Your Directors have pleasure in presenting the 35th Annual
Report of the Company for the Financial Year ended 31st
March, 2025.

In compliance with the applicable provisions of Companies Act,
2013, (“the Act”) and the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“Listing Regulations”), this report covers
the financial results and other developments during the
financial year from 1st April, 2024 to 31st March, 2025.
FINANCIAL HIGHLIGHTS

The Financial Statements for the year ended 31st March, 2025
have been prepared in accordance with the accounting
principles generally accepted in India, including the Indian
Accounting Standards (“Ind AS”) specified under section 133
of the Companies Act, 2013 (“the Act”) read with the
Companies (Indian Accounting Standards) Rules, 2015, as
amended. The summarized results of your Company are given
in the table below:

SUMMARY OF OPERATIONS

During the financial year total revenue has increased from
' 22,090.52 Lakhs to ' 24,084.81Lakhs i.e. by ' 1,994.29 Lakhs
equivalent to increase by 9.03% over the previous year. PAT for
the Financial Year 2024-25 was ' 899.51 Lakhs as against
' 855.20 Lakhs in the previous Financial Year 2023-24. The
total comprehensive income for the year was increased to
' 894.46 Lakhs as against ' 886.70 Lakhs in the previous year.
STATE OF COMPANY'S AFFAIRS

The Board of Directors would like to inform that the Company
has contemplated fresh endeavours in expansion by
introduction of manufacturing facilities of industrial shoes,
leather gloves, industrial and readymade garments, etc as well
as procurement of industrial lands at Falta, West Bengal
through IBC auction transactions and from WBSIDC at Banipur,
Industrial Park, West Bengal. Initiatives have been taken for
necessary constructions and procurement of plants,
machineries, and other capital expenditures.

SEGMENT-WISE PERFORMANCE

From the very inception, the Company's main activity is
concentrated in the production and export of Industrial Safety
Gloves which are considered essential elements in minimizing
health related risk at work places for over three decades. The
Company gradually diversified its product range to include
leather/cotton/synthetic, coated and dotted gloves, as well as
industrial safety garments and children's garments, safety
shoes, helmets, safety belts, etc.

The Company's manufacturing and business activities are
broadly divided into four (4) distinct segments. They are -

1. Manufacturing of Hand Gloves of various materials and
diverse qualities for industrial safety modules for both
export and domestic markets;

2. Manufacturing of both industrial safety garments and
readymade garments in bulk for both export as well as for
domestic markets;

3. Power generation by operation of wind mills to supply on
commercial base; and

4. Procurement, part processing and supply of non¬
conventional industrial safety gears in domestic market
and in export.

Hand Gloves:

This is the oldest segment with which the Company
commenced its journey of business operations and it is still the
main revenue earner for the Company. In the year under review,
the total Revenue receipt from this segment was ' 13,750.94
Lakhs as against ' 12,605.81 Lakhs in the previous year. The
segment surplus marginally increased from '1,349.70 Lakhs to
' 1,554.85 Lakhs.

Garment:

This segment deals in domestic market as well as export and
registered increase in revenue earnings from ' 7,310.69 Lakhs
to ' 8,084.50 Lakhs with surplus being increased by 14.01%
from ' 377.66 Lakhs to '430.57 Lakhs as compared to previous
year.

Power Generation:

Revenue from this segment was decreased from ' 43.11
Lakhs to ' 33.02 Lakhs thereby increased loss from ' 5.88
lakhs to ' 37.72 Lakhs during the period under review as
compared to previous year.

Others Non- Conventional Segment:

This is the new segment started few years back with
prospective risk of minimum loss. The working experience and
viability study have so far revealed immense prospect in a
properly organized operation of the segment. During the year
under review, this segment has witnessed a profit of ' 17.59
Lakhs as against ' 77.70 Lakhs in the previous year. In the
reporting year, the revenue earning has increased to ' 2,168.95
Lakhs from ' 2,106.12 Lakhs in the previous year

DIVIDEND

Your Directors are pleased to recommend dividend of '1.50 per
equity share of '10/- each for the Financial Year 2024-25 i.e.
15% on the paid-up equity share capital of the Company,
subject to deduction of tax at source (“TDS”) at applicable rates.
The proposed dividend is subject to approval of shareholders at
the ensuing Annual General Meeting of the Company and it
would result in appropriation of ' 45.60 Lakhs (gross amount).
Your Company retains the extra profit for future plans.

RESERVES

Your Company proposes to transfer a sum of ' 600 Lakhs to the
General Reserve and carry forward a balance of ' 1,189.75
Lakhs in the retained earnings.

SUBSIDIARY, JOINT VENTURE AND ASSOCIATE
COMPANY

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

TRANSFER TO INVESTOR EDUCATION AND
PROTECTION FUND

Pursuant to the provision of Section 124(5) of the Companies
Act, 2013 your Company has transferred ' 1.04 lakhs during
the Financial Year 2024-25 to the Investor Education and
Protection Fund. This amount was lying unpaid/ unclaimed
with the Company for a period of seven years after declaration
of dividend for the Financial Year 2016-17.

Further, the Company has not transferred any equity shares to
the Investor Education and Protection Fund pursuant to the
provision of Section 124(6) of the Companies Act, 2013 during
the Financial Year 2024-25, in respect of which dividend has
not been paid or claimed for 7(seven) consecutive years or
more.

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 occurred between the end of the
Financial Year 2024-25 and the date of this Report.

CHANGE IN NATURE OF BUSINESS, IF ANY

During the Financial Year 2024-25, there has been no change
in the nature of business of the Company.

SHARE CAPITAL

During the year, the Company did not issue/allot any
Shares/Securities.

As on 31st March, 2025, the issued and subscribed capital of
your Company stood at ' 352 Lakhs. The paid-up Capital of
your Company stood at ' 304 Lakhs comprising of 30,40,000
equity shares of ' 10/- each fully paid.

DIRECTORS AND KEY MANAGERIAL PERSONNEL
The composition of the Board consists of the following persons:
Key Managerial Personnel

1) Mr. Shri Krishan Saraf - Managing Director

2) Mr. Deo Kishan Saraf - Whole-time Director

3) Mr. Abhishek Saraf - Whole-time Director

4) Mr. Bishnu Kumar Kesan - Chief Financial Officer

5) Ms. Paulami Mukherjee - Company Secretary & Compliance

Officer (w.e.f 13th February,
2025).

Non-Executive Non-Independent Director

1) Mrs. Rashi Saraf

Non-Executive Independent Directors

1) Mr. Mukul Banerjee

2) Mr. Jadav Lal Mukherjee

3) Mr. Rajarshi Ghosh

4) Mr. Shankar Lal Bajaj
Directors:

None of the Directors of the Company is disqualified from being
appointed as Directors under the provisions of section 164(2)
of the Companies Act, 2013.

The Independent Directors has furnished requisite
declarations pursuant to Section 149(7) of the Companies Act,
2013 and Regulation 25(8) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, confirming their
respective independence status.

Mr. Deo Kishan Saraf (DIN:00128804), Whole-time Director of
the Company was re-appointed for a further period of 3 (three)
years, with effect from 1st April, 2025 in the Board Meeting
dated 12th February, 2025 subject to the approval of the
members of the Company via Postal Ballot dated 29th June,
2025.

Mr. Abhishek Saraf (DIN:00129144), Whole-time Director of
the Company was re-appointed for a further period of 3 (three)
years in the Board Meeting dated 28th May, 2025 with effect
from 28th May, 2025 subject to the approval of the members of
the Company via Postal Ballot dated 29th June, 2025.

In accordance with the provisions of Companies Act, 2013 and
the Company's Articles of Association, Mrs. Rashi Saraf (DIN:
07152647), Non-Executive Non-Independent Director of the
Company, will be subject to retire by rotation at the ensuing
Annual General Meeting of the Company and being eligible
offers herself for re-appointment.

Resolution for approval of such re-appointment of Mrs. Rashi
Saraf (DIN: 07152647) along with her brief profile forms part of
the notice of the ensuing 35th Annual General Meeting.

Key Managerial Personnel:

Mr. Ravi Kumar Bahl resigned as the Company Secretary &
Compliance Officer of the Company w.e.f the close of business
hours on 12th February, 2025.

Ms Paulami Mukherjee has been appointed as the Company
Secretary and Compliance Officer of the Company w.e.f 13th
February, 2025.

FORMAL ANNUAL EVALUATION BY THE BOARD

Pursuant to the applicable provisions of the Act and Listing
Regulations, the Board carried out an annual evaluation of its
performance as well as of the working of its committees and
individual Directors. The ultimate responsibility for good
governance and prudent management of a Company lies with
the Board of Directors of the Company. The Board is expected
to exercise continuous proactive and effective decision making
and implementation thereof with a view to achieve the desired
goal. In this connection, the Nomination and Remuneration
Committee had set out a framework of guidelines for the Board
of Directors to undertake continuous evaluation of the
performance of the Directors of the Company while affirming
the desired destination. The Board of Directors as a whole is
required to display its commitment to Good Governance
ensuring a constant improvement of processes and
procedures, wherein each individual member of the Board is
committed to contribute his best in the overall growth of the
organisation.

MEETINGS OF THE BOARD OF DIRECTORS

During the Financial Year 2024-25, the Board of Directors of
the Company, met 7(seven) times on16th April, 2024, 22nd
May, 2024, 26th May, 2024, 09th August, 2024, 21st October,
2024,12th November, 2024 and 12th February, 2025
respectively. Further, a separate meeting of the Independent
Directors of the Company was also held on 12th February
2025, wherein the prescribed items enumerated under
Schedule IV to the Companies Act, 2013 and Regulation 25 of
the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 were discussed.

ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the
Companies Act, 2013, the draft Annual Return as on 31st
March, 2025 is available on the Company's website
on:http://www.acknitindia.com/Annual-Return.html

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(3)(c) of the Companies Act, 2013, the
Directors to the best of their knowledge hereby state and
confirm that:

• in the preparation of Annual Accounts, the applicable
accounting standards had been followed along with
proper explanation relating to material departures;

• the Directors had 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 Financial Year 31st March, 2025 and the Profit
or Loss of the Company for that period;

• the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in
accordance with the provisions of the Companies Act for
safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;

• the Directors had prepared the Annual Accounts for the
Financial Year ended 31st March, 2025 on a going
concern basis;

• the Directors had laid down Internal Financial Controls to
be followed by the Company and such Internal Financial
Controls were adequate and operating effectively; and

• the Directors had devised proper systems to ensure
compliance with the provisions of all applicable laws and
such systems were adequate and operating effectively.

AUDITORS

1. Statutory Auditor

At the 32nd Annual General Meeting held on 29th September,
2022, M/s SRB & Associates, Chartered Accountants, (Firm
Registration No.310009E) has been re-appointed as the
Statutory Auditors of the Company to hold office for the second
term of 5 (five) consecutive years, i.e., from the conclusion of
32nd Annual General Meeting of the Company till the
conclusion of the 37th Annual General Meeting to be held in the
year 2027.

2. Internal Auditor

Pursuant to the provisions of Section 138 of the Companies
Act, 2013 read with the Companies (Accounts) Rules, 2014,
your Company had appointed Mr. Abhijit Pal (CMA
Membership No. - 25493), as the Internal Auditor of the
Company for the Financial Year 2024-25.

3. Cost Auditor

In view of the provisions of Section 148 and all other applicable
provisions of the Companies Act, 2013 read with the
Companies (Audit and Auditors) Rules, 2014, the provisions of
Cost Audit are not applicable on the products of the Company
for the Financial Year 2024-25.

4. Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies
Act, 2013 read with corresponding rules framed thereunder,
M/s Rekha Goenka & Associates, Practising Company
Secretary, was appointed as the Secretarial Auditor of the
Company to carry out the secretarial audit for the Financial
Year ended 31st March, 2025.

As per Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015,
amendment dated 13th December, 2024,M/s Rekha Goenka &
Associates, Practising Company Secretary is being appointed
as the Secretarial Auditor of the Company for a period of 5(five)
years commencing from the financial year 2025-26 to 2029-30
in the Board Meeting dated 28th May, 2025 subject to the
approval of the shareholders at the ensuing Annual General
Meeting.

SECRETARIAL AUDIT REPORT

Secretarial Audit Report issued by the Secretarial Auditor is
annexed to this Report as Annexure-I. There are no
qualifications, reservations or adverse remarks made by
Secretarial Auditor in the Secretarial Audit Report.

PUBLIC DEPOSIT

The Company has not accepted any deposits from the public
during the year as defined under Section 73 of the Companies
Act, 2013. Deposit outstanding as on 31st March, 2025
including unclaimed deposit was nil.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL
FINANCIAL CONTROLS WITH REFERENCE TO THE
FINANCIAL STATEMENTS

The Company has in place adequate internal financial controls
with reference to Financial Statements. During the year, such
controls were tested and no reportable material weakness in
the design or operation was observed.

PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENTS UNDER SECTION 186

During the Financial Year ended 31st March, 2025, no Loan or
Guarantee under Section 186 of the Companies Act, 2013 was
provided by the Company. The particulars of investments
made by the Company under Section 186 forms part of the
notes to the Financial Statements annexed to this Report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS
WITH RELATED PARTIES

All contracts/arrangements/transactions entered into by the
Company during the Financial Year 2024-25 with the related
parties were in the normal course of business and on an arm's
length basis with due compliance with the applicable
provisions of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.

The details of Material Related Party Transaction(s) entered
into by the Company during the Financial Year 2024-25 are
enumerated in Form AOC-2 as attached in Annexure - II
under Section 134(3)(h) of the Companies Act, 2013 read with
Rule 8(2) of Companies (Accounts) Rules, 2014.

Reference is made to the disclosures included in the notes to
the Financial Statements pursuant to the provisions of Section
129 read with Schedule III to the Companies Act, 2013 and
Schedule V Part A of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, which shows the Related
Party Transactions entered into during the year.

HUMAN RESOURCE

The total number of employees of the Company as on 31st
March, 2025 was 185.Your Company believes that employees
are the most valuable assets of an organization and the
optimum utilization of the skill, knowledge and attitude they
possess are instrumental to the growth of the organization.

INTERNAL COMPLAINTS COMMITTEE

The Company has in place Policy on Prevention of Sexual
Harassment of Women in line with the requirements under the
Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013. The Company has duly
constituted Internal Complaints Committee to prevent
instances of sexual harassment and to receive and to
effectively deal with complaints pertaining the same. No
complaint has been received during the year under review.

DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM
FOR DIRECTORS AND EMPLOYEES

The Company's Whistle Blower Policy encourages Directors
and employees to bring to the Company's attention, instances
of unethical behaviour and actual or suspected incidents of
fraud or violation of the Acknit's Code of Conduct that could
adversely impact the Company's operations, business
performance and / or reputation. The Policy provides that the
Company investigates such incidents, when reported, in an
impartial manner and takes appropriate action to ensure that
the requisite standards of professional and ethical conduct are
always upheld. It is the Company's Policy to ensure that no
employee is victimised or harassed for bringing such incidents
to the attention of the Company. The practice of the Whistle
Blower Policy is overseen by the Audit Committee of the Board
and no employee has been denied access to the Committee.
The Whistle-blower Policy is available on the Company's
website and can be accessed through:
http://www.acknitindia.com/corporate-policies/whistle-blower-
policy-acknit.pdf

RISK MANAGEMENT POLICY

The Company has in place a comprehensive risk management
policy, which is reviewed periodically by the Board of Directors.
As of now the Directors do not envisage any element of risk
which may threaten the existence of the Company.

CORPORATE GOVERNANCE

Your Company upholds the standard of good corporate
governance and is compliant with the provisions as stipulated
under SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, both in letter and spirit. The Company's
core values of honesty and transparency have been followed in
every line of business decision making since its inception.

The Corporate Governance Report giving details as required
under Paragraph C of Schedule V of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, is attached
to this Report as Annexure - III. The Certificate on Corporate
Governance for the year ended 31st March, 2025, as issued by
M/s Rekha Goenka & Associates, Practising Company
Secretary is also attached hereto as Annexure - IV which
forms part of this Report.

CREDIT RATINGS

In terms of Regulation 34(2) read with Paragraph C of
Schedule V of SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015, credit rating details are
given separately in the Corporate Governance Report
annexed herewith as Annexure - III.

AUDIT COMMITTEE

The Audit Committee of the Company comprises of 5(five)
members, namely Mr. Rajarshi Ghosh, Mr. Deo Kishan Saraf,
Mr. Mukul Banerjee, Mr. Jadav Lal Mukherjee and Mr. Shankar

Lal Bajaj. Majority of them are Independent Directors with an
exception of Mr. Deo Kishan Saraf, who is a Whole-time
Director of the Company.

Mr. Rajarshi Ghosh, Non-Executive Independent Director of
the Company is the Chairman of the Audit Committee.

The Committee met 4(four) times during the year on 22nd May,

2024, 09th August, 2024, 12th November, 2024 and 12th
February, 2025. The Board accepted the recommendations of
the Audit Committee as were made by it during the year.

The composition of the Committee, number and dates of the
Audit Committee meeting along with the attendance details of
the members are given separately in the Corporate
Governance Report annexed herewith as Annexure- III.

NOMINATION AND REMUNERATION COMMITTEE

Your Company has Nomination and Remuneration Committee
pursuant to the provisions of Section 178 of the Companies
Act, 2013. The Nomination and Remuneration Committee
comprises of 5(five) members namely Mr.Rajarshi Ghosh, Mr.
Mukul Banerjee, Mr. Jadav Lal Mukherjee, Mrs. Rashi Saraf
and Mr. Shankar Lal Bajaj.

Mr. Rajarshi Ghosh, Non-Executive Independent Director of
the Company is the Chairman of the Nomination and
Remuneration Committee.

The functions of this Committee includes identification of
persons who are qualified to become Directors and who may
be appointed as Senior Management, formulation of criteria for
determining qualifications, positive attributes, independence,
recommendations of their appointments to the Board,
evaluation of every Director's performance, formulation of a
policy for the selection and appointment of Directors, Senior
Management Personnel and their remuneration.

The Company's Policy on Appointment and Remuneration of
Directors, Key Managerial Personnel and Other Employees is
available on the Company's website and can be accessed
through: http://www.acknitindia.com/corporate-
policies/nomination-and-remunertion-policy.pdf

The details of terms of reference of the Nomination and
Remuneration Committee, number and dates of the meetings
held, attendance of the Directors and remuneration paid to all
the Directors during the Financial Year ended 31st March,

2025, are given separately in the Corporate Governance
Report annexed herewith as Annexure-III.

STAKEHOLDERS RELATIONSHIP COMMITTEE

Your Company has Stakeholders Relationship Committee
pursuant to Section 178 of the Companies Act, 2013 which
comprises of 6(six) members, namely Mr. Rajarshi Ghosh, Mr.
Deo Kishan Saraf, Mr. Mukul Banerjee, Mr. Jadav Lal
Mukherjee, Mrs. Rashi Saraf and Mr. Shankar Lal Bajaj.

Mr. Rajarshi Ghosh, Non-Executive Independent Director of
the Company is the Chairman of the Stakeholders
Relationship Committee.

During the year under review, the Stakeholders Relationship
Committee met 4(four) times on 22nd May, 2024, 09th August,
2024, 12th November, 2024 and 12th February, 2025 in order
to take on note the share transfer/transmission/demat of
shares and/or other investors grievances as intimated by the
RTA of the Company.

The composition of the Committee, number and dates of the
Stakeholders Relationship Committee meeting along with the
attendance details of the members are given separately in the
Corporate Governance Report annexed herewith as
Annexure-III.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The CSR Policy has been placed on the website of the
Company and can be accessed through:
http://www.acknitindia.com/CSR-Policy.pdf

The Annual Report on CSR activities in terms of Rule 8 of
Companies (Corporate Social Responsibility Policy) Rules,
2014 is annexed herewith and marked as Annexure - V
forming part of this Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In terms of Regulation 34(2) read with Paragraph B of
Schedule V of SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015, Management Discussion
and Analysis Report is attached hereto as Annexure-VI which
forms part of this Report.

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

The information pertaining to conservation of energy,
technology absorption, foreign exchange earnings and outgo
as required under Section 134(3)(m) of the Companies Act,
2013 read with Rule 8(3) of the Companies (Accounts) Rules,
2014, is attached hereto as Annexure - VII which forms part of
this Report.

PARTICULARS OF EMPLOYEES

The information on particulars of employees as required under
Section 197(12) of the Companies Act, 2013 read with Rule 5
of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, is attached hereto as
Annexure-VIII which forms part of this Report.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS OR TRIBUNALS IMPACTING
THE GOING CONCERN STATUS AND COMPANY'S
OPERATIONS IN FUTURE

There was no significant and material order passed by the
Regulators or Courts or Tribunals impacting the going concern
status and/ or Company's operations in future.

LISTING OF SHARES

The shares of the Company are currently listed on The BSE
Ltd. and The Calcutta Stock Exchange Ltd. (CSE). It was
reported earlier that the Company has taken initiative for
delisting its shares from CSE. The application of de-listing has
been considered by CSE and as per its recommendations,
necessary de-listing process has been initiated. However, the
final confirmation/approval is still awaited.

MANAGING DIRECTOR'S CERTIFICATE

Managing Director's Certificate under Regulation 34(3) read
with Paragraph D of Schedule V of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 on
compliance of Code of Conducts is attached hereto as
Annexure-IX which forms part of this Report.

ACKNOWLEDGEMENT

The Board places on record its appreciation for the continued
co-operation and support extended to the Company by
customers, vendors, regulators, banks, financial institutions
and others concerned. The Company also extend its thankful
appreciation of the services of the employees and staffs of the
Company without whose hard work and involvement the
desired results of the Company could not be achieved. The
Board deeply acknowledges the trust and confidence placed
by the consumers of the Company and all its stakeholders at
large.

For and on behalf of the Board of Directors

Sd/- Sd/-

Shri Kristian Saraf Deo Kishan Saraf

Place: Kolkata Managing Director Whole-time Director

Date: 28th May, 2025 DIN-00128999 DIN-00128804