statement of Profit and
Loss and is included in the “Other income” line
item.

v) Investments in equity instruments at
FVTOCI

On initial recognition, the Company can make an
irrevocable election (on an instrument-by-
instrument basis) to present the subsequent
changes in fair value in other comprehensive
income pertaining to investments in equity
instruments. This election is not permitted if the
equity investment is held for trading. These
elected investments are initially measured at fair
value plus transaction costs. Subsequently, they
are measured at fair value with gains and losses
arising from changes in fair value recognized in
other comprehensive income and accumulated
in the ‘Reserve for equity instruments through
other comprehensive income’. The cumulative
gain or loss is not reclassified to Statement of
Profit and Loss on disposal of the investments.

A financial asset is held for trading if:

- It has been acquired principally for the purpose
of selling it in the near term; or

- On initial recognition it is part of a portfolio of
identified financial instruments that the
Company manages together and has a recent
actual pattern of short-term profit-taking; or

- It is a derivative that is not designated and
effective as a hedging instrument or a financial
guarantee.

Dividends on these investments in equity
instruments are recognized in Statement of
Profit and Loss when the Company’s right to
receive the dividends is established, it is probable
that the economic benefits associated with the
dividend will flow to the entity, the dividend does
not represent a recovery of part of cost of the
investment and the amount of dividend can be
measured reliably. Dividends recognized in
Statement of Profit and Loss are included in the
‘Other income’ line item.

vi) Financial assets at fair value through
profit or loss (FVTPL)

Investments in equity instruments are
classified as at FVTPL, unless the Company
irrevocably elects on initial recognition to
present subsequent changes in fair value in
other comprehensive income for investments
in equity instruments which are not held for
trading.

Debt instruments that do not meet the
amortized cost criteria or FVTOCI criteria (see
above) are measured at FVTPL. In addition, debt
instruments that meet the amortized cost
criteria or the FVTOCI criteria but are
designated as at FVTPL are measured at FVTPL.

A financial asset that meets the amortized cost
criteria or debt instruments that meet the
FVTOCI criteria may be designated as at FVTPL
upon initial recognition if such designation
eliminates or significantly reduces a
measurement or recognition inconsistency that
would arise from measuring assets or liabilities
or recognizing the gains and losses on them on
different bases. The Company has not
designated any debt instrument as at FVTPL.

Financial assets at FVTPL are measured at fair
value at the end of each reporting period, with
any gains or losses arising on remeasurement
recognized in Statement of Profit and Loss. The
net gain or loss recognized in Statement of
Profit and Loss incorporates any dividend or
interest earned on the financial asset and is
included in the ‘Other income’ line item.
Dividend on financial assets at FVTPL is
recognized when the Company’s right to
receive the dividends is established, it is
probable that the economic benefits
associated with the dividend will flow to the
entity, the dividend does not represent a
recovery of part of cost of the investment and
the amount of dividend can be measured
reliably.

vii) Derecognition of financial assets

The Company derecognizes a financial asset
when the contractual rights to the cash flows
from the asset expire, or when it transfers the
financial asset and substantially all the risks and
rewards of ownership of the asset to another
party. If the Company neither transfers nor
retains substantially all the risks and rewards of
ownership and continues to control the
transferred asset, the Company recognizes its
retained interest in the asset and an associated
liability for amounts it may have to pay. If the
Company retains substantially all the risks and

rewards of ownership of the asset to another
party. If the Company neither transfers nor
retains substantially all the risks and rewards of
ownership and continues to control the
transferred asset, the Company recognizes its
retained interest in the asset and an associated
liability for amounts it may have to pay. If the
Company retains substantially all the risks and
rewards of ownership of a transferred financial
asset, the Company continues to recognize the
financial asset and also recognizes a
collateralized borrowing for the proceeds
received.

On derecognition of a financial asset in its
entirety, the difference between the asset’s
carrying amount and the sum of the
consideration received and receivable and the
cumulative gain or loss that had been recognized
in other comprehensive income and
accumulated in equity is recognized in
Statement of Profit and Loss if such gain or loss
would have otherwise been recognized in
Statement of Profit and Loss on disposal of that
financial asset.

On derecognition of a financial asset other than
in its entirety (e.g. when the Company retains an
option to repurchase part of a transferred asset),
the Company allocates the previous carrying
amount of the financial asset between the part it
continues to recognize under continuing
involvement, and the part it no longer recognizes
on the basis of the relative fair values of those
parts on the date of the transfer. The difference
between the carrying amount allocated to the
part that is no longer recognized and the sum of
the consideration received for the part no longer
recognized and any cumulative gain or loss
allocated to it that had been recognized in other
comprehensive income is recognized in
Statement of Profit and Loss if such gain or loss
would have otherwise been recognized in
Statement of Profit and Loss on disposal of that
financial asset. A cumulative gain or loss that had
been recognized in other comprehensive income
isallocated between the part that continues to be
recognized and the part that is no longer
recognized on the basis of the relative fair values
of those parts.

k) Financial liabilities and equity instruments

i) Classification as debt or equity

Debt and equity instruments issued by a
Company entity are classified as either financial
liabilities or as equity in accordance with the
substance of the contractual arrangements and
the definitions of a financial liability and an equity
instrument.

ii) Equity instruments

An equity instrument is any contract that
evidences a residual interest in the assets of an
entity after deducting all of its liabilities. Equity
instruments issued by a Company entity are
recognized at the proceeds received, net of
direct issue costs.

Repurchase of the Company’s own equity
instruments is recognized and deducted
directly in equity. No gain or loss is recognized
in Statement of Profit and Loss on the
purchase, sale, issue or cancellation of the
Company’s own equity instruments.

iii) Financial liabilities

All Financial liabilities are measured at
amortized cost using effective interest method
or fair value through profit and loss. However,
financial liabilities thatarise when a transfer ofa
financial asset does not qualify for
derecognition or when the continuing
involvement approach applies, financial
guarantee contracts issued by the Company,
and commitments issued by the Company to
provide a loan at below-market interest rate are
measured in accordance with the specific
accounting policies set out below.

iv) Financial liabilities at FVTPL

Financial liabilities are classified as at FVTPL
when the financial liability is either contingent
consideration recognized by the Company as
an acquirer in a business combination to which
Ind AS 103 applies or is held for trading or it is
designated as at FVTPL.

A financial liability is classified as held for
trading if:

- It has been incurred principally for the
purpose of repurchasing it in the near term; or

- On initial recognition it is part ofa portfolio of
identified financial instruments that the
Company manages together and has a recent
actual pattern of short-term profit-taking; or

- It is a derivative that is not designated and
effective as a hedging instrument

Afinancial liability other than a financial liability
held for trading or contingent consideration
recognized by the Company as an acquirer in a
business combination to which Ind AS 103
applies, may be designated as at FVTPL upon
initial recognition if:

- Such designation eliminates or significantly

reduces a measurement or recognition
inconsistency that would otherwise arise;

-the financial liability forms part of a Company of
financial assets or financial liabilities or both,
which is managed and its performance is
evaluated on a fair value basis, in accordance with
the Company’s documented risk management or
investment strategy, and information about the
Companying is provided internally on that basis;
or

- it forms part of a contract containing one or
more embedded derivatives, and Ind AS 109
permits the entire combined contract to be
designated as at FVTPL in accordance with Ind AS
109

Financial liabilities at FVTPL are stated at fair
value, with any gains or losses arising on
remeasurement recognized in Statement of
Profit and Loss. The net gain or loss recognized in
Statement of Profit and Loss incorporates any
interest paid on the financial liability and is
included in the ‘Other income’ line item.

However, for non-held-for-trading financial
liabilities that are designated as at FVTPL, the
amount of change in the fair value of the financial
liability that is attributable to changes in the
credit risk of that liability is recognized in other
comprehensive income, unless the recognition of
the effects of changes in the liability’s credit risk in
other comprehensive income would create or
enlarge an accounting mismatch in profit or loss,
in which case these effects of changes in credit
risk are recognized in Statement of Profit and
Loss. The remaining amount of change in the fair
value of liability is always recognized in Statement
of Profit and Loss. Changes in fair value
attributable to a financial liability’s credit risk that
are recognized in other comprehensive income
are reflected immediately in retained earnings
and are not subsequently reclassified to
Statement of Profit and Loss.

Gains or losses on financial guarantee contracts
and loan commitments issued by the Company
that are designated by the Company as at fair
value through profit or loss are recognized in
Statement of Profit and Loss.

v) Financial liabilities subsequently measured
at amortized cost

Financial liabilities that are not held-for-trading
and are not designated as at FVTPL are measured
at amortized cost at the end of subsequent
accounting periods. The carrying amounts of
financial liabilities that are subsequently
measured at amortized cost are determined
based on the effective interest method. Interest

expense that is not capitalized as part of costs
of an asset is included in the ‘Finance costs’ line
item.

The effective interest method is a method of
calculating the amortized cost of a financial
liability and of allocating interest expense over
the relevant period. The effective interest rate is
the rate that exactly discounts estimated future
cash payments (including all fees paid or
received that form an integral part of the
effective interest rate, transaction costs and
other premiums or discounts) through the
expected life of the financial liability, or (where
appropriate) a shorter period, to the net
carrying amount on initial recognition.

vi) Derecognition of financial liabilities

The Company derecognizes financial liabilities
when, and only when, the Company’s
obligations are discharged, cancelled or have
expired. An exchange with a lender of debt
instruments with substantially different terms
is accounted for as an extinguishment of the
original financial liability and the recognition of
a new financial liability.

Similarly, a substantial modification of the
terms of an existing financial liability (whether
or not attributable to the financial difficulty of
the debtor) is accounted for as an
extinguishment of the original financial liability
and the recognition of

a new financial liability. The difference between
the carrying amount of the financial liability
derecognized and the consideration paid and
payable is recognized in Statement of Profit
and Loss.

I) Derivative Financial Instruments

The Company uses derivative financial
instruments, such as forward foreign exchange
contracts, to hedge its foreign currency risks.
Such derivative financial instruments are
initially recognized at fair value on the date on
which a derivative contract is entered into and
are subsequently remeasured at fair value, with
changes in fair value recognized in Statement
of Profit and Loss.

Derivatives are initially recognized at fair value at the
date the derivative contracts are entered into and are
subsequently remeasured to their fair value at the
end of each reporting period. The resulting gain or
loss is recognized in Statement of Profit and Loss
immediately unless the derivative is designated
and effective as a hedging instrument, in which
event the timing of the recognition in profit or
loss depends on the nature of the hedging
relationship and the nature of the hedged item.

i) Offsetting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the Balance
Sheet if there is a currently enforceable legal right
to offset the recognized amounts and there is an
intention to settle on a net basis, to realize the
assets and settle the liabilities simultaneously.

ii) Fair value measurement

The Company measures financial instruments,
such as, derivatives at fair value at each balance
sheet date.

Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an
orderly transaction between market participants
at the measurement date. The fair value
measurement is based on the presumption that
the transaction to sell the asset or transfer the
liability takes place either:

i) In the principal market for the asset or liability,
or

ii) In the absence of a principal market, in the
most advantageous market for the asset or
liability

The principal or the most advantageous market
must be accessible by the Company.

The fair value of an asset or a liability is measured
using the assumptions that market participants
would use when pricing the asset or liability,
assuming that market participants act in their
economic best interest.

Afairvalue measurement of a non-financial asset
takes into account a market participant’s ability to
generate economic benefits by using the asset in
its highest and best use or by selling it to another
market participant that would use the asset in its
highest and best use.

The Company uses valuation techniques that are
appropriate in the circumstances and for which
sufficient data are available to measure fair value,
maximizing the use of relevant observable inputs
and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is
measured or disclosed in the financial statements
are categorized within the fair value hierarchy,
described as follows, based on the lowest

Level input that is significant to the fair value
measurement as a whole:

Level 1 — Quoted (unadjusted) market prices in

active markets for identical assets or liabilities

Level 2 — Valuation techniques for which the
lowest level input that is significant to the fair
value measurement is directly or indirectly
observable

Level 3 — Valuation techniques for which the
lowest level input that is significant to the fair
value measurement is unobservable

m) Reclassification of financial assets and
liabilities

The Company determines classification of
financial assets and liabilities on initial
recognition. After initial recognition, no
reclassification is made for financial assets
which are equity instruments and financial
liabilities.

Forfinancial assets which are debt instruments,
a reclassification is made only if there is a
change in the business model for managing
those assets.

Changes to the business model are expected to
be infrequent. The Company’s senior
management determines change in the

business model as a result of external or internal
changes which are significant to the Company’s
operations. Such changes are evident to external
parties. A change in the business model occurs
when the Company either begins or ceases to
perform an activity that is significant to its
operations.

If the Company reclassifies financial assets, it
applies the reclassification prospectively from the
reclassification date which is the first day of the
immediately next reporting period following the
change in the business model. The Company
does not restate any previously recognised gains,
losses (including impairment gains or losses) or
interest.

n) Leases

As a lessee, the Company leases many assets
including properties and office equipment. The
Company previously classified leases as operating
or finance leases based on its assessment of
whether the lease transferred significantly all of
the risks and rewards incidental to ownership of
the underlying asset to the Company. Under IND
AS 116, the Company recognizes right-of-use
assets and lease liabilities for most of these leases
- i.e. these leases are on-balance sheet.

AS PER OUR REPORT OF EVEN DATE ATTACHED FOR TIGER LOGISTICS (INDIA) LIMITED

FOR GARG AGRAWAL & AGRAWAL uAnnnirirTciMru _UA. i_i/-vrnA nrMi I 11.1 _u«_TnA

_.HARPREET SINGH MALHOTRA BENU MALHOTRA

NO «™ MANAGING DIRECTOR DIRECTOR

FIRM S REGISTRATION NO. 016137N _DIN No. 00147977 DIN No. 00272443

CA ASHOK AGRAWAL

PARTNER VIS HAL SAURAV MADHUSUDAN

MEMBERSHIP NO: 500883 COMPANY SECRETARY JHUNJHUNWALA

UDIN- 25500883BMHZBP7928 MEMBERSHIP NO. A32702 ^CFO

PLACE: NEW DELHI
DATE: 27-05-2025

---

Mar 31, 2024

i) Provisions, contingencies and commitments

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, and it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

1) The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2) When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

3) A disclosure for contingent liabilities is made where there is-

A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or

A present obligation that arises from past events but is not recognized because:

i) It is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or

ii) The amount of the obligation cannot be measured with sufficient reliability.

4) A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

5) Commitments include the amount of purchase order (net of advances) issued to parties for completion of assets.

6) Provisions, contingent liabilities, contingent assets and commitments are reviewed at each reporting period.

7) Provisions for onerous contracts are recognized when the expected benifits to be derived by the company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract.

j) Financial Instruments

Financial assets and financial liabilities are recognized when Company becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in Statement of Profit and Loss.

i) Financial Assets

Financial assets are recognized when the Company becomes a party to the contractual provisions of the instruments. Financial assets other than trade receivables are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or losses are initially recognized at fair value, and transaction costs are expensed in the Statement of Profit and Loss.

ii) Subsequent measurement

Financial assets, other than equity instruments, are subsequently measured at amortized cost, fair value through other comprehensive income or fair value through profit or bss on the basis of both:

The entity’s business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.

ii) Classification of financial assets

Debt instruments that meet the following conditions are subsequently measured at amortized cost (except for debt instruments that are designated at fair value through profit or loss on initial recognition):

- The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and

-the contractual terms of the instrument give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Debt instruments that meet the following conditions are subsequently measured at fair value through other comprehensive income (except for debt instruments that are designated as fair value through profit or loss on initial recognition)

- the asset is held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets; and

-the contractual terms of the instrument give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Interest income is recognized in Statement of Profit and Loss for FVTOCI debt instruments. For the purposes of recognizing foreign exchange gains and losses, FVTOCI debt instruments are treated as financial assets measured at amortized cost. Thus, the exchange differences on the amortized cost are recognized in Statement of Profit and Loss and other changes in the fair value of FVTOCI financial assets are recognized in other comprehensive income and accumulated under the heading of ‘Reserve for debt instruments through other comprehensive income’. When the investment is disposed of, the cumulative gain or loss previously accumulated in this reserve is reclassified to Statement of Profit and Loss.

All other financial assets are subsequently measured at fair value.

iv) Effective interest method

The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Income is recognized on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL. Interest income is recognized in the Statement of Profit and Loss and is included in the “Other income” line item.

v) Investments in equity instruments at FVTOCI

On initial recognition, the Company can make an irrevocable election (on an instrument-by- instrument basis) to present the subsequent changes in fair value in other comprehensive income pertaining to investments in equity instruments. This election is not permitted if the equity investment is held for trading. These elected investments are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in the ‘Reserve for equity instruments through other comprehensive income’. The cumulative gain or loss is not reclassified to Statement of Profit and Loss on disposal of the investments.

A financial asset is held for trading if:

- It has been acquired principally for the purpose of selling it in the near term; or

- On initial recognition it is part of a portfolio of identified financial instruments that the Company manages together and has a recent actual pattern of short-term profit-taking; or

- It is a derivative that is not designated and effective as a hedging instrument or a financial guarantee.

Dividends on these investments in equity instruments are recognized in Statement of Profit and Loss when the Company’s right to receive the dividends is established, it is probable that the economic benefits associated with the dividend will flow to the entity, the dividend does not represent a recovery of part of cost of the investment and the amount of dividend can be measured reliably. Dividends recognized in Statement of Profit and Loss are included in the ‘Other income’ line item.

vi) Financial assets at fair value through profit or loss (FVTPL)

Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects on initial recognition to present subsequent changes in fair value in other comprehensive income for investments in equity instruments which are not held for trading.

Debt instruments that do not meet the amortized cost criteria or FVTOCI criteria (see above) are measured at FVTPL. In addition, debt instruments that meet the amortized cost criteria or the FVTOCI criteria but are designated as at FVTPL are measured at FVTPL.

Afinancial asset that meets the amortized cost criteria or debt instruments that meet the FVTOCI criteria may be designated as at FVTPL upon initial recognition if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. The Company has not designated any debt instrument as at FVTPL..

Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any gains or losses arising on remeasurement recognized in Statement of Profit and Loss. The net gain or loss recognized in Statement of Profit and Loss incorporates any dividend or interest earned on the financial asset and is included in the ‘Other income’ line item. Dividend on financial assets at FVTPL is recognized when the Company’s right to receive the dividends is established, it is probable that the economic benefits associated with the dividend will flow to the entity, the dividend does not represent a recovery of part of cost of the investment and the amount of dividend can be measured reliably.

vii) Derecognition of financial assets

The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received.

On derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in Statement of Profit and Loss if such gain or loss would have otherwise been recognized in Statement of Profit and Loss on disposal of that financial asset.

On derecognition of a financial asset other than in its entirety (e.g. when the Company retains an option to repurchase part of a transferred asset), the Company allocates the previous carrying amount of the financial asset between the part it continues to recognize under continuing involvement, and the part it no longer recognizes on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognized and the sum of the consideration received for the part no longer recognized and any cumulative gain or loss allocated to it that had been recognized in other comprehensive income is recognized in Statement of Profit and Loss if such gain or loss would have otherwise been recognized in Statement of Profit and Loss on disposal of that financial asset. A cumulative gain or loss that had been recognized in other comprehensive income is allocated between the part that continues to be recognized and the part that is no longer recognized on the basis of the relative fair values of those parts.

k) Financial liabilities and equity instruments

i) Classification as debt or equity

Debt and equity instruments issued by a Company entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

ii) Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by a Company entity are recognized at the proceeds received, net of direct issue costs.

Repurchase of the Company’s own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in Statement of Profit and Loss on the purchase, sale, issue or cancellation of the Company’s own equity instruments.

iii) Financial liabilities

All Financial liabilities are measured at amortized cost using effective interest method or fair value through profit and loss. However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, financial guarantee contracts issued by the Company, and commitments issued by the Company to provide a loan at below-market interest rate are measured in accordance with the specific accounting policies set out below.

iv) Financial liabilities at Fair Value Through Profit and Loss (FVTPL)

Financial liabilities are classified as at FVTPL when the financial liability is either contingent consideration recognized by the Company as an acquirer in a business combination to which Ind AS 103 applies or is held for trading or it is designated as at FVTPL.

A financial liability is classified as held for trading if:

- It has been incurred principally for the purpose of repurchasing it in the near term; or

- On initial recognition it is part of a portfolio of identified financial instruments that the Company manages together and has a recent actual pattern of short-term profit-taking; or

- It is a derivative that is not designated and effective as a hedging instrument.

A financial liability other than a financial liability held for trading or contingent consideration recognized by the Company as an acquirer in a business combination to which Ind AS 103 applies, may be designated as at FVTPL upon initial recognition if:

- Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise;

- the financial liability forms part of a Company of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Company’s documented risk management or investment strategy, and information about the Companying is provided internally on that basis; or

- it forms part of a contract containing one or more embedded derivatives, and Ind AS 109 permits the entire combined contract to be designated as at FVTPL in accordance with Ind AS 109.

Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognized in Statement of Profit and Loss. The net gain or loss recognized in Statement of Profit and Loss incorporates any interest paid on the financial liability and is included in the ‘Other income’ line item.

However, for non-held-for-trading financial liabilities that are designated as at FVTPL, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognized in other comprehensive income, unless the recognition of the effects of changes in the liability’s credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss, in which case these effects of changes in credit risk are recognized in Statement of Profit and Loss. The remaining amount of change in the fair value of liability is always recognized in Statement of Profit and Loss. Changes in fair value attributable to a financial liability’s credit risk that are recognized in other comprehensive income are reflected immediately in retained earnings and are not subsequently reclassified to Statement of Profit and Loss.

Gains or losses on financial guarantee contracts and loan commitments issued by the Company that are designated by the Company as at fair value through profit or loss are recognized in Statement of Profit and Loss.

v) Financial liabilities subsequently measured at amortized cost

Financial liabilities that are not held-for-trading and are not designated as at FVTPL are measured at amortized cost at the end of subsequent accounting periods. The carrying amounts of financial liabilities that are subsequently measured at amortized cost are determined based on the effective interest method. Interest expense that is not capitalized as part of costs of an asset is included in the ‘Finance costs’ line item.

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.

vi) Derecognition of financial liabilities

The Company derecognizes financial liabilities when, and only when, the Company’s obligations are discharged, cancelled or have expired. An exchange with a lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability.

Similarly, a substantial modification of the terms of an existing financial liability (whether or not attributable to the financial difficulty of the debtor) is accounted for as an extinguishment of the original financial liability and the recognition of

a new financial liability. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in Statement of Profit and Loss.

I) Derivative Financial Instruments

The Company uses derivative financial instruments, such as forward foreign exchange contracts, to hedge its foreign currency risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value, with changes in fair value recognized in Statement of Profit and Loss

Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in Statement of Profit and Loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedging relationship and the nature of the hedged item.

i) Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the Balance Sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

ii) Fair value measurement

The Company measures financial instruments, such as, derivatives at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

i) In the principal market for the asset or liability, or

ii) In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest

Level input that is significant to the fair value

measurement as a whole:

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2 — Valuation techniques for which the lowest

level input that is significant to the fair value

measurement is directly or indirectly observable

Level 3 — Valuation techniques for which the lowest

level input that is significant to the fair value

measurement is unobservable

m) Reclassification of financial assets and liabilities

The Company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities.

For financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets.

Changes to the business model are expected to be infrequent. The Company’s senior management determines change in the business model as a result of external or internal changes which are significant to the Company’s operations. Such changes are evident to external parties. A change in the business model occurs when the Company either begins or ceases to perform an activity that is significant to its operations.

If the Company reclassifies financial assets, it applies the reclassification prospectively from the reclassification date which is the first day of the immediately next reporting period following the change in the business model. The Company does not restate any previously recognised gains, losses (including impairment gains or losses) or interest.

n) Leases

As a lessee, the Company leases many assets including properties and office equipment. The Company previously classified leases as operating or finance leases based on its assessment of whether the lease transferred significantly all of the risks and rewards incidental to ownership of the underlying asset to the Company. Under IND AS 116, the Company recognises right-of-use assets and lease liabilities for most of these leases - i.e. these leases are on-balance sheet.

AS PER OUR REPORT OF EVEN DATE ATTACHED FOR TIGER LOGISTICS (INDIA) LIMITED

FOR GARG AGRAWAL & AGRAWAL HARPREET SINGH MALHOTRA BENU MALHOTRA

CHARTERED ACCOUNTANTS MANAGING DIRECTOR DIRECTOR

DIN No. 00147977 DIN No. 00272443

CA ASHOKAGRAWAL

PARTNER VISHAL SAURAV MADHUSUDAN

MEMBERSHIP NO : 500883 COMPANY SECRETARY JHUNJHUNWALA

UDIN- 24500883BKECAP5820 MEMBERSHIP NO. A32702 ^CF0

PLACE : NEW DELHI DATE : 28-05-2024

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Mar 31, 2023

Contingent Liabilities (not provided for) in respect of: (as certified by Management)

S.No.	Particulars	Current Year	Previous Year
1.	Show cause / demand / notices by Income Tax authorities being disputed by the Company net	NIL	9.32
2. 3.	of payments Show cause / demand / notices by Central Excise and Service Tax authorities being disputed by the Company	565.06 15.99	565.06 17.73
4.	Outstanding Bank Guarantees Claims against the Company not acknowledged as debts	390.66	380.86

In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet except as shown doubtful and provision for all known liabilities, expenses and income have been made in the accounts unless stated otherwise in the notes.

Tiger Logistics India Limited & Its Subsidiary:

i) Company has no subsidiary as on 31^st March 2023

ii) The Company is dealing in logistics solutions for both inbound and outbound cargo.

On the basis of data compiled by the Company, there are no small scale industrial undertakings to whom the Company owes any sum outstanding for more than 30 days.

The Company has taken office premises on cancellable operating lease. Lease Rents charged to Statement of Profit & Loss Rs. 49,40,858 (previous year Rs. 41,76,354). Since the leases are cancellable in nature.

b) Segment Capital employed

Fixed Assets used in the company''s business or liabilities contracted have not been identified to any of the reportable segments, as the fixed assets and services are used interchangeably between segments. Accordingly, no disclosure relating to individual segment assets and liabilities has been made.

Previous year figures have also been regrouped/ rearranged, wherever necessary.

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Mar 31, 2018

NOTE 1: CORPORATE INFORMATION:

Tiger Logistics India Ltd. incorporated in 2000, is a public limited Company domiciled in India. It is a third-party logistics services provider. Its business covers international freight forwarding, supply chain management, project logistics defense logistics and cold chain logistics. Company is also customs house agent. The company has global presence with 16 domestic and 2 international offices. It has got listed at BSE SME Platform in the year 2013 and then migrated at the main board of BSE. The registered office of the Company is located at D-174, Okhla Industrial Area, Phase-1, New Delhi-110020

NOTE 2: BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

These financial statements are prepared in accordance with Indian Accounting Standard (Ind AS), under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values, the provisions of the Companies Act, 2013 (''the Act'') (to the extent notified) and guidelines issued by the Securities and Exchange Board of India (SEBI). The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter.

Effective April 1, 2017, the Company has adopted all the Ind AS standards and the adoption was carried out in accordance with Ind AS 101 First time adoption of Indian Accounting Standards, with April 1, 2016 as the transition date. The transition was carried out from Indian Accounting Principles generally accepted in India as prescribed under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 (IGAAP), which was the previous GAAP.

NOTE 3: In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet except as shown doubtful and provision for all known liabilities, expenses and income have been made in the accounts unless stated otherwise in the notes.

NOTE 4: Tiger Logistics India Limited & Its Subsidiary:

i) At 31st March 2018, the Company has one wholly owned subsidiary, being incorporated in Singapore in the name of TIGER LOGISTICS PTE. LTD.

ii) The Company is dealing in logistics solutions for both inbound and outbound cargo.

NOTE 5: Certain debtors/creditors are subject to confirmation.

NOTE 6: Deferred T ax Liability (Net)

NOTE 7: On the basis of data compiled by the Company, there are no small scale industrial undertakings to whom the Company owes any sum outstanding for more than 30 days.

NOTE 8: The Company has taken office premises on cancellable operating lease. Lease Rents charged to Statement of Profit & Loss Rs.96,70,506 (previous year Rs. 75,18,798). Since the leases are cancellable in nature.

b) Segment Capital employed

Fixed Assets used in the company’s business or liabilities contracted have not been identified to any of the reportable segments, as the fixed assets and services are used interchangeably between segments. Accordingly, no disclosure relating to individual segment assets and liabilities has been made.

NOTE 9: Previous year figures have also been regrouped/ rearranged, wherever necessary.

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Mar 31, 2016

i) Current tax is the provision made for income tax liability on the profits for the year in accordance with the provisions of Income Tax Act, 1961.

ii) Deferred Tax is recognized, on timing differences, being the differences resulting from the recognition of items in the financial statement and in estimating its current income tax provision

xii) EARNING PER SHARE: Basic earnings per share is computed by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. Diluted earnings per share is computed by taking into account the aggregate of the weighted average number of equity shares outstanding during the period and the weighted average number of equity shares which would be issued on conversion of all the dilutive potential equity shares into equity shares.

xiii) IMPAIRMENT OF ASSETS: Impairment loss is provided to the extent the carrying amount of assets exceeds their recoverable amount. Recoverable amount is the higher of an asset’s net selling price and its value in use. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from is disposal at the end of its useful life.

xiv) PROVISIONS: PROVISION AND CONTINGENT LIABILITIES:

i) Provision is recognized ( for liabilities that can be measured by using a substantial degree of estimation ) when:

a) the company has a present obligation as a result of a past event;

b) a probable outflow of resources embodying economic benefits is expected to settle the obligation; and

c) the amount of the obligation can be reliably estimated

ii) Contingent liability is disclosed in case there is:

a) Possible obligation that arises from past events and existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise; or

b) a present obligation arising past events but is not recognized

1. when it is not possible that an outflow of resources embodying economic benefits will be required to settle the obligation; or

2. a reliable estimate of the amount of the obligation cannot be made.

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Mar 31, 2015

1. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they arc stated in the Balance Sheet except as shown doubtful and provision for all known liabilities, expenses and income have been made in the accounts unless stated otherwise in the notes.

2. Certain debtors/creditors are subject to confirmation.

3. On the basis of data compiled by the Company, there are no small scale industrial undertakings to whom the Company owes any sum outstanding for more than 30 days.

4. The Company has taken office premises on cancellable operating lease. Lease Rents charged to Statement of Profit & Loss Rs.43,24,431 (previous year Rs. 3,142,400). Since the leases are cancellable in nature, other disclosures as required by Accounting Standard AS-19 arc not applicable.

5. Disclosure pursuant to Accounting Standard 15 on "Employee Benefits":

Defined contribution plans:

The Company's employee provident fund scheme is a defined contribution plans. A sum of Rs.1,107,751 (Previous Year Rs. 367,145) has been recognized as an expense in relation to the scheme and shown under Employee Benefit Expenses in the Statement of Profit and Loss.

Gratuity and compensated absences

Gratuity is payable to all eligible employees of the Company on superannuation, death or permanent disablement, in terms of the provisions of the Payment of Gratuity Act or as per the Company's Scheme whichever is more beneficial. Compensated absences is payable to all employees of the Company on superannuation, death or permanent disablement as per the Company's Scheme.

The discount rate is based on the prevailing market yields of Indian government securities as at the balance sheet date lot the estimated term of the obligations.

The salary escalation rate is based on estimates of salary increases, which take into account inflation, promotion and other relevant factors.

Economic Assumptions

The principal assumptions are the discount rate & salary growth rate. The discount rate is generally based upon the market yields available on Government bonds at the accounting date with a term that matches that of the liabilities & the salary growth rate takes account of inflation, seniority, promotion and other relevant factors on long term basis. Valuation assumptions are as follows which have been agreed by the company:

b) Segment Capital employed

Fixed Assets used in the company's business or liabilities contracted have not been identified to any of the reportable segments, as the fixed assets and services are used interchangeably between segments. Accordingly, no disclosure relating to individual segment assets and liabilities has been made.

6. Previous year figures have also been regrouped/ rearranged, wherever necessary.

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Mar 31, 2014

1. Contingent Liabilities (not provided for) in respect of:

(as certified by Management) Amount in Rs.

Particulars CurrentYear PreviousYear

1. Show cause / demand / notices by Income 1,24,16,043 21,74,571 Tax authorities being disputed by the Company

2. Estimated amount of contracts remaining to Nil Nil be executed on capital account (net of advances)

3. Outstanding Bank Guarantees 50,85,000 76,85,000

4. Claims against the Company not 82,03,142 82,03,142 acknowledged as debts

2. No provision has been made for the Directors'' fee as the same has been voluntarily surrendered by the Directors.

3. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of current assets, loans and advances in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet except as shown doubtful and provision for all known liabilities, expenses and income have been made in the accounts unless stated otherwise in the notes.

4. Certain debtors/creditors are subject to confirmation.

5. On the basis of data compiled by the Company, there are no small scale industrial undertakings to whom the Company owes any sum outstanding for more than 30 days.

6. The Company has taken office premises on cancellable operating lease. Lease Rents charged to Statement of Profit & Loss Rs. 3,142,400 (previous year Rs. 2,542,881). Since the leases are cancellable in nature, other disclosures as required by Accounting Standard AS-19 are not applicable.

7. Disclosure pursuant to Accounting Standard 15 on "Employee Benefits":

Defined contribution plans:

The Company''s employee provident fund scheme is a defined contribution plans. A sum of Rs.367,145 (Previous Year Rs. 284,572) has been recognized as an expense in relation to the scheme and shown under Personnel Expenses in the Statement of Profit and Loss.

Gratuity and compensated absences

Gratuity is payable to all eligible employees of the Company on superannuation, death or permanent disablement, in terms of the provisions of the Payment of Gratuity Act or as per the Company''s Scheme whichever is more beneficial. Compensated absences is payable to all employees of the Company on superannuation, death or permanent disablement as per the Company''s Scheme.

The discount rate is based on the prevailing market yields of Indian government securities as at the balance sheet date for the estimated term of the obligations.

The salary escalation rate is based on estimates of salary increases, which take into account inflation, promotion and other relevant factors.

Economic Assumptions

The principal assumptions are the discount rate & salary growth rate. The discount rate is generally based upon the market yields available on Government bonds at the accounting date with a term that matches that of the liabilities & the salary growth rate takes account of inflation, seniority, promotion and other relevant factors on long term basis. Valuation assumptions are as follows which have been agreed by the company:

8. Related Party Disclosure

a) Disclosure of Related Parties and relationship between parties:-

i. Key Management Personnel : Mr. Harpreet Singh Malhotra : Mrs. Benu Malhotra : Mrs. Surjeet Kaur Malhotra

ii. Associate : Tiger Softech (India) Pvt. Ltd.

: Brahma Suppliers Pvt. Ltd. : Sun Warehousing & Distributions Pvt. Ltd. : Prithvi Shipping Pvt. Ltd. : Raina Transcontinental Ltd. : Yieshu Finance & Investment Pvt. Ltd.

iii. Firms In which Directors are Interested : Tiger Trading Enterprises : Scac Consultants

b) Details of transactions entered into with related parties during the year as required by Accounting Standard (AS)- 18 on "Related Party Disclosures" issued by Companies (Accounting Standards) Rules 2006 are as under:

c) Segment Capital employed

Fixed Assets used in the company''s business or liabilities contracted have not been identified to any of the reportable segments, as the fixed assets and services are used interchangeably between segments. Accordingly, no disclosure relating to individual segment assets and liabilities has been made.

9. Detail of foreign currency exposures that are not hedged by a derivative instrument or otherwise.

10. Previous year figures have also been regrouped/ rearranged, wherever necessary. As per our report of even date attached