Dear Members,

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

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

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

Details stated in the financial part of the Annual Report.

During the Financial Year under review, there was no change in the business of the Company or in business carried by the Company.

The Company has not accepted any Fixed Deposits during the year under review.

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

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

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

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

Independent Directors have submitted a declaration that each of them meets the criteria of independence as provided in Section 149(6) of the Act and there has been no change in the circumstances which may affect their status as independent director during the year.

In accordance with the provisions of Section 152 of the Act, read with rules made thereunder and Articles of Association of the Company, Mrs. Benu Malhotra (DIN-00272443) is liable to retire by rotation at the ensuing AGM and being eligible offers herself for reappointment.

The details pertaining to the Composition of Audit Committee is included in the Corporate Governance report, which forms part of this Report.

The details pertaining to the composition of Nomination and Remuneration Committee is included in the Corporate Governance Report, which forms part of this report.

The details pertaining to the composition of Stakeholder Relationship Committee is included in the Corporate Governance Report, which forms part of this report.

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

The Management Discussion and Analysis Report for the year under review, as stipulated under the SEBI Listing Regulations, is presented in a section forming part of this Annual Report.

M/s Amit & Nitin, Chartered Accountants, are the Internal Auditors of the Company appointed last year, and they have submitted the Internal Auditors Report as per the requirement of the Act.

The Company's Policy on Directors' appointment and remuneration and other matters (Remuneration Policy) provided in Section 178(3) of the Act is available on the website of the Company at www.tigerlogistics.in .

We affirm that the remuneration paid to the Directors is as per the terms laid out in the said Remuneration Policy.

Your Company has taken appropriate insurance for all assets against foreseeable perils. STATUTORY AUDITORS & AUDITORS' REPORT

At the 22nd Annual General Meeting of the Company, the Members approved the appointment of M/s Garg Agrawal & Agrawal, Chartered Accountants (Firm Registration No. 016137N) as the Statutory Auditors of the Company, to hold office for a period of 5 (five) years from the conclusion of 22nd Annual General Meeting of the Company till the conclusion of the 27th Annual General Meeting of the Company, in terms of the applicable provisions of Section 139(1) of the Act read with the Companies (Audit and Auditors) Rules, 2014.

Independent Auditor's Report for the financial year 2024-2025 is submitted by Garg Agrawal & Agrawal, Chartered Accountants. The Notes to the financial statements referred in the Auditor's Report are self-explanatory. The Auditor's Report is enclosed with the financial statements forming part of this Annual Report.

Pursuant to the provisions of Section 204 of the Act, and the rules made thereunder, the Company has appointed M/s AMJ & Associates, Company Secretaries to undertake the Secretarial Audit of the Company. Secretarial Audit Reports for FY2024-25 of the Company is annexed, which forms part of this report as Annexure-V. There is one observation pertaining to return not filed under Carriage by Road Act, 2007 and Carriage by Road Rules, 2011. Board hereby clarifies that due to impracticability to compile data related to the return to be filed under the said Act, we did not submit the required return as the data of return is applicable for core transportation businesses having trucks in their kitty. Further, the Company is currently in the process of surrendering the license obtained under the Carriage by Road Act, 2007, as it is no longer relevant to the Company.

Mr. Manoj Kumar Jain of M/s AMJ & Associates, Practicing Company Secretaries, is the Secretarial Auditor of the Company and they have submitted the Secretarial Audit Report (in Annexure-V) as per the requirement of the Act. M/fe AMJ & Associates is being appointed by the board of the directors (in their meeting held on 27.05.2025) for 5 years subject the approval of shareholder in the ensuing annual general meeting for conducting Secretarial Audit.

The observations of the auditors made in their report are self-explanatory and therefore, in the opinion of your directors, do not call for further comments, which forms a part of this annual report.

The Independent Directors have confirmed and declared that they are not disqualified to act as an Independent Director in compliance with the provisions of Section 149 of the Companies Act, 2013 and the Board is also of the opinion that the Independent Directors fulfil all the conditions specified in the Companies Act, 2013 making them eligible to act as Independent Directors.

There is no employee during the year under review, whose particulars are required to be given pursuant to Section 197 of the Companies Act, 2013 read with the Rule 5 Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and any other applicable section, if any Except Mr. Harpreet Singh Malhotra, Managing Director of the Company who draw a salary of Rs. 1.08 Cr. for the year ended 2024-25. Mr. Harpreet Singh Malhotra (aged 53) is having experience of more than 25 years and associated with our company as a promoter from the year 2000.

In terms of Section 136 of the Companies Act, 2013, the Report and Accounts are being sent to all shareholders of the Company, excluding the aforesaid information. Any shareholders interested in obtaining such particulars may write to the Company Secretary at csvishal@tigerlogistics.in before seven days of Annual General Meeting.

Based on the requirements under SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended from time to time, the code of conduct for prohibition of insider trading, as approved by the Company. The Company has also adopted the concept of Trading Window Closure, to prevent its Directors, Officers, designated employees and other employees from trading in the securities of the Company at the time when there is unpublished price sensitive information. The Board has appointed Mr. Vishal Saurav Gupta, Company Secretary as the Compliance Officer under the Code.

In compliance with the Companies Act, 2013 and Regulation 17(10) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, the performance evaluation of the Board was carried out during the year under review. Kindly refer the point mentioned in the report of corporate governance, which forms an integral part of this annual report.

The Company has in place adequate systems of Internal Control to ensure compliance with policies and procedures. The Company has a system of carrying out internal audit, covering all business processes to review the internal control systems. The internal control system and mechanism is reviewed periodically by the Audit Committee to make it robust to meet the challenges of the business.

The Company has no subsidiary company.

The Company has a vigil mechanism in place named as Whistle Blower Policy to report concerns to the management about unethical behaviour, actual or suspected fraud or violation of the Codes of conduct. The details of the Whistle Blower Policy are explained in the Corporate Governance Report and posted on the website of the Company i.e. www.tigerlogistics.in.

Pursuant to Section 134(3)(a) of the Act, the draft annual return as on 31st March 2025, prepared in accordance with Section 92(3) of the Act, is made available on the website of the Company and can be assessed using the link www.tigerlogistics.in.

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

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

None of the transactions with the related parties falls under the scope of section 188 (1) of the Act. All contracts/ arrangements/transaction entered by the Company during the financial year with related parties in the ordinary course of business and on arm's length price basis. During the year, the Company has not entered any contracts/ arrangements/transactions with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions.

Information on transactions with related parties pursuant to section 134 (3) (h) of the Act read with rule 8(2) of the Companies (Accounts) Rules, 2014 are given in Form AOC-2 and the same forms part of this report.

The Board of Directors has put in place a Risk Management policy for the Company, which includes industry risks, quality risks, project risks and financial/ interest rate / liquidity risks and the structure, infrastructure, processes, awareness and risk assessment / minimization procedures. The elements of the risk, which in severe form can threaten Company's existence, have been identified by the Board of Directors to mitigate the same.

The total number head count as on 31st March 2025 was 216 as against 189 as on 31st March 2024.

During the Financial Year 2024-25, six board meetings were convened and held. Rest of the details pertaining to board meeting of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period stipulated under the Companies Act, 2013.

In terms of Section 134 (3) (C) read with Section 134 (5) of the Companies Act, 2013 the Directors hereby confirm that:

a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any;

b) that the accounting policies selected and applied are consistent and the judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of financial year and of the profit and loss of the Company for that period;

c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

d) that the Annual Accounts for the year ended 31st March, 2025 have been prepared on a going concern basis.

e) that the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

f) thatthe directors had devised proper system to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.

The particulars as required under the provisions of Section 134(3)(m) of the Companies

Act, 2013 read with Rule 8 Companies (Accounts) Rules, 2014 in respect of conservation of energy and technology absorption have furnished considering the nature of activities undertaken by the company during the year under review (Report “Annexure I” is annexed herewith).

As per Listing Regulations and Agreement with the Stock Exchanges, a detailed report on corporate governance practices followed by the Company together with the certificate from the Practicing Company Secretary confirming compliance, forms part of this report.

The Brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiative undertaken by the company on CSR activities during the year are set out in the Annexure II of this report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014.

Your Company is committed to creating and maintaining an atmosphere in which employees can work together without fear of sexual harassment, exploitation, or intimidation. As required under the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (Act), your Company has an Internal Complaints Committee. No complaints were received by the committee during theyear under review. Since the number of complaints filed during theyearwas NIL,the Committee prepared a NIL complaints report.

The particulars of loans, guarantees and investments have been disclosed in the financial statements. Which forms an integral Part of this annual report.

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

These material changes and commitments which affects the financial position of the Company occurred between the end of financial year of the Company and date of this report are given below:

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

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

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

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

None

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

The Annexures referred to in this Report and other information which are required to be disclosed are annexed herewith and form a part of this Report:

Your directors wish to place on record their sincere appreciation for the continued support and cooperation extended to the Company by its bankers, customers, vendors, suppliers, dealers, investors, business associates, all the stakeholders, shareholders, debenture holders and various departments of the State and the Central Government.

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