To, The Members of
Tribhovandas Bhimji Zaveri Limited,
Your Directors are pleased to present the Nineteenth (19th) Annual Report on
the business and operations of the Company together with the Audited Financial Statements
and AuditorRss Report for the financial year ended 31st March, 2026.
1. FINANCIAL RESULTS
The financial performance of the Company for the financial year ended
31st March, 2026 is summarised below:
(Rs in Lacs)
| Particulars |
Standalone |
Consolidated |
|
31-Mar-26 |
31-Mar-25 |
31-Mar-26 |
31-Mar-25 |
| Revenue from operations |
320,295.29 |
2,62,048.42 |
320,295.29 |
2,62,048.42 |
| Earnings before Finance Cost, Depreciation and Amortisation |
35,821.34 |
17,609.49 |
36,085.15 |
17,294.46 |
| Add: Other Income |
784.17 |
490.58 |
734.26 |
436.35 |
| Less: Finance Cost |
6,856.70 |
5,613.28 |
6,856.73 |
5,611.22 |
| Less: Depreciation and Amortisation expenses |
2,904.11 |
2,515.69 |
2,933.11 |
2,543.41 |
| Net Profit before Exceptional items & Taxes |
26,844.70 |
9,971.10 |
27,029.57 |
9,576.18 |
| Add: Exceptional items |
- |
- |
- |
- |
| Net Profit for the year before Taxes |
26,844.70 |
9,971.10 |
27,029.57 |
9,576.18 |
| Less: Provision for Taxes |
|
|
|
|
| Current Tax / MAT |
6,925.00 |
2,563.51 |
6,925.00 |
2,563.52 |
| MAT Credit |
- |
- |
- |
- |
| Deferred Tax charge |
(129.45) |
(12.31) |
(129.45) |
(12.31) |
| Provision pertaining to earlier years |
- |
184.90 |
3.45 |
186.15 |
| Profit for the year |
20,049.15 |
7,235.00 |
20,230.57 |
6,838.82 |
| Add/(less): Other Comprehensive income |
(644.30) |
(100.54) |
(635.02) |
(103.46) |
| Total Comprehensive income for the year |
19,404.85 |
7,134.46 |
19,595.55 |
6,735.36 |
| Add/(less): Balance Brought Forward from Previous Year |
41,901.16 |
35,934.49 |
40,855.06 |
35,287.51 |
| Add/(less): Dividend for the year ended |
(1,501.44) |
(1,167.79) |
(1,501.44) |
(1,167.79) |
| Surplus Available for Appropriation |
59,804.57 |
41,901.16 |
58,949.16 |
40,855.06 |
| Appropriations: |
|
|
|
|
| Transfer to General Reserve |
- |
- |
- |
- |
| Total Appropriations |
- |
- |
- |
- |
| Surplus Available after Appropriation |
59,804.57 |
41,901.16 |
58,949.16 |
40,855.06 |
| Add: Balance in Security Premium Account |
16,791.35 |
16,791.35 |
16,791.35 |
16,791.35 |
| Add: Balance General Reserve |
1,401.47 |
1,401.47 |
1,401.47 |
1,401.47 |
| Add: Balance Capital Reserve |
- |
- |
- |
- |
| Balance carried forward to Balance Sheet |
77,997.38 |
60,093.98 |
77,141.98 |
59,047.88 |
2. PERFORMANCE / STATE OF COMPANY AFFAIRS
The Company has reported revenue profit during the financial year
2025-26. Revenue from operations increased by 22.23% to Rs 3,20,295.29 Lacs from Rs
2,62,048.42 Lacs in the previous financial year. The profit before tax increased by
169.23% to Rs 26,844.70 Lacs, while net profit after tax increased by 177.11% to Rs
20,049.15 Lacs.
The Gross Profit Margin for the financial year 2025-26 has increased to
17.47% as compared to 13.66% in the previous financial year. In absolute terms, the Gross
Profit has increased to Rs 55,945.94 Lacs as compared to Rs 35,784.76 Lacs during the
previous financial year.
The EBITDA for the financial year 2025-26 has increased to 11.18% as
compared to 6.72% in the previous financial year.
During the year under review the Company has opened 2 owned stores. As
on 31st March, 2026, the Company was operating from 37 stores in 28 cities and
13 states, out of which your Company has 32 owned stores and 5 franchise stores.
3. DIVIDEND
Your Directrs are pleased to recommend the Dividend of Rs 2.50/- (Two
Rupees Fifty Paise only) per equity share of face value of Rs 10 each, i.e. 25% Dividend
on Equity Capital for the financial year ended 31st March, 2026, will involve
total cash outflow of Rs 16,68,26,550/- (Rupees Sixteen Crores Sixty Eight Lacs Twenty Six
Thousands Five Hundred Fifty only), subject to the approval of Members at the ensuing
Annual General Meeting ("AGM"), against the Dividend of Rs 2.25/- (Two Rupees
Twenty five Paise only) per equity share of face value of Rs 10 each, i.e. 22.50% Dividend
on Equity Capital of your Company for the financial year ended 31st March,
2025.
In view of the changes made under the Income tax Act, 1961, by the
Finance Act, 2020, dividends paid or distributed by the Company shall be taxable in the
hands of the Members. Your Company shall, accordingly, make the payment of the final
dividend after deduction of tax at source. The dividend, if approved at the ensuing AGM,
will be paid to all eligible Members.
4. CHANGES IN NATURE OF BUSINESS, IF ANY
During the financial year 2025-26, there was no change in nature of
business of your Company.
5. SHARE CAPITAL
During the year under review, there has been no change in the
authorised and paid-up share capital of the Company.
6. DETAILS OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
Tribhovandas Bhimji Zaveri (Bombay) Limited is a wholly owned
subsidiary of the Company which operates its manufacturing activities at 106, Kandivali
Industrial Estate, Charkop, Kandivali (West), Mumbai - 400 067. During the year under
review, it has reported income from operations amounting to Rs 2,149.37 Lacs and its net
loss stood at Rs 36.41 Lacs.
Pursuant to Section 129(3) of the Companies Act, 2013 (hereinafter
referred as "the Act"), read with Rule 5 of the Companies (Accounts) Rules,
2014, the statement containing salient features of the financial statements of the
subsidiary companies in Form AOC-1 forms part of the Consolidated Financial Statements
(CFS). The Audited Financial Statements of the subsidiary companies are kept open for
inspection by the Members at the Corporate Office of the Company. The Company shall
provide a copy of the financial statements of its subsidiary companies to the Members upon
their request. The statements are also available on the website of the Company at https://www.tbztheoriginal.com . The Company does
not have any Associate or Joint Venture Companies.
7. INDIAN ACCOUNTING STANDARD (IND AS)
The financial statements for the year 2025-26 have been prepared in
accordance with IND AS, prescribed under Section 133 of the Act, read with the relevant
rules issued thereunder and the other recognised accounting practices and policies to the
extent applicable.
8. CONSOLIDATED FINANCIAL STATEMENTS
Your Directors are pleased to enclose the Consolidated Financial
Statements pursuant to Section 129(3) and all other applicable provisions of the Act and
as per Regulation 33(1)(c) of Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (hereinafter referred as "Listing
Regulations") and prepared in accordance with the Ind AS - 110 and all other
applicable Ind AS prescribed by The Institute of Chartered Accountants of India, in this
regard.
9. AWARDS & RECOGNITION
During the year under review the Company won the following awards:
• National Jewellery Awards (NJA) 2025 in Ring of the Year
(Diamond) Category;
• Mr. Shrikant Zaveri has been awarded as "Visionary Leader
of the Year" at Retail Jewellers MD & CEO Awards, 2026.
10. CREDIT RATING
The details pertaining to credit rating obtained or assigned during the
year under review is given in Corporate Governance Report forming part of this Annual
Report.
11. MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to Regulation 34(2)(e) of Listing Regulations, the Management
Discussion and Analysis Report for the year under review, is presented in a separate
section, forming part of this Annual Report.
12. CORPORATE GOVERNANCE
In terms of Regulation 34 of Listing Regulations, a report on Corporate
Governance along with a Certificate from a Statutory Auditors, regarding compliance of the
conditions of Corporate Governance, is appended as RsAnnexure IRs.
13. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
As required under Regulation 34(2)(f) of Listing Regulations, the
requirement of Business Responsibility & Sustainability Report is not applicable to
the Company.
14. DIVIDEND DISTRIBUTION POLICY
In accordance with Regulation 43A of the Listing Regulations, the
Company has formulated a Dividend Distribution Policy which endeavors dual objective of
appropriate reward to shareholders through dividends and ploughing back earnings to
support sustained growth. The policy is available on the website of the Company at https://www.tbztheoriginal.com/investors/dividend-
distribution-policy-under-regulation-43a .
15. INVESTMENTS & DIVESTMENTS
During the year under review, the Company has not made any investment /
divestment.
16. RELATED PARTY TRANSACTIONS
The framework for dealing with related party transactions is given in
the Corporate Governance Report. During the year under review, the Company did not enter
into any contracts / arrangements / transactions with related parties referred in Section
188(1) of the Act read with the rules made thereunder. All the related party transactions
were in the ordinary course of business and on an armRss length basis and therefore,
disclosure in Form AOC-2 is not applicable to the Company. There were no material
significant related party transactions entered into by the Company during the year that
required shareholdersRs approval under Regulation 23 of the Listing Regulations. The
Related Party Transactions Policy as approved by the Board has been uploaded on the
CompanyRss website. In accordance with Ind AS-24, the Related Party Transactions are
disclosed in the Notes to Financial Statements for the financial year 2025-26.
17. VIGIL MECHANISH / WHISTLE BLOWER
The Company has established a vigil mechanism to provide a framework to
promote responsible and secure whistle blowing and to provide a channel to the employee(s)
and Directors to report to the management, concerns about unethical behavior, actual or
suspected fraud or violation of the code of conduct or policy/ies of the Company, as
adopted/ framed from time to time. The mechanism provides for adequate safeguards against
victimisation of employee(s) and Directors to avail mechanism and also provide for direct
access to the Chairperson of the Audit Committee in exceptional cases.
Pursuant to Section 177(9) and (10) of the Act and Regulation 22 of the
Listing Regulations, the Company has adopted Whistle Blower Policy. The details of the
same are provided in the Corporate Governance Report.
18. EMPLOYEE STOCK OPTION SCHEME
During the year under review, the Company neither have any open
Employee Stock Option Scheme nor granted any fresh stock option to its employees.
19. DETAILS OF BOARD MEETINGS
During the year, four (4) Board Meetings were held. The details of the
meetings are provided in the Corporate Governance Report.
20. BOARD COMMITTEES
A detailed update on the Committees, its composition, number of
Committee meetings held and attendance of the Directors at each meeting is provided in the
Corporate Governance Report. During the year under review, all the recommendations made by
the Committees were accepted by the Board.
21. TRANSFER TO RESERVES:
During the year under review, no transfers were made to general
reserve.
22. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Act are given in the notes to the standalone financial
statements provided in this Annual Report.
23. PUBLIC DEPOSITS
The Company has obtained the approval of Members for acceptance of
fixed deposits from public and/or Members of the Company. However, the Company has not
accepted any deposit falling within the purview of Section 73-76A of the Act read with
Companies (Acceptance of Deposit) Rule, 2014 during the financial year and as such, no
amount on account of principal on interest on deposit from public/ Member was outstanding
as on 31st March, 2026.
24. CORPORATE SOCIAL RESPONSIBILITY
Pursuant to the provisions of Section 135 of the Act read with the
Companies (Corporate Social Responsibility Policy) Rules, 2014 and Schedule VII to the
Act, the Company has undertaken projects in accordance with the CSR Policy. The details of
the CSR projects, unspent CSR amount and reason for the amount being unspent are given in
RsAnnexure IIRs.
25. RISK MANAGEMENT
The Company has a well-defined risk management framework. The Company
has in place a mechanism to inform the Audit Committee / Board about the risk assessment
and minimisation procedures and undertakes periodical review of the same to ensure that
the risks are identified and controlled by means of properly defined framework.
Pursuant to the requirement of Listing Regulations, the Company has
laid down the process / policy to inform Audit Committee / Board Members about the risk
assessment and minimisation procedures. Accordingly, the Company periodically submits the
said report to the Audit Committee / Board for their review.
26. DIRECTORS AND KEY MANAGERIAL PERSONNEL Retirement by rotation
In accordance with the provisions of Section 152 of the Act and the
Articles of Association of the Company, Ms. Raashi Zaveri (DIN: 00713688), Whole- time
Director, retires by rotation at the ensuing AGM and being eligible, offers herself for
re-appointment.
The Nomination and Remuneration Committee and the Board of Directors at
their meeting held on 27th May, 2026 and 11th August, 2026
respectively, recommended the re-appointment of Ms. Raashi Zaveri for approval of the
Members at the ensuing AGM of the Company.
The Board is of the opinion that Ms. Raashi Zaveri possesses the
requisite knowledge, skills, expertise and experience to contribute to the growth of the
Company. The Board recommends re-appointment of Ms. Raashi Zaveri for the consideration of
the Members of the Company at the forthcoming AGM.
The Company has also received necessary declarations / disclosures from
Ms. Raashi Zaveri. Brief Profile and other information as required under Regulation 36(3)
of Listing Regulations and Secretarial Standard - 2 are given in the Notice of the AGM.
The above proposal for re-appointment forms part of the Notice of the AGM.
Appointment / Re-appointment
Based on the recommendation of Nomination and Remuneration Committee
and approval of the Board of Directors of the Company at their respective meetings held on
6th August, 2025, the Members of the Company at their Annual General Meeting
held on 9th September, 2025 has considered and approved the following:
? Re-appointment of Mr. Shrikant Zaveri (DIN: 00263725) as Chairman
& Managing Director of the Company for a period of 5 (five) years with effect from 1st
January, 2026 to 31st December, 2030, not liable to retire by rotation;
? Re-appointment of Ms. Binaisha Zaveri (DIN: 00263657) as Whole-time
Director of the Company for a period of 5 (five) years with effect from 1st
January, 2026 to 31st December, 2030, liable to retire by rotation;
? Re-appointment of Ms. Raashi Zaveri (DIN: 00713688) as Whole-time
Director of the Company for a period of 5 (five) years with effect from 1st
January, 2026 to 31st December, 2030, liable to retire by rotation;
? Re-appointment of Ms. Sudha Pravin Navandar (DIN: 02804964) as
Non-Executive (Independent) Director of the Company for a second term of 5 (five)
consecutive years commencing from
1st April, 2026 to 31st March, 2031, not liable
to retire by rotation. In the opinion of the Board, she possesses requisite expertise,
integrity, experience and proficiency and is independent of the management of the Company.
27. BOARD EVALUATION
The details of evaluation of Directors, Committees and Board as a whole
are given in the Corporate Governance Report.
28. DIRECTORSRs RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Act, the Board of Directors, to the
best of their knowledge and ability, confirm that:
? in the preparation of the annual accounts, the applicable accounting
standards have been followed and that there are no material departures;
? they have selected such accounting policies and applied them
consistently and made judgements 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 the end of the
financial year and of the profit of the Company for that period;
? they 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;
? they have prepared the Annual Accounts on a Rsgoing concern basisRs;
? they have laid down internal financial controls to be followed by the
Company and that such internal controls are adequate and were operating effectively; and
? they have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and were operating
effectively.
29. DECLARATION BY INDEPENDENT DIRECTORS
The Company has received the Declaration of Independence from all the
Independent Directors stating that they meet the independence criteria as prescribed under
Section 149(6) of the Act, Rule 6 of the Companies (Appointment and Qualification of
Director) Rules, 2014 and Regulation 16(1 )(b) of the Listing Regulations. Further, the
CompanyRss Independent Directors have affirmed that they have followed the Code for
Independent Directors as outlined in Schedule IV to the Act.
30. ANNUAL RETURN
Pursuant to Section 92(3) and Section 134(3)(a) of the Act, a copy of
the Annual Return of the Company is uploaded on the website of the Company at https:// www.tbztheoriginal.com/storage/TBZ-F
MGT-7(31- 03-26).pdf .
31. ADEQUACY OF INTERNAL FINANCIAL CONTROLS
Based on the framework of Internal Financial Controls and compliance
systems established and maintained by the Company, the work performed by the Internal
Auditors, Statutory Auditors and Secretarial Auditors, including the Audit of Internal
Financial Controls over financial reporting by the Statutory Auditors and the reviews
performed by Management and the relevant Board Committees, including the Audit Committee,
the Board is of the opinion that the CompanyRss internal financial controls were adequate
and effective during Financial Year 2025-26. Further, the details of adequacy of Internal
Financial Controls are given in the Management Discussion and Analysis Report.
32. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information as required under Section 134(3)(m) of the Act, Rule 8
of the Companies (Accounts) Rules, 2014, for the financial year ended as on 31st
March, 2026, are as under:
Part A & B pertaining to conservation of energy and technology
absorption are not applicable to your Company.
Foreign Exchange earnings and outflow:
Earnings - NIL Outflow - NIL
33. AUDITORS AND AUDIT REPORTS Statutory Auditors
Pursuant to the provisions of Section 139 of the Act read with the
Companies (Audit and Auditors) Rules, 2014, M/s. Chaturvedi & Shah LLP, Chartered
Accountants (ICAI Firm Registration No. 101720W/ W100355), have been re-appointed as the
Statutory Auditors of the Company, for the second term of five (5) years from the
conclusion of 18th Annual General Meeting till the conclusion of the 23rd
Annual General Meeting.
AuditorsRs Report
The AuditorsRs Report on the financial statements for the financial
year ended 31st March, 2026 is issued with unmodified opinion and does not
contain any qualifications, reservations or adverse remarks. The Audit Report is enclosed
with the financial statements forming part of this Annual Report.
Secretarial Auditor
M/s. Pramod S. Shah & Associates, Practicing Company Secretaries, a
peer-reviewed firm have been appointed as Secretarial Auditors for a period of 5 (five)
years from the conclusion of 18th Annual General Meeting till the conclusion of
the 23rd Annual General Meeting. The Secretarial Audit Report for the financial
year 2025-26 is appended as RsAnnexure - IIIRs.
There are no qualifications, reservations or adverse remarks made in
the Secretarial AuditorsRs Report for the financial year 2025-26.
The Company has complied with Secretarial Standards issued by The
Institute of Company Secretaries of India on Board and General Meetings.
Internal Auditors:
M/s. Ernst & Young LLP, (Firm Registration No. LLP 4343), Chartered
Accountants have carried out Internal Audit of the Company for financial year 2025-26.
Based on the recommendation of Audit Committee, the Board at their Meeting held on 27th
May, 2026 have re-appointed them as Internal Auditors of the Company for the financial
year 2026-27.
34. DIFFERENCE BETWEEN AMOUNT OF VALUATION DONE AT THE TIME OF ONE TIME
SETTLEMENT AND VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS
ALONGWITH THE REASONS THEREOF
During the year under review, there was no instance of one-time
settlement with banks or financial institutions.
35. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE
INSOLVENCY AND BANKRUPTCY CODE, 2016, DURING THE YEAR ALONGWITH THEIR STATUS AS AT THE END
OF FINANCIAL YEAR
There are no applications made or any proceeding pending during the
year under review under the Insolvency and Bankruptcy Code, 2016.
36. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
OR TRIBUNALS:
Pursuant to the requirement of Section 134(3)(q) of the Act read with
Rule 8(5)(vii) of the Companies (Accounts) Rules, 2014, it is confirmed that during the
Financial Year under review, there are no significant or material orders passed by the
Regulators or Courts or Tribunals impacting the going concern status and your CompanyRss
operations in future.
37. NOMINATION AND REMUNERATION POLICY
The details of the CompanyRss Nomination and Remuneration Policy for
Directors, Key Managerial
Personnel and other employees are given in the Corporate Governance
Report and is disclosed on the website ofthe Company at
https://www.tbztheoriginal. com/storage/TBZ-Nom%2CRemu.%26Eval.Policy.pdf .
38. PARTICULARS OF EMPLOYEES
The information pertaining to the remuneration and other details as
required under Section 197(12) of the Act, read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in
RsAnnexure - IVRs which forms part of this Report. In terms of provisions of Section
197(12) of the Act and Rule 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, a statement showing names of the employees drawing
remuneration and other particulars, as prescribed in the said Rules forms part of this
report. However, in terms of first proviso to Section 136(1) of the Act, the Annual Report
excluding the aforesaid information, is being sent to the Members of the Company. The said
information is available for inspection at the Corporate Office of the Company during
working hours and any Member who is interested in obtaining these particulars may write to
the Company Secretary of the Company.
During the year, the Company had no employee who was employed
throughout the financial year or part thereof and was in receipt of remuneration, which in
the aggregate, or as the case may be, at a rate which, in the aggregate, is in excess of
that drawn by the Managing Director or Whole-time Directors and holds by himself or along
with his spouse and dependent children, not less than 2% of the equity shares of the
Company.
39. CHIEF EXECUTIVE OFFICER & CHIEF FINANCIAL OFFICER CERTIFICATION
In terms of Regulation 17(8) of the Listing Regulations, the Company
has obtained Compliance Certificate from the Managing Director and the Chief Financial
Officer.
40. REPORTING OF FRAUD
During the year under review, the Statutory Auditors and Secretarial
Auditor have not reported any instances of frauds committed in your Company by its
Officers or Employees to the Audit Committee and / or to the Board under Section 143(12)
of the Act details of which needs to be mentioned in this Report.
41. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has constituted an Internal Complaints Committee for
providing a redressal mechanism pertaining to sexual harassment of employees at workplace.
No complaints were received during the year under review.
42. MATERIAL CHANGES AND COMMITMENTS IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY OCCURRED DURING THE FINANCIAL YEAR AND BETWEEN THE END OF THE
FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
There have been no material changes and commitments, affecting the
financial position of your Company which have occurred between the end of the financial
year of the Company to which the financial statements relate and the date of the report.
43. GENERAL DISCLOSURES
Your Directors state that:
• There were no events relating to receipt of any remuneration or
commission from any of its subsidiary companies by Chairman & Managing Director /
Whole time Directors of the Company;
• There were no events relating to non-exercising of voting rights
in respect of shares purchased directly by employees under a scheme pursuant to Section
67(3) of the Act read with Rule 16(4) of Companies (Share Capital and Debentures) Rules,
2014;
• No disclosure or reporting is required relating to deposits
covered under Chapter V of the Act;
• There were no events for issue of equity shares with
differential rights as to dividend, voting or otherwise;
• There were no events for issue of shares (including sweat equity
shares) to employees of your Company under any scheme;
• Maintenance of cost records and requirement of cost audit as
prescribed under the provisions of Section 148(1) of the Act are not applicable for the
business activities carried out by the Company; and
• During the year under review, the Company has complied with the
provisions of Maternity Benefits Act, 1961.
44. ACKNOWLEDGEMENT
Your Directors would like to express their sincere appreciation for the
support and co-operation your Company has been receiving from its Investors, Customers,
Vendors, Bankers, Financial Institutions, Business Associates, Central & State
Government Authorities, Regulatory Authorities and Stock Exchanges. Your Directors also
take this opportunity to acknowledge the dedicated efforts made by employees for their
contribution to the achievements of the Company. The Board looks forward for the long term
future with confidence, optimism and full of opportunities.
45. CAUTIONARY STATEMENT
Statement in the BoardRss Report and the Management Discussion and
Analysis describing the CompanyRss objectives, expectations or forecasts may be forward
looking within the meaning of applicable securities laws and regulations. Actual results
may differ materially from those expressed in the statement. Important factors that could
influence the CompanyRss operations include global and domestic demand and supply
conditions affecting selling price of finished goods, input availability and prices,
changes in government regulations, tax laws, economic developments within the country and
other factors such as litigation and industrial relations.
|
For and on behalf of the Board of Directors of |
|
Tribhovandas Bhimji Zaveri Limited |
|
Shrikant Zaveri |
| Date: 11th August, 2026 |
Chairman & Managing Director |
| Place: Mumbai |
(DIN: 00263725) |
|