Annual Report for the year 2012

6) HOLDING COMPANY
Your Company continues to be a subsidiary of Shreyas
Shipping and Logistics Limited as defined under Section
4(1)(b) of the Companies Act, 1956.
7) SUBSIDIARY COMPANY
Your Company has acquired 51% stake in Haytrans (India)
Limited from Shreyas Shipping & Logistics Limited.
Therefore, pursuant to Section 4(1)(b) of the Companies Act,
1956 Haytrans (India) Limited has become the subsidiary of
the Company.
As required under Section 212 of the Companies Act, 1956,
the audited statements of account, along with the Report of
Board of Directors relating to Haytrans (India) Limited
together with respective Auditors' Report for the year ended
is annexed.
8) CONSOLIDATED FINANCIAL STATEMENTS
The Consolidated Financial Statements of the Company
prepared in accordance with relevant Accounting Standards
viz. AS 21, AS 23 and AS 27 issued by the Institute of
Chartered Accountants of India form part of this Annual
Report.
9) DIRECTORS
In accordance with the provisions of the Companies Act,
1956, Mr. S. Mahesh and Mr. D.T. Joseph retires by rotation at
the ensuing Annual General Meeting and being eligible, offers
themselves for re- appointment.
Mr. Anand Krishnan was appointed as Additional Director with
h
effect from 16 September, 2011 to hold office till the
conclusion of the forthcoming Annual General Meeting of the
Company. The Company has received notice under section
257 of the Companies Act, 1956 from member proposing
their appointment as a Director of the Company and the same
has been recommended by the Board to members.
Brief Profile of Mr. Anand Krishnan
Mr. Anand S. Krishnan is a Global Executive par excellence
with over 30 years of Corporate experience. Mr. Krishnan has
lived in the United States, Latin America, Singapore and Hong
Kong over this period. He added Dubai to his Global
experience with being named the CFO in 2006, COO in 2007
and CEO in 2009 of Dubai International Capital (DIC), a
prestigious private equity firm in the U.A.E.
Prior to his arrival in Dubai in 2006, Mr. Krishnan held the
position of Managing Director at JPMorgan Chase New York,
where he spent a total of 19 years in various senior positions.
He was also on the Boards of Chase Manhattan South East
Asia Limited (Singapore) and Chase Manhattan Asia Limited
(Hong Kong).
His varied experience includes M&A Advisory, Investment
decisions, Corporate Strategy, Implementation of an
Institutional Governance model, Restructuring and
Portfolio Management.
Mr. Krishnan recently retired from DIC and currently he is the
Executive Chairman of FidelisWorld FZ-LLC based in Dubai.
10) HUMAN RESOURCE MANAGEMENT
Your Company believes in the contribution of each individual
and thereby in building a team that works in cohesion.
Acquiring, developing and enhancing its human potential is a
continuous process. All the HR processes are competency
based - attracting talent, developing human capital and
performance management systems.
Your Company has human capital with a diverse pool of
knowledge and experience of experts from all business
verticals. The Company encourages entrepreneurial skills
thus, enabling and empowering employees to take
appropriate decisions. The Company offers critical and
challenging roles in a wide range of business segments. Its
talent management and performance management systems
are geared to create a pipeline of potential leaders.
Today the Company is growing at a rapid pace, by developing
a structure, systems and a workplace culture that provides
challenging opportunities, performance rewards and delivers
opportunities continuously, the company is striving to get the
best out of its most valuable asset its people.
11) INFORMATION TECHNOLOGY
Your Company has initiated the process of streamlining the
process of movement of cargo with the help of software
application named as APOLLO. This application provides the
facility to track the movement of vehicles/cargo.
Documentation process has been simplified by introduction of
this application. It generates the documents like lorry receipt,
invoices etc for all business verticals.
12) C O N S E R V A T I O N O F E N E R G Y , T E C H N O L O G Y
ABSORPTION, AND FOREIGN EXCHANGE EARNING
AND OUTGO
st
Under the Notification No. GSR 1029 dated 31 December
1988, Companies are required to furnish prescribed
information regarding conservation of energy and technology
absorption. This however does not apply to your Company, as
the industry in which the Company operates is not included in
the Schedule to the relevant rules.
With regard to foreign exchange earnings and outgo, the
position is as under:
(i)
(ii)
Foreign exchange earnings
(on accrual basis)
Foreign exchange outgo including
operating and other expenditure,
repayment of containers loan in
foreign currency (on accrual basis)
13) DIRECTORS' RESPONSIBILITY STATEMENT
` in Lacs
(2011-12)
43,002,934/-
38,466,000/-
Pursuant to the requirement under section 217(2AA) of the
Companies Act, 1956, the Directors confirm that, to the best
of their knowledge and belief, in respect of the year ended on
st
31 March, 2012;
82 24th Annual Report 2011-12