Dear Members,
Your Directors are pleased to present the 43rd Annual Report covering the operational
and financial performance of your Company along with the Audited Financial Statements for
the financial year ended March 31, 2025.
FINANCIAL HIGHLIGHTS
| Particulars |
Year ended March 31, 2025 |
Year ended March 31, 2024 |
| Revenue from operations |
7210.31 |
8169.52 |
| Other Income |
407.69 |
384.83 |
| Total Revenue |
7618.00 |
8554.35 |
| Less: Expenses |
7825.23 |
8488.02 |
| Profit before exceptional items and taxes |
(207.23) |
66.33 |
| Less: Exceptional Items |
447.99 |
0.00 |
| Profit /(Loss) before Taxation |
240.76 |
66.33 |
| Less: Tax Expenses (Current & Deferred) |
69.46 |
36.00 |
| Profit/(Loss) for the year |
171.30 |
30.32 |
| Add: Other Comprehensive Income |
0.53 |
22.96 |
| Total Income (Comprising Profit/(Loss) for the year and Other Comprehensive Income) |
171.83 |
53.28 |
OPERATIONAL REVIEW AND FUTURE OUTLOOK
During the financial year ended March 3 1, 2025, your Company has achieved a turnover
of Rs. 7210.31 Lakhs as compared to the turnover of Rs. 8169.52 Lakhs recorded during the
previous financialyear ended March 31, 2024.The Company has earned profit before tax for
the financial year ended March 31, 2025 of Rs. 240.76 Lakhs compared to previous financial
year profit of Rs. 66.33 Lakhs. The net profit after tax for the financial year ended
March 31, 2025 stood to Rs. 171.30 Lakhs as compared to profit of Rs. 30.32 Lakhs over the
last financial year. Witha focus on producing the best quality of products, Zenith Exports
Limited is accredited with the ISO 9001:2015, ISO 14001:2015, certification.
The Company expects to increase its revenue and the profitability in the coming year as
the business has started showing growth and the economy as a whole hasmoved to its revival
and future of the Company looks very bright. There is nodearth of demand and the Company
is well shaped to cope up itself with the market expectations.
WEAVING DIVISION
During the year underre view, demands of the Silk and silk blends continues to be under
pressure dueto high value of fabrics and less demand of expensive fabric in European
andAmerican Markets. Consequent upon this to strengthen the demand, the companyhas changed
its product mix and now less expensive qualities are being offered in the market and
response is good.
But at the same time,company has to compete with big mills within India. Company is
also developing new fabric using anti-microbial in herent properties expanding its product
offerings and capturing new clients. Markups are very Low, but expecting good resultsin
future.
SPINNING DIVISION
The Spinning division yourCompany called ‘Zenith Spinners' located at Dholka,
Ahmedabad which had suspended its operations since December, 2015, due to steep
competition and unfavorable market situation has started business of trading of Cotton
with effect from January, 2019 .
DIVIDEND
The Board of Directors did not recommend any dividend on Equity Shares during the year.
GENERAL RESERVE
The Company has not transferred any amount to the General Reserve for the financial
year ended March 31, 2025.
PUBLIC DEPOSITS
The Company has not accepted any deposit from public within the meaning of Section73 of
the Companies Act, 2013 read with Companies (Acceptance of Deposits)Rules, 2014.
CHANGE IN NATURE OFBUSINESS, IF ANY
During the financial year 2024-25, there has been no change in the nature of business
of the Company.
SHARE CAPITAL
The Paid-up Equity Share Capital of the Company as on March 31, 2025 stands at Rs.
5,39,62,500/- comprising Nos. 53,96,250 Equity Shares of Rs. 10 each. During the financial
year 2024-25, your Company has neither issued any shares with differential voting rights
nor has granted any stock options or sweat equity.
DETAILS OF SUBSIDIARY, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company does not have any Subsidiary or Joint Venture/ Associate Companies.
PARTICULARS OF LOAN,GUARANTEES AND INVESTMENTS
The particulars of loans, guarantees and investments covered under the provisions of
Section 186 of the Companies Act, 2013 have been disclosed in Notes to the Financial
Statements for the financial year ended March 31, 2025, which forms part of this Annual
Report. Your Company has not given any guarantee or provided any security during the year
under review.
MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN END OF THE
FINANCIAL YEAR AND DATE OF THIS REPORT
Except as disclosed elsewhere in this report, there have been no material changes and
commitments which could affect the financial position of your Company, between the end of
financial year i.e. March 31, 2025 and the date of this report.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS/ COURTS
During the year under review, there were significant order received from SEBI to one of
the promoter Mr. Rajkumar Loyalka for violation of Regulation 10(5) of SEBI(Substantial
Acquisition of Shares and Takeovers) Regulations, 2011, which caused SEBI (Settlement
Proceedings) Regulations, 2018 in terms of Chapter VIIof SEBI (Settlement Proceedings)
Upon, remittance of settlement amount of Rs.3,34,687/- were received on January 22, 2025
& the payment has done by him.
LISTING INFORMATION
The Company's equity shares are listed on BSE Limited (BSE) and on the National Stock
Exchange of India Limited (NSE). Listing Fees have been paid up to March 31, 2026 to both
Stock Exchanges.
ACCREDITATION
The Company have been accredited ISO 9001:2015 for Quality Management System by
JAS-ANZ.
RELATED PARTY TRANSACTIONS
During the financial year 2024-25 all transactions entered by the Company with Related
Parties as defined under Section 2(76) of the Companies Act, 2013 read with Rules framed
there under were in the ‘ordinary course of business' and ‘at arm'slength' basis
and there has been no materially significant Related Party Transactions having potential
conflict with the interest of the Company. Your Company also did not enter into any
Related Party Transactions which requireprior approval of the Members. All Related Party
Transactions of your Company had prior approval of the Audit Committee and the Board of
Directors, as required under the Companies Act and Listing Regulations. Subsequently,
theAudit Committee and the Board have reviewed the Related Party Transactions on
aquarterly basis. Your Company has formulated a Policy on Related Party Transactions and
the said Policy has been uploaded on the website of the Company at
https://www.zenithexportsltd.com/.
Particulars of contract or arrangements with related parties referred to in Section
188(1)of the Act, in the prescribed Form AOC-2, is annexed as Annexure I, to this Report.
Shareholders may refer to notes to the Financial Statements for details on Related Party
Transactions as required under the Ind AS 24.
PARTICULARS OF EMPLOYEES
Disclosure pertaining to remuneration and other details as required under section
197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 and Companies (Appointment and
Remuneration of Managerial Personnel) Amendment Rules, 2016 are annexed as Annexure - II
to this Report.
ANNUAL RETURN
Pursuant to Section 92(3) readwith Section 134(3)(a) of the Act, the Annual Return as
on March 31, 2025 isavailable on the Company's website at
https://www.zenithexportsltd.com/.
AUDITORS AND AUDIT REPORT
Statutory Auditors
Pursuant to the provisions of Section 139 of the Companies Act, 2013 read with the
Companies (Audit and Auditors) Rules, 2014, as amended, M/s. V. Goyal & Associates,
Chartered Accountants, Kolkata (ICAI Firm Registration No. 312136E), was Re-appointed as
Statutory Auditors of the Company for a second consecutive period of 5 (five) years from
the conclusion of the 40th Annual General Meeting of the Company held on 30th September'
2022 till the conclusion of 45th Annual General meeting to be held in the year 2027.
Your Company has received a certificate from M/s. V. Goyal & Associates,Chartered
Accountants confirming their eligibility to continue as Auditors of the Company in terms
of the provisions of Section 141 of the Companies Act,2013 and the Rules framed
thereunder. They have also confirmed that they hold avalid certificate issued by the Peer
Review Board of the ICAI as required underthe provisions of Regulation 33 of the Listing
Regulations.
The Report given by the Auditors on the financial statements of the Company for the
financial year ended March 31, 2025 forms part of the Annual Report. The Report does not
contain any qualification, reservation, adverse remark or disclaimer.
Secretarial Auditors
Pursuant to the Provisions of Section 204 of the Companies Act' 2013 read with
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (asamended),
the Board have appointed CS Vivek Mishra (FCS: 8540, COP No.17218), Practicing Company
Secretary, Partner M & A Associates as the Secretarial Auditor of the Company, to
conduct the Secretarial Audit for the financial year ended March 31, 2025 and to submit
Secretarial Audit Report in the prescribed Form No. MR-3.
Cost Auditor
Inview of the provisions of Section 148 and other applicable provisions of the
Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, the
provisions of Cost Audit is not applicable on the products of the Company forthe ended
March 31, 2025.
COMPLIANCE WITH SECRETARIAL STANDARDS
Duringthe year under review your Company has complied with the respective mandatory
Secretarial Standards issued by the Institute of Company Secretaries of India.
INTERNAL CONTROL SYSTEM AND ADEQUACY
Your Company has an adequate system of internal financial controls commensurate with
its size and scale of operations, procedures and policies, ensuring orderly and efficient
conduct of its business, including adherence to the Company's policies, safeguarding of
its assets, prevention and detection of frauds anderrors, accuracy and completeness of
accounting records, and timely preparation of reliable financial information. The Audit
Committee evaluates the internal financial control system periodically.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars relating to energy conservation, technology absorption, foreign
exchange earnings and outgo, required to be disclosed by section 134 (3) (m) of the
Companies Act, 2013 read with Rule 8 (3) of the Companies (Account) Rules, 2014 are given
below:-
A. CONSERVATION OF ENERGY
The Company is engaged in the continuous review of energy costs, reduction inenergy
generation cost through improved operational and maintenance practices. Energy
conservation continues to receive priority attention at all levels. Company is continuing
with energy saving measures initiated earlier like usage of more sophisticated machinery
which can do more work in lesser time and thereby reducing the requirement of equipment
that programs to maximize savingin
i) Electrical Energy and
ii) Fuel oil consumption.
POWER AND FUEL CONSUMPTION
|
Year ended March 31, 2025 |
Year ended March 31, 2024 |
|
Weaving |
Weaving |
| i) Electricity |
|
|
| a) Purchased Unit (KWH in lakhs) |
5.56 |
5.91 |
| Total Amount (Rs.in lakhs) |
58.25 |
65.65 |
| Rate/Unit (in Rs.) |
11.477 |
11.10 |
| b) Own Generation |
|
|
| i) Through Furnace Oil |
0.00 |
0.00 |
| Generated Units (KWH in lakhs) |
0.00 |
0.00 |
| Unit/Litre of Diesel |
0.00 |
0.00 |
| Cost/Unit (Rs./Unit) |
0.00 |
0.00 |
| ii) Through Stem Turbine Generator |
|
|
| iii) Through Diesel Generator |
0.00 |
0.00 |
| ii) Coal |
Nil |
Nil |
| iii) Furnace/Other Oil |
|
|
| Quantity (in lakhs Ltrs.) |
0.00 |
0.00 |
| Total Amount (Rs. in lakhs) |
0.00 |
0.00 |
| Average rate per litre (Rs.) |
0.00 |
0.00 |
| Briquettes & Fire Wood (in lakhs Kgs.) |
4.93 |
4.69 |
| Total Amount (Rs. in lakhs) |
21.67 |
20.35 |
| Average Rate per Kgs.(Rs.) |
4.40 |
4.34 |
| iv) Other Internal Generation |
Nil |
Nil |
| CONSUMPTION PER UNIT OF PRODUCTION |
|
|
| Electricity (KWH) |
12.31 |
10.96 |
| Furnace Oil (Ltrs.) |
0.00 |
0.00 |
| Briquettes & Fire Wood (Kgs.) |
10.51 |
8.72 |
| Standard (KWH) |
0.00 |
0.00 |
B. TECHNOLOGY ABSORPTION
There are no existing technology supply agreements. Along with that, we have been
continuously adding latest machines and balancing equipments as and when required.
C. FOREIGNEXCHANGE EARNINGS AND OUTGO
|
Current Year |
Current Year |
| Particulars |
(2024- 2025) |
(2023- 2024) |
|
(Rs. in Lakhs) |
(Rs. in Lakhs) |
| Total Foreign exchange earnings |
6431.00 |
7164.33 |
| Total foreign exchange outgo |
86.57 |
63.16 |
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Your Company's Board is duly constituted incompliance with the requirement of the
Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and provisions of the Articles of Association of the Company. As on
March 31, 2025, the Company's Board comprised of 6 (six) Directors. Details of the
composition of the Board are providedin the Corporate Governance Report for the financial
year 2024-25.
Mrs. Varun Loyalka (DIN: 07315452), Director of the Company isliable to retire by
rotation at the ensuing AGM and being eligible, has offered himself for re-appointment in
terms of Section 152(6) of the Act, read with theArticles of the Company and appointment
terms. Your Board recommends the re-appointmentof Mr. Varun Loyalka as a Director of the
Company, liable to retire by rotation.
The Company has received Notice under Section 160 of the Companies Act, 2013 from the
Member(s) of the Company proposing the candidature of Mr. Varun Loyalka for her
re-appointment at the ensuing AGM.
Necessary Resolution along with disclosure / information inrespect of the director
seeking appointment/re-appointment has been annexed tothe Notice convening the ensuing
AGM.
As on March 31, 2025, Mr. Varun Loyalka, Managing Director, Mr. Rajkumar Bilasrai
Loyalka, Chief Executive Officer, Mr. Surendra Kumar Loyalka, Jt. Chief Executive Officer,
Mr. Sushil Kumar Kasera, Chief Financial Officer and Mrs. Anita Kumari Gupta,Company
Secretary are the whole-time Key Managerial Personnel of the Company interms of Section
203 of the Companies Act, 2013. Mrs. Anita Kumari Gupta had been appointed as the Company
Secretary & Compliance Officer of the company.
BOARD MEETINGS
During the financial year 2024-25,4 (Four) Board Meetings were held. The said meetings
were held on May 30, 2024, August 12, 2024, November 14, 2024 and February 12, 2025.
Details of Board composition and Board Meetings held during the financial year 2024-25
have been provided in the Corporate Governance Report which forms part of this Annual
Report.
ANNUAL EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
The Board of Directors hascarried out an annual evaluation of its own performance,
Board Committees, and individualdirectors pursuant to the provisions of the Act and the
Listing Regulations.
The Board evaluated itsperformance after seeking inputs from all the directors on the
basis of criteria such as the Board composition and structure, effectiveness of board
processes, information and functioning, etc. The performance of the Committees was
evaluated by the Board after seeking inputs from the committee members on the basis of
criteria such as the composition of committees, effectiveness ofcommittee meetings, etc.
The above criteria are as provided in the "Guidance Note on Board Evaluation"
issued by SEBI on January 5, 2017.
In a separate meeting of independent directors held on March 19, 2025, performance of
non-independent directors and the board as a whole was evaluated without the presence of
Non-Independent Directors and members of the management pursuant to Regulation 25 (3) of
the Listing Regulations and Schedule IV of the Companies Act, 2013.
The Independent Directors in the said meeting also evaluated the quality, quantity and
timeliness of flow of information between the company management and the Board that is
necessary forthe Board to effectively and reasonably perform their duties. Additionally,
the Chairman of the Board was also evaluated on key aspects of his role, taking into
account the views of executive directors andnon-executive directors in the aforesaid
meeting. The above evaluations were then discussed in the board meeting that followed the
meeting of the independent directors and meeting of the Nomination & Remuneration
Committee, at which the performance of the board, its committees, and individual directors
was also discussed.
DECLARATION BY INDEPENDENT DIRECTORS
The Company has received necessary declarations from each Independent Directors
confirming that they meet thecriteria of independence, as laid down Section 149(6) of the
Companies Act, 2013 and in terms of Regulation 16(1) (b) of SEBI (Listing Obligations
& Disclosure Requirements) Regulations, 2015. Names of all the Independent Directors
of the Company are registered with the Independent Directors' Databank being maintained by
the Indian Institute of Corporate Affairs.Requisite confirmations as per Rule 6 of the
Companies (Appointment and Qualification of Directors) Rules, 2014, as amended, have been
received from the Independent Directors in this regard.
The Board of Directors have taken on record the declaration and confirmation submitted
by the Independent Directors after undertaking due assessment of the veracity of the same
and isof the opinion that all the Independent Directors of the Company have
requiredintegrity, experience and expertise.
FAMILIARISATION PROGRAMME FORINDEPENDENT DIRECTORS
The Management of the Company keeps regularly updating the Independent Directors about
the Company's businesses, market conditions, growth and performance, strategies,
efficacies of internal financial controls, internal and external risks along with
mitigation plans,compliance and governance structure and other material information
relevant forthem to have a clear understanding of their roles, rights and responsibilities
for the purpose of contributing significantly towards the growth of the Company.
The Company organized afamiliarization programme for the Independent Directors on the
Board of the Company in compliance of Regulation 25(7) of the SEBI (Listing Obligations
& Disclosure Requirements) Regulations, 2015. The detail of such familiarization
programme is available on the website of the Company at www.zenithexportsltd.com.
AUDIT COMMITTEE
The Audit Committee of the Company is constituted in line with the provisions of
Section 177 of the CompaniesAct, 2013 read with Regulation 18 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015. The details pertaining to
composition and meetings of the committee are provided in the Corporate Governance Report,
which forms part of this report. The Board has accepted all the recommendations made by
the Audit Committee during the financial year 2024-25.
NOMINATION AND REMUNERATION POLICY
In terms of Section 178(3) of the Companies Act, 2013 read with Regulation 19(4) of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, the
Company has adopted a Nomination & Remuneration Policy for selection and appointment
of Directors including determining qualifications and independenceof a Director, Key
Managerial Personnel, and providing for their remunerationand that of the senior
management personnel as part of its charter and othermatters provided under the Act and
Listing Regulations. The Nomination and Remuneration Policy of the Company is available on
the Company's website at www.zenithexportsltd.com.
The objectives and key features of this Policy are as under: z Formulation of the
criteria for determining qualifications, positive attributes and independence of the
Directors, Key Managerial Personnel and Senior Management Personnel; z Identifying persons
who are qualified to become Directors and persons who may be appointed in Key Managerial
and Senior Management positions in accordance with the criteria laid down in this policy;
z Formulation of criteria for performance evaluation of the Board, its Committees and
Directors including Independent Directors/ Non-Executive Directors; z Devising a policy on
Board diversity; z Directors' induction and continued updation as and when required of
their roles, responsibilities and liabilities; z Aligning the remuneration of Executive
Directors, Key Managerial Personnel and Senior Management Personnel with the Company's
financial position, industrial trends, remuneration paid by peer companies etc.; and z
Recommend to the Board all the remuneration in whatever form, payable to the Senior
Management.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to provisions of Section 134 of the Act, the Directors, to the best of their
knowledge and belief, hereby confirm that :
a) In the preparation of the Annual Accounts for the financial year ended March 31,
2025, the applicable Accounting Standards had been followed along with proper explanation
relating to material departures;
b) the Directors have selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company as at March 31, 2025 and of the profit of
the Company for that period;
c) the Directors have taken proper and sufficient care for the 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 fraud and other irregularities;
d) the Directors have prepared the annual accounts on a going concern basis;
e) the Directors have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and are operating
effectively; and f) the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and such systems are adequate and operating
effectively.
WHISTLE BLOWER POLICY/ VIGIL MECHANISM
In terms of section 177(9) of Companies Act, 2013 read with Rules framed thereunder and
also in terms of Regulation 22 of SEBI (Listing Obligations and Disclosures Requirements)
Regulations, 2015, as amended, the Company has a Vigil Mechanism that provides amechanism
for the Director/ employees to report without fear of victimization,any unethical
behavior, suspected or actual fraud, violation of the Code ofconduct and instances of leak
of Unpublished Price Sensitive Information, whichare detrimental to the Company's
interest. The mechanism protects whistle blower from any kind of discrimination,
harassment, victimization or any otherunfair employment practice. The Company affirms that
no employee has beendenied access to the Audit Committee. The said Policy is placed on the
website of the Company at www.zenithexportslimited.com. During the year under review,
there has been no incidence reported which requires action by the Vigil Mechanism
Committee.
RISK MANAGEMENT POLICY
The Company has put in place a Risk Management Policy with the objective of timely
identification of risks, assessment and evaluation of such risks in line with the overall
business objectives or strategies and defines adequate mitigationstrategy. Risk is an
integral part of any business and the Company is committed to manage the risk in a
proactive and efficient manner. The Risk management Policy of the Company has been
published in the Company's website at www.zenithexportslimited.com.
POLICY ON PREVENTION OF SEXUALHARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT'2013
The Company has adopted zero tolerance for sexual harassment at workplace and has
formulated a policy on prevention, prohibition and redressal of sexual harassment at
workplace in line with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and therules thereunder for prevention
and redressal of complaints of sexualharassment at workplace. The said policy is available
on the website of the Company at www.zenithexportslimited.com. An internal Complaints
Committee (ICC) has been set up to redress complaintsreceived regarding sexual harassment.
All employees (permanent, contractual,temporary, trainees) are covered under this Policy.
During the year under review, there was no case of Sexual Harassment received or disposed
of by the Company.
ONE-TIME SETTLEMENT WITH BANKS AND FINANCIALINSTITUTIONS
The Company had not approached to the Banks and Financial Institution for One Time
Settlement (OTS) for loan taken by it from them during the period under review.
CASES WITH NCLT UNDER IBC
There were no cases which are pending with NCLTunder IBC during the period under
review.
INFORMATION UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
Your Company has zero tolerance towards any action on the part of any executive that
may fall under the ambit of ‘Sexual Harassment' at the workplaceand is fully
committed to upholding and maintaining the dignity of every woman executive working in the
Company. The Company takes all necessary measures toensure a harassment-free workplace.
The following is a summary of sexual harassment complaints received anddisposed-off
during the year 2024-25:
| 1. No. of Complaintsof sexual harassment received during the Financial Year: NIL |
| 2. No. of Complaintsdisposed of during the Financial Year : NIL |
| 3. No. of Complaintspending for more than ninety days : NIL |
COMPLIANCE WITHMATERNITY BENEFIT ACT, 1961
In accordance with the revised disclosure requirements, the Company hereby affirms its
compliance with the provisions of the Maternity Benefit Act,1961. This declaration
confirms that the Company continues to uphold all statutory obligations relating to
maternity benefits, thereby ensuring the protection and welfare of women employees in the
workplace.
EMPLOYEE DEMOGRAPHICS AS ON FINANCIAL YEAR-END
Companies are now also required to report on the total number of employees as on the
closure of the financial year, disaggregated by genderidentity. These disclosures are
designed to enhance accountability and reflect the company's efforts toward inclusivity
and equitable workplace practices.
| Female |
: 18 |
| Male |
: 10 |
| Transgender |
: Nil |
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Company has complied with the corporate governance requirements under the Companies
Act, 2013 and SEBI Listing Regulations. A separate section on Corporate Governance along
with a certificate from the Statutory Auditors confirming compliance of conditions of
Corporate Governance as stipulated under Part-D of Schedule V of SEBI (Listing Obligations
and Disclosures Requirements) Regulations, 2015 is annexed hereto and forms part of this
report.
A certificate from Practicing Company Secretary confirming that none of the Directors
on the Board of the Company has been debarred or disqualified from being appointed or
continuing as director of the Company as prescribed under Listing Regulations is also
annexed and forms part of this report.
Management Discussion and Analysis Report for the financial year 2024-25, as stipulated
under Regulation 34 of SEBI (Listing Obligations and Disclosures Requirements)
Regulations, 2015, is presented in a separate section forming a part of this Report.
APPRECIATION
Your Directors place on record their deep appreciation of the continued support and
guidance provided by Central and State Government and all Regulatory bodies. Your
Directors offer their heartiest thanks to the esteemed shareholders, customers, business
associates, Financial Institutions and Commercial Banks for the faith reposed by them in
the Company and its management. Your Directors place on record their deep appreciation of
the dedication and commitment of Company's officers and employees at all levels and look
forward to their continued support in future as well.
|
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS |
|
|
ZENITH EXPORTS LIMITED |
ZENITH EXPORTS LIMITED |
|
Sd/- |
Sd/- |
|
Rabindra Kumar Sarawgee |
Varun Loyalka |
| Place : Kolkata |
Director |
Managing Director |
| Date : 30.05.2025 |
DIN: 00559970 |
DIN: 07315452 |