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BSE Code : | NSE Symbol : | ISIN:| SECTOR : |

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Volume 280564

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Key Stats

MARKET CAP (RS CR) 21.34
P/E 8.48
BOOK VALUE (RS) 129.2750453
DIV (%) 0
MARKET LOT 1
EPS (TTM) 6.38
PRICE/BOOK 0.418487573332144
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%)
4

News & Announcements

02-Nov-2021

Zenith Fibres standalone net profit rises 244.44% in the September 2021 quarter

26-Oct-2021

Zenith Fibres to convene board meeting

22-Sep-2021

Zenith Fibres Ltd - Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate

09-Sep-2021

Zenith Fibres Ltd - Fixes Book Closure for AGM (Cut-off date for e-voting)

26-Oct-2021

Zenith Fibres to convene board meeting

09-Aug-2021

Zenith Fibres to conduct AGM

02-Aug-2021

Zenith Fibres to table results

19-Jun-2021

Zenith Fibres schedules board meeting

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Aafloat Textiles (India) Ltd 514476 AKAIMPEX
Aditya Birla Nuvo Ltd(Merged) 500303 ABIRLANUVO
APR Ltd 503749 APRAYON
Baroda Rayon Corporation Ltd 500270 BARODARAYN
Central India Polyesters Ltd(merged) 500099 CIPL
Century Enka Ltd 500280 CENTENKA
Chandra Synthetics Ltd(liquidated) 514232
Chetak Spintex Ltd 531655
CIL Nova Petrochemicals Ltd 533407 CNOVAPETRO
Consolidated Fibres & Chemicals Ltd(liquidated) 524260
Filaments India Ltd 514472
Filatex India Ltd 526227 FILATEX
Futura Polyesters Ltd 500720 INDIANORG
Garware Nylons Ltd 503744
Grasim Industries Ltd 500300 GRASIM
GSL Nova Petrochemicals Ltd 530605 GSLNOVA
Gujarat Craft Industries Ltd 526965
Gujarat Filaments Ltd 514012
Gujarat Texspin Ltd 521129
Haryana Petrochemicals Ltd 506940 HARYANPETR
India Polyfibres Ltd(merged) 500203 INDIAPOLY
Indian Acrylics Ltd 514165 INDIANACRY
Indo Rama Synthetics (India) Ltd 500207 INDORAMA
JBF Industries Ltd 514034 JBFIND
Modern Syntex (India) Ltd 500281 MODRNSYNTX
NIBE Ltd 535136
NRC Ltd 503780 NRC
Orissa Synthetics Ltd (Merged) 514024
Orkay Industries Ltd 500320 ORKAY
Paras Petrofils Ltd 521246 PARASPETRO
Parasrampuria Industries Ltd 514040 PARASIND
Parasrampuria Synthetics Ltd 514017 PARSSYNTH
Pasupati Acrylon Ltd 500456 PASUPTAC
Prag Bosimi Synthetics Ltd 500192 PRAGBOSIMI
Rajashree Polyfil Ltd (Merged) 524620 RAJSREPOLY
Rajratan Synthetics Ltd 514430
RDB Rasayans Ltd 533608
Recron Synthetics Ltd(merged) 500362 RAYMONDSYN
Sanghi Polyesters Ltd 500375 SANGHIPOLY
Shree Synthetics Ltd 503800 SHREESYNTH
SIV Industries Ltd 500462 SIVIND
Sumeet Industries Ltd 514211 SUMEETINDS
Surat Textile Mills Ltd 530185
Sysco Industries Ltd 539842
Vardhman Acrylics Ltd 531106 VARDHACRLC
Vera Synthetic Ltd 535068 VERA
Yogi Polyesters Ltd 526913

Share Holding

Category No. of shares Percentage
Total Foreign 36726 0.93
Total Institutions 4500 0.11
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 71391 1.81
Total Promoters 1824066 46.25
Total Public & others 2007453 50.90
Total 3944136 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Zenith Fibres Ltd

Zenith Fibres Ltd is the only company in India manufacturing the entire range of Polypropylene Staple Fibre (PPSF). The Company is also trading in Polypropylene Spun Yarn. The company is an ISO 9001:2000 certified company. The company was incorporated in the year 1989 and was promoted by The Rungta Group, a multicrore conglomerate.

Zenith Fibres Ltd Chairman Speech

Zenith Fibres Ltd Company History

Zenith Fibres Ltd is the only company in India manufacturing the entire range of Polypropylene Staple Fibre (PPSF). The Company is also trading in Polypropylene Spun Yarn. The company is an ISO 9001:2000 certified company. The company was incorporated in the year 1989 and was promoted by The Rungta Group, a multicrore conglomerate.

Zenith Fibres Ltd Directors Reports

Dear Members,

Your Directors are pleased to present the 32nd Annual Report together with the Audited Financial Statements, Independent Auditors' Report for the year ended March 31, 2021.

FINANCIAL SUMMARY AND HIGHLIGHTS

A summary of the Company's financial results for the Financial Year 2020-21 is as under:

(Rs. in lacs)

PARTICULARS 2020-21 2019-20
Revenue 2598.56 3037.32
Profit before Exceptional Item and Tax 93.12 260.98
Profit After Tax 68.62 197.83

DIVIDEND AND RESERVE

The Board of Directors has considered it prudent to not propose any dividend for the year ended 31 March, 2021, in light of the current pandemic situation and the uncertainty arising thereof.

TRANSFER TO GENERAL RESERVE

During the year under review, your Company has not proposed any amount to be transferred to General Reserve out of the net profits.

PERFORMANCE

The Company achieved operating revenue of Rs. 2393.06 Lacs and total revenue of Rs. 2598.56 Lacs as compared to Rs. 2837.01 Lacs and Rs. 3037.32 Lacs last year. Profit before tax is Rs. 93.12 Lacs and profit after tax stands at Rs. 68.62 Lacs during the year under review as against Rs. 260.98 Lacs and Rs. 197.83 Lacs respectively in the previous year. The Wind Turbine generated revenue of Rs. 133.22 Lacs during the financial year 2020-21

PLANT OPERATIONS

The Company's PPSF plant and WTG, both located in Gujarat are operating satisfactorily.

SHARE CAPITAL

During the year under review, the Company has not issued any bonus shares, equity shares neither any right shares with differential voting rights etc., nor granted any stock options or sweat equity

APPOINTMENT/REAPPOINTMENT/CESSATION OF DIRECTORS/ KMP

The following Directors / KMP were appointed/ reappointed / resigned during the year: Shri Amitabha Ghosh having DIN 00055962 passed away on 15th September 2020 due to COVID

Shri Aman Rungta having PAN AZTPR8467N and DIN 03585306 was appointed w.e.f. 1st April 2020 as whole Time Director Finance. Shri Sanjeev Rungta having PAN ADKPR4281M and DIN 00053602 appointed w.e.f. 1st June 2020 as Chief Executive officer Shri S.S Iyer having PAN AAKPI2184H resigned w.e.f. 31st May2020 as Chief Executive officer

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015, the Independent Directors have carried out an evaluation of the Board as well as evaluation of the working of its Audit and Nomination & Remuneration Committee. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.

SUBSIDIARY / JOINT VENTURE / ASSOCIATE COMPANY

Please refer Form AOC 1 at "Annexure A".

COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION

The Board has on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors and KMP and also decides their remuneration. The Remuneration Policy is spelt out in the Corporate Governance Report.

FINANCE/ACCOUNTS

The Company continued to face strong headwinds in the domestic market whereas there was certain improvement on the exports front. Continuous endeavor is in place by the management to evaluate and

9 reduce expenses of the Company wherever practical for permanent long term financial benefits. This has helped the Company vastly in fighting the current uncertain situation. The Company has in the past kept surplus funds invested prudently, without any undue risk so as to ensure safety and liquidity of the funds.

CORPORATE GOVERNANCE

The Company continues to be committed to maintain the highest standards of Corporate Governance and adhere to all requirements as set out by law. The report on Corporate Governance as stipulated under SEBI (LODR) Regulations, 2015 forms an integral part of this Report. The requisite certificate from the Auditors of the Company confirming compliance with the conditions of Corporate Governance is attached to the report on Corporate Governance.

CORPORATE SOCIAL RESPONSIBILITY

The Corporate Social Responsibility (CSR) Committee has formulated and recommended to the Board, a CSR Policy indicating the activities to be undertaken by the Company, which has been approved by the Board and hosted on the Company's website.

FIXED DEPOSITS

The Company has not accepted any deposit within the meaning of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.

PARTICULARS OF LOANS, GUARANTEES, SECURITIES OR INVESTMENTS

The Company has not given any guarantees or securities covered under the provisions of Section 186 of the Companies Act, 2013. However, the aggregate of loans and advances granted, as also investments are within the limits of Section 186 of the Act. These have been disclosed in the Financial Statements.

DECLARATION GIVEN BY INDEPENDENT DIRECTORS

The Company has received declaration from all Independent Directors of the Company to the effect that they meet the criteria of independence as stipulated u/s 149(6) of the Act.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of Section 134 (5) of the Companies Act, 2013, the directors would like to state that: a) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures; b) they have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 of the Company for the year under review; c) 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; d) they have prepared the annual accounts on a going concern basis; e) they have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; f) they have devised proper system to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

PARTICULARS OF CONTRACTS OR ARRANGMENTS WITH RELATED PARTIES REFERRED TO IN SECTION 188 OF THE COMPANIES ACT, 2013

There are no materially significant related party transactions made by the company with Promoters, KMP or other designated persons during the year, which may have potential conflict with interest of the Company at large. However, detailed transactions are disclosed under notes of financial statements.

AUDIT COMMITTEE RECOMMENDATIONS

During the year, the Board has accepted all recommendations of Audit Committee and accordingly no disclosure is required to be made in respect of any non-acceptance of recommendation.

AUDITORS a) Independent Auditor

The Independent Auditor M/s. Surendra Modiani &Associates, Charted Accountant having F.R.N.126307W were appointed as Independent Auditors of the Company in the 28th Annual General Meeting of the

Company for a period of five consecutive years, based upon the declaration of their eligibility, consent and terms of engagement. The Independent Auditors have not reported any incident of fraud to the Audit Committee of the Company for Financial Year 2020-21. b) Internal Auditor

The Board of Directors has appointed M/s. Keyur Patel & Company, as Internal Auditors of the Company. c) Secretarial Auditor

The Board of Directors appointed M/s. Upendra C Shukla, Practicing Company Secretaries, to conduct Secretarial Audit for the financial year 2021-22. The Secretarial Audit Report of M/s. Upendra C Shukla, Practicing Company Secretaries for the financial year ended 2020-21, is annexed as Annexure B. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark. During the year under review, the Company has complied with all the applicable provisions of the Secretarial Standards.

EXTRACT OF ANNUAL RETURN

The copy of Annual Return as required under Section 92(3) and Section 134(3)(a) of the Act has been placed on the website of the Company. The web-link as required under the Act is as under www.zenith fibres.com

EXPLANATION/COMMENTS ON QUALIFICATION/RESERVATION/ADVERSE REMARK/DISCLAIMER BY THE AUDITORS, IF ANY

Since there are no qualification/reservation/ adverse remark/disclaimer either by the Auditors or Secretarial Auditors in their respective report, no explanation/comment is offered.

CODE OF CONDUCT

The Board of Directors has approved a Code of Conduct which is applicable to the Members of the Board and all Employees in the course of day-to-day business operations of the company. The details of the Code are available on the website of the Company. All the Board Members and the Senior Management Personnel have confirmed compliance with the Code. All KMP have been given appropriate briefing in this regard.

WHISTLE BLOWER POLICY/VIGIL MECHANISM

The Company has a Vigil Mechanism/Whistle Blower Policy to deal with instance of fraud and mismanagement, if any. In staying true to our values of Strength, Performance and Passion and in line with our vision, the Company is committed to the high standards of Corporate Governance and stakeholder responsibility.

PREVENTION OF INSIDER TRADING

The Company has adopted a Code of Conduct for Prevention of Insider Trading pursuant to SEBI (Prohibition & Insider Trading) Regulations, 2015 with a view to regulate trading in securities by the Directors and Designated Employees of the Company. The details of the Code are available on the website of the Company. All Directors and the Designated Employees have confirmed compliance with the Code.

MEETINGS OF THE BOARD

Four meetings of the Board of Directors were held during the year. For details, please refer the Corporate Governance section of this Report.

RISK MANAGEMENT

The Company continuously keeps a watch regarding any possible risk threatening the existence of the Company and ensures necessary mitigation of the same.

DETAILS OF SIGNIFICANT & MATERIAL ORDERS IMPACTING THE GOING CONCERN STATUS/COMPANY'S OPERATIONS IN FUTURE

No significant/material orders have been passed by the regulators or courts or tribunals impacting the going concern status of the Company or company's operations in future.

PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

As per the requirement of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 the company has proper system to receive the complaint and constituted Internal Complaints Committee. During the year, no complaint was received from any employee.

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is as per "Annexure C" to this Report.

Information required under Section 197 read with rules 5(2)(i) & 5(3) of Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 is not attached. Members interested in inspecting these particulars, may do so at the Registered Office of the Company from 7 days before and upto one day before of the said AGM during normal business hours on working days.

None of the employees was in receipt of remuneration exceeding `8,50,000/- p.m. or Rs. 1,02,00,000/- p.a.

MANAGEMEMNT DISCUSSION AND ANALYSIS

Management Discussion and Analysis Report for the year under review as stipulated under Regulations 34 and Schedule V of the SEBI (LODR) Regulations, 2015 is as under:

1. Industry Structure and Development

During the year under review, there was somewhat contraction in the off take of PPSF in the country for the Company. At the same time, after years of efforts the exports front has yielded benefits and reasonably long term orders have materialized. Efforts are further afoot to add other customers with niche quality products. The export market holds larger potential and all efforts are afoot to increase sales on this front.

2. Segment wise Operational Performance

The Company operates manufacturing of Manmade Fibres and power generation through Wind Turbine. Performances in terms of profits are commensurate to the production and sales and routine increase in costs:

Production of Fibres during the year was 1584.28 MT (P.Y. 2036.14 MT) and Sales of Fibres during the year was 1671.04 MT (P.Y. 1949.87 MT) Sales of Fibres during the year was Rs 2393.06Lacs (P.Y. 2837.01) and Profit after tax was Rs 68.61 lacs (P.Y. 197.83 lacs) Exports were786.58MT (P.Y. 816.61MT) and sales of Yarn were 395.20 MT (P.Y. 469.22MT).

3. Quality & Future Outlook

The outlook for the PPSF is encouraging overall. Efforts are continually underway for growth in the international market whereby substantial potential exists. Product quality of the company is in consonance with international standards and all efforts are made to adhere to the same.

4. Threats and Concerns

The Company is committed to manufacture and deliver quality products strictly as per requirement of the customer. Constant feedback from the customers are received and all efforts made for continuous improvement in process performance and product quality, wherever required. With established production base of almost three decades, the Company is in a position to maintain production and supply of quality products smoothly. This testifies to the fact that there is virtually nil rejections of the Company's products. The Company has benefit of its long standing with its customers and can match the prices suitably as per pricing policy as and when required. For the above reasons, no major threat is overseen and the Company is confident to face any threat from the competition. The Company is also maintaining healthy liquidity to meet any unforeseen exigencies.

5. Internal Control Systems and their adequacy

The Company has appropriate Internal Control Systems for business processes, financial reporting & controls, compliance with applicable laws, regulations etc. The Company has appointed statutory auditors to evaluate Internal Control System. Regular internal audits and checks ensure that system and procedures are continuously improved. The Audit Committee reviews the adequacy and effectiveness of Internal Control Systems and suggests ways of further strengthening them from time to time.

6. Human Resources and Industrial Relations

The Company has adequate and qualified human resources and enjoys cordial relations with its employees. Numbers of employees were 68 as on 31st March, 2021. The Board of Directors wishes to place on record its appreciation for the contribution made by all the employees at all levels during the year.

7. Cautionary Statement

Statements in the Annual Report, particularly those which relate to Management Discussion and Analysis may constitute forward looking statements within the meaning of applicable laws and regulations. Although the expectations are based on reasonable assumption, the actual results might differ.

INDUSTRIAL RELATIONS

Industrial relations remained cordial throughout the year.

CONSERVATION OF ENERGY/TECHNOLOGY ABSORPTION AS WELL AS FOREIGN EXCHANGE EARNINGS AND OUTGO

The Company has not imported any foreign technology and hence, the company does not have any information to offer in respect of Technology Absorption. However, information in respect of Conservation of Energy & Foreign Exchange Earnings and outgo is as per "Annexure-D".

The Company had completed all formalities regarding acquisition of Wind Turbine Generator and the financial benefits from the same heave started materializing during the year under review.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY, IF ANY, DURING THE PERIOD FROM 31ST MARCH, 2021 TO THE DATE OF THE REPORT

There is no material change/commitment affecting the financial position of the Company during the period from the end of the financial year on 31st March, 2021 to the date of the Report

ACKNOWLEDGEMENTS

The Company would like to thank all the Stakeholders, Bankers, Employees, including inter alia Suppliers, Vendors and Investors and also place on record its appreciation to all the valuable customers for their consistent unstinted support throughout the year.

On behalf of the Board of Directors
Sanjeev Rungta
Date: 7/8/2021 Executive Chairman
Place: Vadodara DIN:00053602

   

Zenith Fibres Ltd Company Background

Sanjeev Rungta
Incorporation Year1989
Registered Office205 Marol Bhavan 2nd Flr,M V Road J B Nagar Andheri(E)
Mumbai,Maharashtra-400059
Telephone91-22-28599428,Managing Director
Fax91-22-28599429
Company SecretarySiddhi Shah
AuditorSurendra Modiani & Associate
Face Value10
Market Lot1
ListingBSE,
RegistrarUniversal Capital Sec. Pvt Ltd
21 Shakil Niwas,Mahakali Caves Road,Andheri (E),Mumbai - 400 093

Zenith Fibres Ltd Company Management

Director NameDirector DesignationYear
Amitabha Ghosh Independent Director 2019
Sanjeev Rungta Executive Chairman & CEO 2019
Mukund Beriwala Independent Director 2019
Siddhi Shah Company Secretary 2019
Reshmi S Desai Independent Director 2019
Aman Rungta Director (Finance) 2019

Zenith Fibres Ltd Listing Information

Zenith Fibres Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Polyproplene Staple Fibre/YarnTon00020.17668
Polypropylene Yarn Ton0009.57322
Other Operating Revenue NA 0000.09439
Others NA 0000
Waste NA 0000
Export NA 0000
Sale of Raw Material NA 0000
Self Consumption Ton0000
PPF Yarn-Traded Ton0000

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