Kenvi Jewels Ltd Directors Report

To

The Members

Your Directors have pleasure in presenting their Report on the business and operations of the Company and the accounts for the Financial Year ended March 31,2024.

1. FINANCIAL SUMMARY OR HIGHLIGHTS/PERFORMANCE OF THE COMPANY

The Boards Report is prepared based on the standalone financial statements of the Company.

(Rs. in lakhs except per share data)

Particulars	2023-24	2022-23
Total Income for the year	1,214,202,532	882,780,511
Operating & Administrative expenses	1,206,037,794	875,405,692
Net Profit/(Loss) before Tax	8,164,738	7,374,819
Less: Provision for Tax	1,800,000	1,992,968
Deferred Tax	-245,770	-
Profit/(Loss) after Tax	6,610,508	5,381,851
Earnings Per Share	0.52	0.53

2. OPERATION & REVIEW

Total revenue from operations of the Company is Rs. 1,214,202,532 and the net Profit after tax is Rs. 66,10,508 for the Financial Year 2023-24.

3. DIVIDEND

The Board of Directors of your Company has not recommended any dividend for the Financial Year ended on 31^stMarch 2024.

4. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTIONFUND

Since there was no unpaid/unclaimed dividend, the provisions of Section 125 of the Companies Act, 2013 does not apply.

5. TRANSFER TORESERVES

The Board of Directors of your Company has decided not to transfer any amount to the Reserves for the year under review.

6. CHANGE IN THE NATURE OF THEBUSINESS

During the year, there is no change in the nature of the business of the Company.

7. DIRECTORS & KEY MANAGERIALPERSONNEL

The Directors and Key Managerial Personnel of the Company are as follows:

Sr.No.	Name of Directors/KMPs	Designation
1	Chirag Champaklal Valani*	Managing Director
2	Hetalben Chiragkumar Valani	Executive Director
3	Sanni Shaileshbhai Shah	Non-Executive Independent Director
4	Amitkumar Bharatbhai Prajapati	Non-Executive Independent Director
5	Mr. Dipen Mineshbhai Patel	Non-Executive Independent Director
6	Mayur Satyanarayan Sharma	Chief Financial Officer
7	Keyuri Jinesh Shah	Company Secretary

* Mr. Chirag Champaklal Valani (Din: 06605257), is liable to retire by rotation at the forthcoming Annual General Meeting and being eligible, offer himself for re-appointment.

8. NUMBER OF BOARDMEETINGS

During the Year under review the Board of Directors met 8 (Eight) times, Details of the Meetings are as under Board Meetings held during the Year

Date on which the Board Meetings were held	Total Strength of the Board	No of directors present
24-05-2023	5	5
30-05-2023	5	5
14-08-2023	5	5
18-08-2023	5	5
06-09-2023	5	5
20-10-2023	5	5
11-01-2024	5	5
29-03-2024	5	5

9. COMPLIANCE WITH SECRETARIAL STANDARDS

During the year under review, the Company has complied with the provisions of Secretarial Standard 1 (relating to meetings of the Board of Directors) and Secretarial Standard 2 (relating to General Meetings) issued by the Institute of Company Secretaries of India.

10. BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and SEBI (LODR) Regulation, 2015, the Board evaluated the effectiveness of its functioning and that of the Committees and of individual directors by seeking their inputs on various aspects of Board/Committee. The evaluation covered functioning and composition of the Board and its committees, understanding of the roles and responsibilities, experience, competencies, participation at the Board and Committee meetings, corporate governance practices etc.

Evaluation of the Board and its compositions was carried out through a defined process covering the areas of the Boards functioning viz. composition of the Board and Committees, understanding of roles and responsibilities, experience and competencies, contribution at the meetings etc.

11. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(5) of the Companies Act, 2013, with respect to Directors Responsibility Statement, it is hereby confirmed that:

(a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with 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 at the end of the financial year and of the profit/loss of the company for thatperiod;

(c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this 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 were operating effectively; and

(f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

12. ADEQUACY OF INTERNAL FINANCIALCONTROLS

The Company has in place adequate internal financial Controls with reference to Financial Statements. The Board has inter-alia reviewed the adequacy and effectiveness of the Companys internal financial controls relating to its financial statements.

During the year, such Controls were tested and no reportable material weakness was observed.

13. CHANGE IN CAPITAL SRUCTURE OF COMPANY

During the year under review, the Company has made following changes in share capital:

• The company has made Sub-division/split of equity shares from the face value of Rs. 10 per share to face value of Rs. 1/- per share of the company.

• The Company has increased the Authorised Share Capital of the Company to 12,86,10,000/- (Indian Rupees Twelve Crores Sixty Eight Lakhs Ten Thousand Only) divided into 12,86,10,000 (Twelve Crores Eighty Six Lakhs Ten Thousand) Equity Shares of Rs. 1/- (Rupees One Only) each and consequent Alteration in Capital Clause "V" of Memorandum of Association of the Company.

• The Company has issued Bonus Equity Shares to the fully paid equity shareholders of the Company in the proportion of 01:04 1.e. 01 New fully paid Equity Shares for every 04 (fractional entitlements of Bonus shares shall be rounded off to one) existing Equity Shares held on record date i.e. 19-05-2023.

14. MATERIAL CHANGES AND COMMITMENTS, IFANY

There have been no material changes and commitments, which affect the financial position of the Company which have occurred between the end of the Financial Year to which the Financial Statements relate and the date of this Report.

15. ANNUALRETURN

In terms of Section 92(3) of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company is available on the website of the Company atwww.kenvijewels.com.

16. AUDITORS

STATUTORYAUDITORS:

M/s. Bhagat & Co, Chartered Accountant, Ahmedabad (FRN: 127250W),) Statutory Auditor of the Company has resigned w.e.f 29^th March 2024due to expiring of Peer Review Certificate issued by ICAI as on 31.03.2024. To fill this casual vacancy the company has appointed M/s. Rajesh J. Shah & Associates, Chartered Accountancy Firm, as statutory auditor.

The Auditors Report for the year ended March 31, 2024 on the financial statements of the Company is a part of this Annual Report. The notes on Financial Statements referred in the Annual Report are self-explanatory and do not call for any further comments. The Auditors Report does not contain any qualification, reservation or adverse remark.

COST AUDITORS:

The Company was not required to maintain cost records and appoint Cost Auditor as required under Section 148 of the Act read with the Companies (Cost Records and Audit) Amendment Rules, 2014.

SECRETARIAL AUDITORS:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Secretarial Audit for the year 2023-24 was undertaken by Ms. Neelam Rathi (Neelam Somani& Associates), Practicing Company Secretary.

The Company has engaged the services of Ms. Neelam Rathi (Neelam Somani& Associates), Practicing Company Secretary (CP No. 12454), Practicing Company Secretary and Secretarial Auditor of the Company for providing this certification. The Secretarial Audit Report do not contain any qualification, reservation or adverse remark. The Secretarial Audit Report is annexed herewith and forming part of annual report.

The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

17. DEPOSITS

The Company has not accepted or renewed any amount falling within the purview of provisions of Section 73 of the Act read with the Companies (Acceptance of Deposit) Rules, 2014 during the period under review.

18. INTERNAL AUDIT& CONTROLS

The Company has appointed external firm as its Internal Auditors. During the year, the Company continued to implement their suggestions and recommendations to improve the control environment. Their scope of work includes review of processes for safeguarding the assets of the Company, review of operational efficiency, effectiveness of systems and processes, and assessing the internal control strengths in all areas. Findings of Internal Auditors are discussed with the process owners and suitable corrective actions were taken as per the directions of Audit Committee on an ongoing basis to improve efficiency in operations.

19. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATECOMPANIES

The Company does not have any Subsidiary, Joint venture or Associate Company.

20. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

In terms of the provisions of Section 135 of the Act and Rule 9 of the Companies (Accounts) Rules, 2014, the Company has not formulated and implemented any Corporate Social Responsibility Initiatives as the said provisions are not applicable to the Company.

21. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT.2013

During the year under review, the Company has not given any loan, made investment, provided guarantee or security to any entity falling under the provisions of Section 186 of the Act.

22. RELATED PARTYTRANSACTIONS

The related party transactions entered during the year were in accordance with the provisions of section 188 of the Companies Act, 2013 and rules made thereunder and were on arms length basis and in the normal course of business. Details of the transactions are covered in the Balance Sheet for the financial year 2023-2024.

23. SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYS OPERATIONS INFUTURE

There are no significant and material orders passed by Regulators or Courts or Tribunals which would impact the going concern status of the Company and its future operations.

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

Disclosures pertaining to conservation of energy, technology absorption and foreign exchange earnings & outgo, were not applicable to the Company during the year under review.

25. PARTICULARS REGARDING EMPLOYEES

During the year under review, none of the employees were in receipt of remuneration exceeding the limit prescribed under Section 197 of the Act and Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

26. DETAILS OF COMMITTEES OF THE BOARD Audit Committee:

The Company has formed the Audit Committee as per the applicable provisions of Section 177 of the Act read with the Companies (Meetings of Board and its Powers) Rules, 2014 (as amended) and also to comply with Regulation 18 of SEBI Listing Regulations.

All the recommendations / submissions made by the Committee during the year were accepted by the Board.

The composition of the Committee and details of meetings attended by the members are given below:

Name	Designation	Category	No. of Meetings held during the Period
			Held	Attended
Mr. AmitkumarB. Prajapati	Chairman	Non-Executive Independent Director	5	5
Mr. Sanni S. Shah	Member	Non-Executive Independent Director	5	5
Mr. DipenMineshbhai Patel*	Member	Non-Executive Independent Director	5	5
Mrs. Hetalben C.Valani	Member	Executive Director	1	1
Mr. Krunal D. Shah**	Member	Non-Executive Independent Director	N.A.	N.A.

* Appointed on 30-05-2023

** ceased to be member from 30-05-2024

Terms of reference:

The broad terms of reference of the Committee are as under:

• Reviewing of the Companys financial reporting process and the disclosure of its financial information

• To ensure that the financial statement is correct, sufficient and credible

• Recommending the appointment, remuneration and terms of appointment of external Auditors

• Review and monitor the Auditors independence and performance and effectiveness of audit process

• Approval or any subsequent modification of transactions of the Company with related parties

• Scrutiny of inter-corporate loans and investments

• Valuation of undertakings or assets of the Company, wherever it is necessary

• Monitoring the end use of funds raised through public offers and related matters

• Reviewing with management the Annual Financial Statements and half yearly and quarterly Financial Results before submission to the Board

• Reviewing periodically the adequacy of the Internal Control System

• Discussions with Internal Auditors on any significant findings and follow up there on

Nomination and Remuneration Committee:

The Company has constituted the Nomination and Remuneration Committee as per Section 178 and other applicable provisions of the Act read with the Companies (Meetings of Board and its Powers) Rules, 2014 (as amended) and also to comply with Regulation 19 of SEBI Listing Regulations.

All the recommendations / submissions made by the Committee during the year were accepted by the Board.

The composition of the Committee and details of meetings attended by the members are given below:

Name	Designation	Category	No. of Meetings held during the Period
			Held	Attended
Mr. Amitkumar B.Prajapati	Chairman	Non-Executive Independent Director	3	3
Mr. Sanni S. Shah	Member	Non-Executive Independent Director	3	3
Mr. DipenMineshbhai Patel*	Member	Non-Executive Independent Director	3	3
Mr. Krunal D. Shah**	Member	Non-Executive Independent Director	N.A.	N.A.

* Appointed on 30-05-2023

** ceased to be member from 30-05-2024

Terms of reference:

The broad terms of reference of the Committee are as under:

• Formulation of the criteria for determining the qualifications, positive attributes and independence of Director

• Devising a policy on Board Diversity

• Formulation of Remuneration Policy

• Review the structure, size and composition of the Board

• Identifying and selection of candidates for appointment as Directors

• Identifying potential individuals for appointment as Key Managerial Personnel and Senior Management

• Formulation of criteria for evaluation of Independent Directors and the Board

The Policy of Nomination and Remuneration Committee has been placed on the website of the Company at www.kenvijewels.com and the salient features of the same have been enclosed as "Annexure B".

Stakeholders Relationship Committee:

The Company has formed the Stakeholders Relationship Committee as per Section 178 and other applicable provisions of the Act read with the Companies (Meetings of Board and its Powers) Rules, 2014 (as amended) and also to comply with Regulation 20 of SEBI Listing Regulations.

The composition of the Committee and details of meetings attended by the members are given below:

Name	Designation	Category	No. of Meetings held during the Period
			Held	Attended
Mr. Sanni S. Shah	Member	Non-Executive Independent Director	1	1
Mr. Amitkumar B. Prajapati	Chairman	Non-Executive Independent Director	1	1
Mr. DipenMineshbhai Patel*	Member	Non-Executive Independent Director	1	1
Mrs. Hetalben C.Valani	Member	Executive Director	1	1
Mr. Krunal D. Shah**	Member	Non-Executive Independent Director	N.A.	N.A.

* Appointed on 30-05-2023

** ceased to be member from 30-05-2024

Sexual Harassment Committee

The Sexual Harassment Committee was constituted in compliance with the Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act, 2013.

Name	Designation	Category	No. of Meetings held during the Period
			Held	Attended
Mrs. Hetalben C.Valani	Chairman	Executive Director	1	1
Mr. Amitkumar B.Prajapati	Member	Non-Executive Independent Director	1	1
Mr. DipenMineshbhai Patel*	Member	Non-Executive Independent Director	1	1
Mr. Krunal D. Shah**	Member	Non-Executive Independent Director	N.A.	N.A.

* Appointed on 30-05-2023

** ceased to be member from 30-05-2024

27. DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has formulated and adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder.

The Company always endeavors to create and provide an environment to its employees and external individuals engaged with the Company that is free from discrimination and harassment including sexual harassment. The Company has in place a robust policy on prevention of sexual harassment at workplace. The policy aims at prevention of harassment of employees as well as contractors and lays down the guidelines for identification, reporting and prevention of sexual harassment.

During the year under review, there were no incidences of sexual harassment reported and received.

28. VIGIL MECHANISM

The Company has established the vigil mechanism through Whistle Blower Policy for all the stakeholders of the Company, which also provides for direct access to the Chairperson of the Audit Committee in appropriate or exceptional cases as per the Policy. The details of the Whistle Blower Policy are available on the website of the Company i.e. www.kenvijewels.com.

29. RISK MANAGEMENT

The Company recognizes that risk is an integral part of business and is committed to managing the risks in proactive and efficient manner. The Company periodically assesses risk in the internal and external environment, along with the cost of treating risks and incorporates risk treatment plans in its strategy, business and operational plans.

The Company, through its risk management process, strives to contain impact and likelihood of the risk within the risk appetite as agreed from time to time with the Board of Directors.

Management Discussion and Analysis Report of the Annual Report identifies key risks, which can affect the performance of the Company.

The Company has adopted a Risk Management Policy for a systematic approach to control risks.The Risk Management Policy of the Company developed in line with the business strategy lays down procedures for risk identification, evaluation, monitoring, review and reporting.

30. MANAGEMENT DISCUSSION ANDANALYSIS

Management Discussion and Analysis Report as required under Regulation 34 and Schedule V of SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015 forms an integral part of this Report, and provides the companies current working and future outlook.

The Management Discussion and Analysis Report is enclosed as "Annexure C".

31. CORPORATEGOVERNANCE

The Company has complied with the provisions of corporate governance. The Certificate issued by the Company secretary in practice in this regard is attached at as "Annexure III to the Corporate Governance Report.

32. ACKNOWLEDGEMENTS

Your Directors wish to place on record their appreciation for the continuous support received from the Members, customers, suppliers, bankers, various statutory bodies of the Government of India and the Companys employees at all levels.

Place: Ahmedabad	BY ORDER OF THE BOARD OF DIRECTORSOF
Date: 5th September 2024	KENVI JEWELSLIMITED
	Sd/-	Sd/-
	Chirag C. Valani	Hetalben C. Valani
	Managing Director	Whole-Time Director
	DIN:06605257	DIN:06605369