Your Directors are pleased to present the 44^th Annual Report together with the Audited Financial
Statements for the year ended 31^st March 2025.

1. FINANCIAL RESULTS

a) STANDALONE (Rs. in lakhs)

b) CONSOLIDATED (Rs. in lakhs)

2. PERFORMANCE OVERVIEW

During the year under review, the Net Profit after Tax on standalone basis during the
year under review was Rs. 96,12,548 as against Net Profit after Tax of Rs. 38,77,979
during the previous financial year.

During the year under review, the Net Profit after Tax on consolidated basis during the
year under review was Rs. 1,01,28,897 as against Net Profit after Tax of Rs. 51,59,727
during the previous financial year.

3. PUBLIC DEPOSITS

The Company has not accepted or renewed any amount falling within the purview of provisions of
Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules,
2014 during the year under review. Hence, the requirement for furnishing of details of deposits
which are not in compliance with the Chapter V of the Act is not applicable.

4. ASSOCIATE COMPANIES

The Company has the following Associate companies:

Zodiac Developers Private Limited

The Company holds 42.81% of the Equity Share Capital of Zodiac Developers Private Limited, an
erstwhile subsidiary of the Company, which is engaged in business of construction or
redevelopment of slum areas, cessed buildings by housing societies or old buildings belonging to
Municipal Corporation of Greater Mumbai.

Mumbai Mega Foodpark Private Limited

Mumbai Mega Foodpark Private Limited, which was incorporated on 16th February 2022, is
engaged in the business of setting up Agro Processing Clusters, also known as Food Parks.
Currently, the Company directly holds 25% of its Equity Share Capital, and directly and indirectly
holds 42.12% of its Equity Share Capital.

Zodiac Capital Private Limited

The Company holds 24.99%, invested during the year 2024-25, of the Equity Share Capital of
Zodiac Capital Private Limited , which is engaged in business of construction and redevelopment.

In accordance with Section 129(3) of the Companies Act, 2013, and Companies (Accounts) Rules,
2014, the Company has prepared Consolidated Financial Statements of the Company, which
forms part of this Annual Report.

Further, a statement containing the salient features of the Financial Statements of the Associate
Companies in the prescribed Form AOC-1 has been annexed as ‘‘ANNEXURE 1'' which shall form
a part of this Board Report.

In accordance with Section 136 of the Companies Act, 2013, the Audited Financial Statements,
including the Consolidated Financial Statements and related information of the Company and its
Associate are availableon the website of the Company.

5. PARTICULARS OF EMPLOYEES AND OTHER DISCLOSURES

The prescribed particulars of employees required under Section 197(12) of the Companies Act,
2013 read with Rule 5(1) and Rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is annexed herewith as ‘‘ANNEXURE 3'' which shall form a
part of this Board Report.

6. ANNUAL RETURN

The annual return of the Company as required under the Companies Act, 2013 will be available on
the website of the Company at https://zodiacventures.in/investor-relations//.

7. DIVIDEND

The Board is pleased to recommend a dividend of 10%, i.e. Re. 0.10/- per Equity Share of the face
value of Re. 1/- each, for the Financial Year ended 31 March 2025 subject to necessary approval
by the shareholders at the ensuing Annual General Meeting of the Company to be held on
Tuesday, 30^th September 2025. Payment of dividend will be made to the members whose names
appear in the register as on Tuesday, 23^rd September 2025. This dividend will be subject to
income tax in the hands of the shareholders and also subject to deduction of Tax at Source as per
the provisions of the Income Tax Act, 1961. Members are advised to refer to the detailed note
stated in the Notes to the Notice convening the 44^th Annual General Meeting.

8. SHARE CAPITAL

The Authorised Equity Share Capital of the Company as on 31^st March 2025 is Rs. 20,00,00,000
(Rupees Twenty Crores). The Paid-up Equity Share Capital of the Company as on 31^st March
2025 is Rs. 3,75,90,000 (Rupees Three Crore Seventy-five Lakh Ninety Thousand), having

3,75,90,000 Equity Shares of Re. 1/- each.

During the year under review, the Company has not issued any shares with differential voting
rights, nor has it granted any stock options or sweat equity. As on the date of this report, there is
an ongoing Rights Issue of the Company, of up to 4,51,08,000 Fully Paid-up Equity Shares of face
value of Re. 1/- each at an issue price of Rs. 6.30/- each (including a premium of Rs. 5.30/-). The
Paid-up Equity Share Capital of the Company shall stand increased to Rs. 8,26,98,000 (Rupees
Eight Crore Twenty-six Lakh Ninety-eight Thousand), having 8,26,98,000 Equity Shares of Re. 1/-
each in the event of full subscription to the said Rights Issue.

9. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY

No material changes and commitments affecting the financial position of the Company have
occurred between the end of the Financial Year of the Company to which the Financial Statement
relates and the date of this report.

10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO

I) CONSERVATION OF ENERGY

The Company is not carrying any manufacturing operations. Therefore, there is no material
information to be given under Conservation of Energy and Technology Absorption. The operations
of the Company are not power intensive. The Company is however taking every possible step to
conserve the energy whenever possible. It has not imported any technology.

II) TECHNOLOGY ABSORPTION

The Company has not incurred any expenditure in Research and Development on Technology
Absorption.

III) FOREIGN EXCHANGE EARNINGS AND OUTGO:

There is no Foreign Exchange Earnings and Outgo during the Financial Year under review.

11. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Based on the recommendation of the Nomination and Remuneration Committee, the Board of
Directors at its meeting held on 30^th March 2024, had appointed Ms. Himanshi Shah (DIN:
10564211) as an Additional Director designated as Non-Executive Independent Director with effect
from 1^st April 2024 up to 31^st March 2029, subject to the approval of the shareholders at the
ensuing Annual General Meeting of the Company. The said approval was duly attained at the 43^rd
AGM of the Company held on 30^th September 2024.

In accordance with the provisions of Section 152(6) of the Companies Act, 2013 and in terms of
the Articles of Association of the Company, Mr. Jimit Shah, Director of the Company, retires by
rotation at the forthcoming Annual General Meeting and being eligible, offers herself for
reappointment.

In terms of Section 203 of the Companies Act, 2013, the following are the Key Managerial
Personnel of the Company:

None of the Independent Directors had any pecuniary relationship or transactions with the
Company during Financial Year 2024-25. In the opinion of the Board, they fulfill the conditions of
independence as specified in the Companies Act, 2013 and Listing Regulations and are
independent of the management.

Mr. Ramesh Shah, Chairman and Whole-Time Director; Mr. Jimit Ramesh Shah, Managing
Director, and Mrs. Sunita Jimit Shah, Director are related inter se.

None of the Directors or Key Managerial Personnel (KMP) of the Company other than them are
related inter se.

The information as required to be disclosed under Regulation 36 of the SEBI (LODR) Regulations,
2015 in case of reappointment is forming part of the Notice.

As per the information available by the Company, none of the Directors of the Company are
disqualified from being appointed as Directors as specified in Section 164(2) of the Companies
Act, 2013.

12. DECLARATION BY INDEPENDENT DIRECTORS

The Company has received declarations from the Independent Directors as required under
Section 149(7) of the Companies Act, 2013 in respect of meeting the criteria of independence
provided under Section 149(6) of the Act and Regulation 16(1 )(b) of the SEBI (LODR)
Regulations, 2015.

Further, the Independent Directors have complied with the Code for Independent Directors
prescribed in Schedule IV of the Companies Act, 2013 and Code of Conduct for Directors and
senior management.

13. SEPARATE MEETING OF INDEPENDENT DIRECTORS

The separate meeting of Independent Directors was held on 10^th February 2025 for the Financial
Year 2024-25.

14. DIRECTORS’ RESPONSIBILITY STATEMENT

In terms of Section 134(5) of the Companies Act, 2013 read with the Companies (Accounts) Rules,
2014 amended from time to time, your Directors state that:

i. in the preparation of the annual accounts for the Financial Year ended 31^st
March 2025, the applicable accounting standards have been followed along
with proper explanation relating to material departures, if any;

ii. appropriate accounting policies have been selected and applied
consistently, and the judgments and estimates that have been made are
reasonable and prudent so as to give a true and fair view of the state of
affairs of the Company as at 31^st March 2025 and of the profit and loss of
the Company for the year ended on that date;

iii. 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;

iv. the annual accounts have been prepared on a going concern basis;

v. Internal financial controls have been laid down and that such internal
financial controls are adequate and were operating effectively;

vi. Proper Systems have been devised to ensure compliance with the
provisions of all applicable laws and such systems are adequate and
operating effectively.

Pursuant to the provisions of the Companies Act, 2013, the Board has carried out an Annual
Evaluation of its own performance and that of its committees as well as performance of the
Directors individually. Feedback was sought by way of a structured questionnaire covering various
aspects of the Board's functioning such as participation, adequate preparation, contribution to
strategy and other areas, quality of decision making, high quality of debate with robust and probing
discussions etc. The Nomination and Remuneration Committee evaluated the performance of the
Directors. Independent Directors at a separate meeting held by them have evaluated the
performance of the non-Independent Directors and evaluated the performance of the Chairman
taking into consideration the views of Managing Director. The Board of Directors has also
evaluated the performance of each of the Independent Directors. The Directors expressed their
satisfaction with the evaluation process.

15. BOARD MEETINGS

There were 11 meetings of the Board held during the year. The attendance details have been
provided later in this report. Board Meetings were held on 9^th May 2024, 13^th May 2024, 17^th May
2024, 23^rd May 2024, 10^th July 2024, 14^th August 2024, 24^th September 2024, 8^th November 2024,
14^th November 2024, 14^th February 2025, and 28^th March 2025.

16. POLICIES ON DIRECTORS’ REMUNERATION AND APPOINTMENT

The Company's policy on Directors' Appointment and Remuneration including criteria for
determining qualifications, positive attributes, independence of a Director and other matters
provided under sub-section (3) of Section 178 of the Companies Act, 2013 annexed hereto as
‘‘ANNEXURE 4’’ and forms a part of this report.

17. COMPOSITION OF BOARD AND COMMITTEES

A) BOARD OF DIRECTORS AS ON 31^st MARCH 2025

*As mentioned earlier, Ms. Himanshi Shah was appointed as an Independent Director
with effect from 1^st April 2024, which appointment was approved by the members at the
AGM dated 30^th September 2024.

Attendance of Directors at Board Meetings was as follows:

B) AUDIT COMMITTEE

i) BRIEF DESCRIPTION OF TERMS OF REFERENCE

Terms of Reference of the Audit Committee are as per Section 177 of the Companies Act, 2013
that inter-alia, include overseeing financial reporting processes, reviewing periodic financial results,
Auditor's independence and performance, Audit process, Financial Statements and adequacy of
internal control systems with the Management and adequacy of internal audit functions, discussions
with the auditors about the scope of audit including the observations of the Auditors and
discussions with internal auditor or any significant findings, approval of transactions with related
parties, scrutiny of inter-corporate loans and investments, valuation of undertaking or assets
evaluation of internal financial controls and risk management systems and review the functioning of
the Whistle Blower Mechanism.

ii) COMPOSITION, NAMES OF MEMBERS AND CHAIRPERSON

As on 31^st March 2025, the Audit Committee comprised of three Directors, of whom two were
Independent, Non-Executive Directors and one an Executive Director, all of them possessing
knowledge of corporate finance, accounts and company law. The Chairman of the Committee is an
Independent Director. The Company Secretary acts as the Secretary to the Committee. The
composition of the Audit Committee as on 31^st March 2025 was as follows:

Note: The Audit Committee was reconstituted as above with effect from 1^st April 2024.

MEETINGS AND ATTENDANCE DURING THE YEAR

During the Year ended 31^st March 2025, six Meetings of the Audit Committee were held on the
following dates: 9^th May 2024, 13^th May 2024, 17^th May 2024, 14^th August 2024, 14^th November
2024, and 14^th February 2025.

The Attendance of the Chairman and the members of Audit Committee at the meetings held during
the year under review was as under:

C) NOMINATION AND REMUNERATION COMMITTEE

i) BRIEF DESCRIPTION OF TERMS OF REFERENCE

To periodically approve the remuneration package of Whole-Time Directors and ensure
appropriate disclosure of the same, determining qualifications, positive attributes and
independence of a Director, formulation of criteria for evaluation of independent Directors and the
Board, devising a policy on Board diversity and recommend appointment of Directors and
appointment and removal in seniormanagement.

ii) COMPOSITION, NAMES OF MEMBERS AND CHAIRPERSON

st

As on 31 March 2025, the Nomination and Remuneration Committee comprisedthree Non¬
Executive Directors and one Executive Director, and the Company Secretary acts as Ex-Officio
Secretary of the Committee. The names of the Members & Chairperson of the remuneration

st

committee as on 31 March 2025 are as under:

Note: The Nomination and Remuneration Committee was reconstituted as above with effect from
1^st April 2024.

iii) MEETINGS AND ATTENDANCE DURING THE YEAR

The Nomination and Remuneration Committee met on 14^th February 2025. Attendance of
members at Committee Meeting during the year under review was as follows.

iv) REMUNERATION POLICY

No Director has been paid any remuneration, or sitting fees; the Executive Director and the

remaining directors do not receive any remuneration or sitting fees for attending any of the Board
or Committee Meetings.

i) DETAILS OF REMUNERATION

The details of Remuneration package, sitting fees paid etc., to directors during the year ended 31^st
March 2025 for information of members, are furnished here below:

(a) PAID TO NON-EXECUTIVE DIRECTORS:

(b) PAID TO EXECUTIVE DIRECTORS

D) STAKEHOLDERS RELATIONSHIP COMMITTEE

As per the requirements of Section 178 of the Companies Act, 2013 the company has constituted
Stakeholders Relationship Committee.

The Stakeholders Relationship Committee deals with approval of share transfer/transmission,
issue of duplicate share certificates, split and consideration requests, rematerialization of shares
and other matters relating to transfer and registration of shares.

During the year 2024-25, there were nil complaints regarding share transfers received from

st

shareholders. As of 31 March 2025, there are nil complaints regarding share transfers from
shareholders pending.

COMPOSITION

The composition of the Stakeholders Relationship Committee as on 31st March 2025 is as under:

Note: The Stakeholders Relationship Committee was reconstituted as above with effect from 1^st
April 2024.

MEETINGS AND ATTENDANCE DURING THE YEAR

During the year under review, the Stakeholders Relationship Committee met on14^th February
2025. Attendance of members at Committee Meeting during the year under review was as follows.

18. AUDITORS AND REPORTS

The matters related to Auditors and their Reports are as under:

STATUTORY AUDITORS AND THEIR REPORT

The appointment of M/s Pravin Chandak & Associates for a period of five years was ratified by the
members of the Company vide their resolution at the 43^rd Annual General Meeting of the Company
on 30^th September 2024.

The Reports given by the Statutory Auditors for the Standalone and Consolidated Financial
Statements for the year ended 31^st March 2025 read with explanatory notes does not consist of any
qualified opinion.

SECRETARIAL AUDITORS AND THEIR REPORT

M/s R. N. Shah and Associates, Practicing Company Secretaries,were appointed to conduct
Secretarial Audit of the Company for the Financial Year 2024-25 as required under Section 204 of
the Companies Act, 2013 and the Rules thereunder and applicable regulations of SEBI (Listing
Obligations and Disclosure Requirements), 2015. The Secretarial Audit Report for the Financial
Year 2024-25 forms part of Annual Report as “ANNEXURE 5” to the Board's Report.

Based on the recommendation of the Audit Committee, the Board, at its Meeting held on 14^th
August 2025, subject to the approval of the Members of the Company, approved appointment of
M/s R.N. Shah & Associates, Practicing Company Secretaries as the Secretarial Auditors of the
Company, for a term of five (5) consecutive years, to hold office from 1^st April 2025 to 31^st March
2030 on such remuneration, as recommended by the Audit Committee and as may be mutually
agreed between the Board of Directors of the Company and the Secretarial Auditors from time to
time. Accordingly, consent of the Members is sought for approval of the aforesaid appointment of
Secretarial Auditors, through the resolution forming part of the Notice of the AGM.

19. RISK MANAGEMENT

TheCompany has laid down the procedures to inform to the Board about the risk assessment and
minimization procedures, and the Board has formulated Risk Management Policy to ensure that
the Board, its Audit Committee and its Executive Management should collectively identify the risks
impacting the Company's business and document their process risk identification and risk
minimization as a part of a Risk Management policy/strategy.

The common risks inter alia are:Regulations, Credit Risk, Foreign Exchange and Interest Risk,
Competition, Business Risk, Technology Obsolescence, Investments, Retention of Talent and
Expansion of Facilities, etc. Business Risk, inter-alia, further includes financial risk, political risk,
legal risk, etc. The Board reviews the risk trend, exposure and potential impact analysis and
prepares risk mitigation plan, if necessary. The Risk Management Policy is included in this Report
as “ANNEXURE 6”.

20. RELATED PARTY TRANSACTIONS

During the year, the Company has entered into contracts/arrangements/transactions with Related
Parties at arm's length price under the section 188 of Companies Act 2013. Further, a Statement
containing the salient features of the Related Party Transactions in the prescribed Form AOC-2 is
annexed as “ANNEXURE 2” and whichshall form a part of this Board's Report. In accordance with
Accounting Standard 18, the Related Party Transactions are disclosed under Note No. 2.27 of the
Standalone Financial Statements.

21. PARTICLUARS OF LOANS, GUARANTEES OR INVESTMENTS

The details of the Loans, Guarantees or Investments covered under the provisions of Section 186
of the Companies Act, 2013 forms part of notes to the Financial Statements.

22. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an adequate Internal Control System commensurate with size and nature of its
business to safeguard all assets and to ensure their efficient productivity. The Company has
continued to keep focus on processes and controls. The Company has a suitable internal control
system for the business processes, operations, financial reporting, compliance with applicable
laws and regulations. Wherever deemed necessary, internal control systems are also reassessed
and corrective action is taken, if required.

The statutory auditors of the Company have audited the Financial Statements included in this
annual report and has issued a report on our Internal Financial Controls over Financial Reporting as
defined in Section 143 of the Act.

23. VIGIL MECHANISM

As per the provision of Section 177 (9) of the Companies Act, 2013, with Rule 7 of Companies
(Meetings of Board and its Powers) Rules, 2014 the Company is required to establish an effective
Vigil Mechanism for Directors and Employees to report genuine concerns.

In line with the best Corporate Governance practices, Company has put in place a system through
which the Directors and Employees may report concerns about unethical behavior, actual or
suspected fraud or violation of the Company's Code of Conduct & Ethics without fear of reprisal.

The Directors and Employees may report to the Compliance Officer and have direct access to the
Chairman of the Audit Committee.

24. SEXUAL HARASSMENT POLICY

The Company has in place an Anti-Sexual Harassment Policy in line with the requirement of the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

The following is summary of Sexual Harassment complaints received and disposed off during the
year:

a. ) Number of Complaints received: NIL

b. ) Number of Complaints disposed of: NIL

25. CORPORATE GOVERNANCE

In terms of Regulation 15(2)(a) of SEBI (LODR), Regulations 2015, the compliance with the
Corporate Governance provisions as specified in Regulations 17, 18, 19, 20, 21, 22, 23, 24, 25,
26, 27 and Clauses (b) to (i) of sub-regulation (2) of Regulation 46 and paras C, D and E of
Schedule V are not applicable to the Company, as the paid-up share capital of the Company is
less than Rs. 10 crores and its Net Worth does not exceed Rs. 25 crores as on 31st March, 2025.

26. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

No significant or material orders have been passed by Securities Exchange Board of India, Stock
Exchanges, Tribunal or Courts, during the year under review.

27. CORPORATE SOCIAL RESPONSIBILITY

The Provisions of Section 135 read with Companies (Corporate Social Responsibility) Rules, 2014
are not applicable to the Company.

28. TRANSFER TO RESERVES

During the year under review, an amount of Rs. 96,12,548/- was transferred to the reserves.

29. AFFIRMATION ON COMPLIANCE OF SECRETARIAL STANDARDS

The company hereby affirms that during the year under review company has complied with all the
applicable secretarial standards (including any modifications or amendments thereto) issued by
the Institute of Company Secretaries of India.

30. ACKNOWLEDGEMENT

The Directors take this opportunity to thank Company's customers, shareholders, suppliers,
bankers, Central and State Government for their consistent support to the Company. The Board
also wishes to place on record their appreciation for the hard work, dedicationand commitment of
the employees at all levels. The enthusiasm and unstinting efforts of the employees have enabled
the Company to grow in the competitive environment. The Board looks forward to their continued
support and understanding in the years to come.

On behalf of the Board of Directors

Sd/-

Ramesh Shah

Chairman and Whole-Time Director
DIN:01580767

Place: Mumbai
Date: 14^th August 2025