Zodiac-JRD-MKJ Ltd Management Discussions

Industry Structure and Development:

Zodiac-JRD-MKJ Ltd was incorporated on 06th January, 1987 in the state of Maharashtra. Main Object Clause of the company is "To carry on the business of a leasing, hire purchase and finance Company and to purchase, take on lease, or otherwise acquire, in order to provide on lease or on hire purchase basis, every kind of industrial, household or office plant, equipment, machinery, instruments, appliances, apparatus, or accessories, or goods, articles or commodities, buildings, premises or other real estate or immoveable property, required for or in connection with industrial, manufacturing, processing. trading, commercial, agricultural, residential transport or servicing or other business, activities description. operations of every kind and description.

Discussion on Financial Performance:

(Rs. In Lakhs)

Particulars	2024-25	2023-24
Total Income	2334.06	1289.39
Financial Costs	35.30	0.35
Depreciation and Amortization	5.97	0.49
Profit before tax and exceptional items	60.84	(203.86)
Exceptional income	0.00	0.00
Profit after exceptional items before tax	60.84	(203.86)
Taxes(benefit)	18.00	(66.92)
Profit after tax	42.84	(136.94)
Other Comprehensive Income / (Loss)	0.00	0.00
Net Profit	42.84	(136.94)
Earnings per share (Basic)	0.83	(2.64)

The revenue for Current Year was 2334.06 Lakhs, Higher by 1044.67 Lakhs over the previous years revenue of 1289.39 Lakhs. The profit after tax (PAT) attributable to shareholders and non-controlling interests for Current Year is 42.84 Lakhs over the previous years Profit After Loss of 136.94 Lakhs.

Segment Wise or Product Wise Performance:

Zodic-JRD-MKJ Limited was incorporated on January 6, 1987 which operates in only one business segment viz. sale and trading of Gold & Diamond jewellery, cut & polished Diamonds, Precious Stones & Semi Precious Stones. As an established brand, we emphasize exceeding customer expectations and delivering unparalleled satisfaction. With our legacy of trust and a commitment to excellence, Zodic remains the epitome of Indias trusted jewellery destination, offering timeless beauty that captures the hearts of our valued customers.

Business Outlook:

Your Company is looking to further strengthen its business to enable it to constantly innovate and adopt to changing consumer trend. In spite of many variations & uncertainty in economy, we hope your company will look forward for a good time ahead in near future.

Threats, Opportunities, Risks and concerns:

The threat arising from activities of competitors especially online market platform. The sector is home to more than 300,000 gems and jewellery players.

The Company is trying to achieve better performance in coming years, but factors like availability of raw material and its prices, changes in Government regulation, economic development within and outside India could affect the performance of the Company.

The Company is taking proactive steps in implementing management principles well adapted to the demands of the changing environment. The company has the policy of assessing the risk and manages the business. The company is operating on a well-defined plan and strategy and hence is well equipped to face any change in regulatory risk. The Company has sufficient working capital to maintain its liquidity position. Management monitors rolling forecasts of Companys liquidity position and cash and cash equivalent on the basis of expected cash flows.

The Indian Gems and Jewellery Market stood at USD 78.50 billion in FY2021 and is expected to grow with a CAGR of 8.34% in the forecast years, FY2023-FY2027, to achieve a market value of USD 119.80 billion by FY2027.

Internal Control Systems and their Adequacy:

The company has an extensive system of internal controls which ensures optimal utilization and protection of resources, accurate reporting of financial transactions and compliance with applicable laws regulations as also internal policies and procedures. The internal control system is supplemented by extensive internal audits, regular reviews by management and well documented policies and guidelines to ensure reliability of financial and all other records to prepare financial statements and other data.

Analysis of Financial Conditions and Results of Operations:

The Financial Statements have been prepared in accordance with the requirements of the Act, Indian Generally Accepted Principles (Indian GAAP) and the Accounting Standards as prescribed by the Institute of Chartered Accountants of India.

The Management believes that it has been objective and prudent in making estimates and judgments relating to the Financial Statements and confirms that these Financial Statements are a true and fair representation of the

Companys Operations for the period under review.

Development On Human Resource:

The Company believes that the Human Resources Management of the Company must be developed in terms of the current and emergent strategic orientation of the Company. The mission of Human Resources Management is to support the goal and challenges of the Company and is dedicated to partnering with Company business units to maximize the potential of our greatest assets – our employees. We embrace change and the opportunity it brings. The Company and its employees are focused on delivering quality customer service and are committed to recruiting, developing, rewarding and retaining our workforce.

The total numbers of personnel employed as on 31st March 2025 were 9 (staff plus workers).

Industrial Relations:

Industrial Relations throughout the year continued to remain very cordial and satisfactory.

Cautionary Statement:

Statements in the Management Discussion and Analysis describing Companys objective, projections, estimates and expectations may be "forward looking statements" within the meaning of applicable securities laws and regulations. Forward looking statements embedded in the Management Discussion and Analysis above is based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realized. The Companys actual results, performance or achievements could thus differ materially from those projected in any such forward looking statements. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or event.

Material Developments in Human Resources / Industrial Relations Front Including Number of People Employed:

Your company believes in a work environment that is congenial to on job learning and encourages team work. It has, therefore, continued to focus on developing the competence of its staff and employees.

Cordial and harmonious relation with employees continued to prevail throughout the year under review.

Forward Looking Statements:

This Report contains forward –Looking Statements. Any, statement that address expectations or projections about the future, including but not limited to statements about the Companys strategy and growth, product development, market position, expenditures and financial results, are forward looking statements. Forward looking statements are based on certain assumptions and expectations of future growth.

FINANCIAL RATIOS:

Ratio	Basis of Ratio	Ratio	Ratio	Variance %	Reason for major variance
		Current Year	Previous Year
Current Ratio	Current Asset/ C u r r e n t Liabilities	33.36	420.74	-92.07%	Decreased is mainly because of proportion of "Increase" in current liabilities is more than decrease in current assets as compared to previous year.
Debt Equity Ratio	Total Debt/ Shareholders Equity	0.0860	0.0046	1769.57%	Increased due to Vehicle loan taken & Bank Cr Balance during the year
Debt Service Coverage Ratio	E a r n i n g s available for debt service / Debt Service	263.80%	-393.07	167.14%	Ratio is change due to Loss after tax in Previous year as compared to profit in Current year
Return on Equity Ratio	Net Profit after Tax/ Average Shareholders Equity	0.63%	-2.01%	131.34%	Ratio is change due to Loss after tax in Previous year as compared to profit in Current year
Inventory turnover Ratio	Cost of Goods Sold/ Average Inventories	0.40	0.32	25.00%	Increased is mainly because Increase of Cost of Goods sold and Inventory as compare to previous year
Net Profit Ratio	Net Profit/ Net Sales	1.86	-12.58	114.79%	Ratio is change due to Loss after tax in Previous year as compared to profit in Current year
Debtor Turnover	Revenue from o p e r a t i o n s / Average Trade Receivables	1.49	0.75	98.67%	Increased is mainly because the proportion of increase in Revenue from Operations is more than Increase in Trade Receivable.
Interest coverage Ratio	Earnings for debt service/ Debt service	263.80%	-393.07	167.14%	Ratio is change due to Loss after tax in Previous year as compared to profit in Current year

		For And on Behalf of The Board of Directors
		Zodiac-JRD-MKJ Limited
	Sd/-	Sd/-
	Mahesh Ratilal Shah	Dharmesh Pravin Kharwar
	Managing Director	Director
	DIN: 00217516	DIN: 08412150
Place: Mumbai
Date: 23rd July, 2025