Zeal Aqua Ltd
Directors Reports
To,
The Members of Zeal Aqua Limited
Your Directors are having immense pleasure in presenting the 15thAnnual
Report on the business and operations of the Company together with the Audited Statement
of Accounts for the Financial Year ended 31st March, 2023 and the report of the Auditors
thereon.
1. FINANCIAL HIGHLIGHTS/STATE OF AFFAIRS:
The Company's financial performance for the year ended on 31st March,
2023 is summarized below:
| Financial Results and Appropriations |
Year Ended 31.03.2023 |
Year Ended 31.03.2022 |
| Gross Income from Operations |
36,268.737 |
34,522.31 |
| Other Income |
837.853 |
770.75 |
| Total Revenue |
37,106.590 |
35,293.07 |
| Profit Before Tax and Exceptional items |
817.922 |
718.81 |
| Less: |
|
|
| Exceptional items |
- |
- |
| Profit Before Tax (PBT) |
817.922 |
718.81 |
| Less: Taxation |
112.57 |
144.10 |
| Net Profit after Tax (PAT) |
705.355 |
574.71 |
The Company discloses financial results on quarterly basis of which
results are subjected to limited review and publishes audited financial results on an
annual basis. The Financial Statements as stated above are also available on the
Company's website www.zealaqua.com.
2. FINANCIAL PERFORMANCE:
During the year, your Company recorded Total Revenue of 37,106.590
Lacs in financial year 2022-23 as compared to Total Revenue of 35,293.07 Lacs in
financial year 2021-22 and Profit before Tax stood at 817.922 Lacs for the year
2022-23 as compared to Profit before tax of 718.81 Lacs in financial year 2021-22. Profit
after Tax stood at 705.355 Lacs for the financial year 2022-23 as compared to Profit
after Tax of 574.71 Lacs in financial year 2021-22.
A detailed analysis on the Company's performance is included in
the "Management's Discussion and Analysis" Report, which forms part of this
Report.
3. ROAD AHEAD
The Company is continuously working on all fronts focusing on
well-defined targets and goals to sustain and strengthen its leadership in the Aqua
Market. Earlier, the company had only Vannamei but now they have added SPF Tiger -P
Monodone. The company has added Fish Fillets to the list. The Company is certified by ASC,
The BRC Food, H.A.C.C.P. Food Safety, FSSAI, FDA. The Company is moving
forward towards vertical integration with EU Markets. The company has strengthened ties
with LENK Frozen Foods. The Board is very well structured and oriented towards
investing new capabilities ensuring the growth of the company and forwarding such to the
stakeholders in the form of increased percentage of profit.
4. DIVIDEND
Keeping in mind the overall performance and outlook for your Company,
your Board of Directors are not declaring dividends as the company require funds for its
ongoing project. Your Directors do not recommend any dividend for the year ended 31st
March, 2023.
5. UNCLAIMED DIVIDEND
There is no balance lying in unpaid dividend account.
6. TRANSFER TO RESERVES
Company has not transferred any amount from profit to general reserve.
7. ANNUAL RETURN
Pursuant to Section 92(3) read with Section 134(3) (a) of the Companies
Act, 2013 the Annual Return as on March 31, 2023 is available on the Company's
website and accessible through web link at https://www.zealaqua.com/annual-report.php.
8. CORPORATE GOVERNANCE
Your Company has incorporated the appropriate standards for corporate
governance. Pursuant to Regulation 15(2) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, Company is filing Corporate Governance Report to stock
exchange quarterly. However, as per Regulation 34(3) read with Schedule V of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 company is giving report on
corporate governance report in annual report of the company. Corporate Governance Report
is as per Annexure - 1. The requisite certificate from the Auditors of the Company
confirming compliance with the conditions of Corporate Governance is attached in the
report on Corporate Governance.
9. DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
In accordance with Section 152(6) of the Companies Act, 2013 read with
the Articles of Association of the Company, Mr. Pradipkumar Ratilal Navik (DIN: 01067716),
Whole-time Director, retire by rotation and is being eligible has offered himself for
re-appointment at the ensuing Annual General Meeting. Company's policy on directors'
appointment and remuneration is available on the website of the company at
http://www.zealaqua.com/policy.php
Based on the confirmations received from Directors, none of the
Directors are disqualified from appointment under Section 164 of the Companies Act, 2013.
The following are the List of Directors and KMP of the Company during
the year:
The following are the List of Directors and KMP of the Company during
the year:
| Name of Directors |
Category & Designation |
Appointment date |
Change in designation |
Resignation date |
| Shantilal Ishwarlal Patel* |
Executive/ Managing Director |
06.03.2009 |
25.03.2015 |
- |
| Pradipkumar Ratilal Navik |
Executive/ Whole-time Director |
06.03.2009 |
25.03.2015 |
- |
| Rohan Pradipkumar Navik |
Executive/ Whole-time Director |
06.06.2011 |
25.03.2015 |
- |
| Dhavalkumar Shantilal Patel** |
Executive/ Whole-time Director |
22.09.2017 |
- |
- |
| Naginbhai Paragbhai Patel |
Non-Executive/ Independent Director |
25.03.2015 |
- |
- |
| Cyrus Dinsha Bhathena |
Non-Executive/ Independent Director |
14.10.2017 |
24.09.2018 |
- |
| Shahzad Yazdi Gandhi |
Non-Executive/ Independent Director |
29.12.2017 |
24.09.2018 |
- |
| Sharmin Mehernosh Dordi |
Non-Executive/ Independent Director |
24.09.2018 |
- |
- |
| Jayan Rajeshkumar Patel |
Chief Financial Officer |
14.04.2022 |
- |
- |
| Priyanka Jain*** |
Company Secretary & Compliance Officer |
02.08.2021 |
- |
30.05.2023 |
*Shantilal Patel, Pradipkumar Navik, Rohan Navikand Naginbhai Patel
were reappointed in AGM held on 30th September, 2019 for further period of five years
commencing from 25th March, 2020.
**Dhavalkumar Shantilal Patel was reappointed in AGM held on 26th
August, 2022.
***Priyanka Gyanchand Jain resigned from the post of Company Secretary
and Compliance Officer w.e.f. 30.05.2023 and JAYAN RAJESHKUMAR PATEL has been appointed as
an Interim Compliance Officer w.e.f. 30.05.2023
The members of the Board of Directors of the Company are of proven
competence and integrity. Besides having financial literacy, experience, leadership
qualities and the ability to think strategically, the Directors have a significant degree
of commitment to the Company and devote adequate time for the meetings, preparation and
attendance.
10. NUMBER OF MEETING HELD DURING THE YEAR
The Details of all meeting of Board of Directors and Committee meeting
had taken place during the year and their details along with their attendance, is given in
Annexure 1 in the Corporate Governance Report.
11. COMPOSITION OF BOARD AND ITS COMMITTEE
The detail of the composition of the Board and its committees thereof
and detail of the changes in their composition if any is given in Annexure 1 in the
Corporate Governance Report. The composition of the Board and its committee is also
available on the website of the company at www.zealaqua.com.
12. ANNUAL EVALUATION BY THE BOARD
During the year, the Board has carried out the annual evaluation of its
own performance as well as the evaluation of the working of its committees and individual
Directors, including Chairman of the Board. This exercise was carried out through a
structured questionnaire prepared separately for Board, Committee and individual
Directors.
The performance of the board was evaluated by the board after seeking
inputs from all the directors on the basis of the criteria such as the board composition
and structure, effectiveness of board processes, information and functioning, etc.
The performance of the committees was evaluated by the board after
seeking inputs from the committee members on the basis of the criteria such as the
composition of committees, effectiveness of committee meetings, etc.
The board and the nomination and remuneration committee reviewed the
performance of the individual directors on the basis of the criteria such as the
contribution of the individual director to the board and committee meetings like
preparedness on the issues to be discussed, meaningful and constructive contribution and
inputs in meetings, etc. In addition, the chairman was also evaluated on the key aspects
of his role.
The Board acknowledged certain key improvement areas emerging through
this exercise and action plans to address these are in progress. The performance
evaluation of the Non Independent Directors, performance of Board as a whole including
Chairman was carried out by the Independent Directors at a separate meeting of the
Independent Directors on 14th February, 2023.
Performance evaluation of independent directors was done by the entire
board, excluding the independent director being evaluated.
13. DECLARATION BY INDEPENDENT DIRECTORS
Company has received declaration from all the independent directors
duly signed by them stating that they meet the criteria of independence as provided in
section 149(6) of the Companies Act, 2013.
There has been no Change in the circumstances affecting their status as
Independent Directors of the Company so as to qualify themselves to be appointed as
Independent Directors under the provisions of the Companies Act, 2013 and the relevant
regulations. All the independent directors have cleared Online Self-Assessment Test with
the Indian Institute of Corporate Affairs at Manesar.
14. SEPARATE MEETING OF INDEPENDENT DIRECTORS
In terms of requirement of Schedule IV of the Companies Act, 2013, the
Independent Directors of the company have complied with the code of Independent Director.
Independent Directors met separately on 14th February, 2023 to inter alia
review the performance of Non-Independent Directors (Including the Chairman), the entire
Board and the quality, quantity and timeliness of the flow of the information between the
Management and the Board.
15. ENERGY CONSERVATION MEASURES, TECHNOLOGY ABSORPTION AND R & D
EFFORTS AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Information relating to Conservation of Energy, Technology Absorption
and Foreign Earning and Outgo, as required under Section 134(3) (m) of the Companies Act,
2013 read together with Rule 8(3) of the Companies (Accounts) Rules, 2014 forms part of
this Report as Annexure 2.
16. PARTICULARS OF EMPLOYEES AND OTHER ADDITIONAL INFORMATION
There was no employee drawing remuneration in excess of limits
prescribed under section 197(12) of the Companies Act, 2013 read with Rule 5(2) and 5(3)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The
Disclosures pertaining to remuneration as required under section 197(12) of The Companies
Act, 2013 read with rules 5 of the companies (appointment and remuneration of managerial
personnel) Rules, 2014 are annexed in Annexure3 to this report and form part of
this Report.
17. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
All contracts/arrangements/transactions entered by the Company during
the financial year with related parties were in the ordinary course of the business and on
an arm's length basis.
The Policy on Related Party Transactions is uploaded on the website of
the company. The web link ishttp://www.zealaqua.com/policy.php.Particulars of contracts or
arrangements with related parties referred to in Section 188(1) of the Companies Act,
2013, in the prescribed Form AOC-2, are attached and forms part of this Directors'
Report as Annexure 4.
18. AUDITORS
Statutory Auditors:
M/s PARY & Co., Chartered Accountant Are Statutory Auditors of
the Company, who were reappointed in 11th Annual General Meeting on 30.09.2019
to hold the office until the conclusion of the 15th Annual General Meeting.
The Board of Directors on recommendation of Audit Committee, have
proposed to appoint M/s. Patel Kabrawala & Co., Chartered Accountants (Firm
Registration No. 130952W) as Statutory Auditors of the Company for a term of five years
from the conclusion of the 15th Annual General Meeting until the conclusion of 20th Annual
General Meeting of the Company.
The Board has received the letter from the auditor, that their
appointment, if made, would be within the prescribed limit under section 139(2) of the
Companies Act, 2013 and that they are not disqualified for such appointment under section
141 of the Companies Act, 2013. Your Board proposes for the appointment of M/s Patel
Kabrawala & Co.
Internal Auditor
M/s. GRR & Co., Chartered Accountants, Surat has been internal
Auditor of the Company for the period of five years from Financial Year 2019-20 to
2023-24. Internal Auditors are appointed by the Board of Directors of the Company on
yearly basis, based on the recommendation of the Audit Committee. The Internal Auditor
reports their findings on the internal Audit of the Company to the Audit Committee on a
quarterly basis. The Scope of Internal audit is approved by the Audit Committee.
Secretarial Auditor
In accordance with the provisions of Section 204 of the Companies Act,
2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,
your Company had appointed Mr. Ranjit Binod Kejriwal, Practicing Company Secretary
(Membership No. FCS: 6116; CP No: 5985), to undertake the Secretarial Audit of the Company
for the period of Five years from Financial Year 2019-20 to 2023-24. The Secretarial Audit
Report for the Financial Year 2022-23 is annexed to this Report as Annexure 5.
19. COMMENTS ON AUDITOR'S REPORT
The report of the Auditors is self-explanatory and does not contain any
qualification, reservation or adverse remark and does not call for any comment as per
section 134 of the Companies Act, 2013. The Statutory Auditors have not reported any
incident of fraud to the Audit Committee of the Company in the year under review.
20. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As per the Regulation 34 of SEBI (Listing Obligations and Disclosure
Requirements), Regulations 2015, the Management Discussion and Analysis of the financial
condition and results of consolidated operations of the Company under review, is annexed
and forms an integral part of the Directors' Report, is given in Annexure 6.
21. CEO& CFO CERTIFICATION
Pursuant to Regulation 17(8) of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, Certificate from Mr.
Jayan Rajeshkumar Patel, Chief Financial Officer of the Company, for the year ended 31stMarch,
2023 is attached herewith as Annexure 7.
22. DIRECTORS' RESPONSIBILITY STATEMENT
As stipulated in Section 134(3) (c) read with sub-section (5) of the
Companies Act, 2013, Directors subscribe to the "Directors' Responsibility
Statement" and confirm that:
a) In preparation of Annual Accounts, the applicable accounting
standards have been followed and that no material departures have been made from the same;
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 or loss of the Company for that period;
c) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of the
Companies Act, 2013, for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities;
d) The Directors have prepared the annual accounts for the year ended
31stMarch, 2023 on going concern basis.
e) The Directors have laid down the 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.
23. SUBSIDIARY, JOINT-VENTURE AND ASSOCIATES COMPANIES
The Company does not have any subsidiary, Joint Venture and Associate
Companies.
24. DETAILS OF 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 material order passed by the regulators or
courts or tribunals impacting the going concern status and company's operation in
nature.
25. PUBLIC DEPOSIT
The company has not accepted deposits from the public during the
financial year under review within the meaning of Section 73 of the Act of the Companies
Act 2013, read with Companies (Acceptance of Deposits) Rules, 2014. Details of Money
received from Directors:
| Sr. No. Name of Directors |
O/S Amount as on year end (Amount in
Lacs) |
| 1 Dhaval Patel |
23.321 |
| 2 Pradipkumar Navik |
231.417 |
| 3 Rohan Navik |
0.322 |
| 4 Shantilal Patel |
75.433 |
26. LISTING AT STOCK EXCHANGE
The Annual Listing Fee for the current year has been paid to the BSE
Limited.
27. SIGNING OF THE FINANCIAL STATEMENTS
This is to inform you that the Company has approved and authenticated
its Audited Financial Results for the year ended 31stMarch, 2023 in the Board
meeting duly held on 30thMay, 2023, which is well within the statutory time
limits as prescribed in the Companies Act, 2013 and Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
28. DISCLOSURES Share Capital
The paid up Equity Share Capital of the Company as on March 31, 2023
was Rs. 1260.66 Lacs. Apart from this company has not issued any shares with differential
voting rights, sweat equity shares or employee stock options.
Meetings of Board of Directors and Committees
The Details of All meeting of Board of Directors and Committee meeting
had taken place during the year and their details along with their attendance, is given in
Table 2 of Annexure 1.
Composition of Board and its Committee
The detail of the composition of the Board and its committees thereof
and detail of the changes in their composition if any is given in Annexure 1 in the
Corporate Governance Report.
29. MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE
I COMPANY
No material changes and commitments affecting the financial position of
your Company have occurred between the end of the financial year of the Company to which
financial statements relates and the date of this report.
30. CHANGE IN NATURE OF COMPANY BUSINESS
The Company is engaged in aquaculture industry, especially prawn
farming and trading of Seed, Feed and Medicines required for Shrimp Farming. The company
has started Shrimp Processing Unit and commercial production of the Shrimp Processing Unit
and started export of processed shrimp. The company has added more items to its product
line like Fish Fillets.
31. CORPORATE SOCIAL RESPONSIBILITY (CSR)
The disclosures as per Rule 9 of Companies (Corporate Social
Responsibility Policy) Rules, 2014 are applicable to the Company. The Disclosure shall be
in Annexure 8.
The Company has a Corporate Social Responsibility Policy and the same
has been posted on the website of the Company at http://www.zealaqua.com/policy.php
32. VIGIL MECHANISM & WHISTLE BLOWER POLICY
Your Company has established a mechanism called Vigil Mechanism/Whistle
Blower Policy for the directors and employees to report to the appropriate authorities off
unethical behavior, actual or suspected, fraud or violation of the Company's code of
conduct or ethics policy and provides safeguards against victimization of employees who
avail the mechanism. The policy permits all the employees to report their concerns
directly to the Chairman of the Audit Committee of the Company.
The Vigil Mechanism/Whistle Blower Policy as approved by the Board is
uploaded on the Company's website. The web link is http://www.zealaqua.com/policy.php
33. POLICY ON RELATED PARTY TRANSACTIONS
The Board of the Company has adopted the Policy and procedure with
regard to Related Party Transactions. The policy envisages the procedure governing the
materiality of Related Party Transactions and dealing with Related Party transactions
required to be followed by Company to ensure compliance with the Law and Regulation. The
said Policy is available on the website of the Company.
The Company has a Related Party Transaction Policy and the same has
been posted on the website of the Company at http://www.zealaqua.com/policy.php
34. PARTICULARS OF LOAN GIVEN, INVESTMENTS MADE, GUARANTEE GIVEN AND I
SECURITY PROVIDED
The company has not given any loans or guarantees or investments under
section 186(4) of Companies Act, 2013.
35. INTERNAL FINANCIAL CONTROL SYSTEM
The Company has a well-placed, proper and adequate internal financial
control system which ensures that all the assets are safeguarded and protected and that
the transactions are authorized recorded and reported correctly. The internal audit covers
a wide variety of operational matters and ensures compliance with specific standard with
regards to availability and suitability of policies and procedures. During the year no
reportable material weakness in the design or operation were observed.
36. RISK MANAGEMENT POLICY AND INTERNAL CONTROL ADEQUACY
The Board has adopted the policies and procedures for ensuring the
orderly and efficient conduct of its business, including adherence to the Company's
policies, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial disclosures. The Company's internal control systems
are commensurate with the nature of its business and the size and complexity of its
operations. These are routinely tested and certified by Statutory as well as Internal
Auditors. Significant audit observations and follow up actions thereon are reported to the
Audit Committee. For ensuring independence of audits, the Internal Auditors report
directly to the Audit Committee. Both Internal and Statutory Auditors have exclusive
executive sessions with the Audit Committee on a regular basis. In addition, during the
year, the Management performed a review of key financial controls, at entity as well as
operating levels.
The Company has in place a mechanism to identify, assess, monitor and
mitigate various risks to key business objectives which has been enhanced during this
year. Major risks identified by the businesses and functions are systematically addressed
through mitigating actions on a continuing basis. These are discussed at the meetings of
the Audit Committee and the Board of Directors of the Company. These have also been
reported and discussed in detail in the Management's Discussion and Analysis Report,
annexed to this report.
Based on the framework of internal financial controls and compliance
systems established and maintained by the Company, work performed by the Internal,
Statutory and Secretarial Auditors and external consultants and the reviews performed by
Management and the relevant Board committees, including the Audit Committee, the Board is
of the opinion that the Company's internal financial controls were adequate and
effective during the financial year 2022-23.
37. STATEMENT ON RISK MANAGEMENT
During the financial year under review a statement on risk management
including identification therein of elements of risk, if any, which in the opinion of the
Board may threaten the existence of the company as per the provisions of Section 134(3)
(n) of Companies Act, 2013; has been annexed in Annexure 9.
38. CODE OF CONDUCT
Board of Directors has revised and adopted Code of Conduct for Board of
Directors and Senior Management Personnel in the meeting of Board held on 14th February,
2020. During the year, Board of Directors and Senior Management Personnel has complied
with general duties, rules, acts and regulations. In this regard certificate from Managing
Directors as required under Schedule V of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 has been received by the Board and the same is attached
herewith as per Annexure 10.
The Code of Conduct from Board of Directors and Senior Management
Personnel is available on link: http://www.zealaqua.com/policy.php
39. PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
Your company adopted policy of "Prevention of Sexual Harassment of
Women at Workplace". There were no incidences of sexual harassment reported during
the year under review, in terms of the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules made thereunder.
The company has complied with the provisions relating to constitution
of Internal Complaints Committee under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.Your director's further state that
during the year under review, there were no cases filed pursuant to the Sexual Harassment
of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
40. COST RECORDS
The company is not required to maintain Cost Records as specified by
Central Government under section 148(1) of the Companies Act, 2013, and accordingly such
accounts and records are not made and maintained.
41. SECRETARIAL STANDARDS ISSUED BY THE INSTITUTE OF COMPANY
SECRETARIES OF INDIA (ICSI)
The Company complies with all applicable mandatory Secretarial
Standards issued by the Institute of Company Secretaries of India (ICSI).
42. PREVENTION OF INSIDER TRADING
The Company has adopted a Code of Internal Procedures and Conduct for
Regulating, Monitoring and Reporting of trading by Insiders and Code of Practices and
Procedures for Fair Disclosure of Unpublished Price Sensitive with a view to regulate
trading in securities by the Directors and designated employees of the Company. The Code
requires pre-clearance for dealing in the Company's shares and prohibits the purchase
or sale of Company shares by the Directors and the designated employees while in
possession of unpublished price sensitive information in relation to the Company and
during the period when the Trading Window is closed. The Board is responsible for
implementation of the Code.
The Company has a Policy on Prohibition of Insider Trading and the same
has been posted on the website of the Company at http://www.zealaqua.com/policy.php
43. INSURANCE
All the properties and the insurable interest of the company including
building, plants and machinery and stocks wherever necessary and to the extent required
have been adequately insured. The company keeps reviewing the insurance amount every year
as per requirement.
44. RESEARCH & DEVELOPMENT
Research and Development is important for businesses because it
provides powerful knowledge and insights, leads to improvements to existing processes
where efficiency can be increased and costs reduced. It also allows businesses to develop
new products and services to allow it to survive and thrive in competitive markets. The
benefits of Research &Development extend into entire sectors as well as positively
impacting the wider economy. A sector that invests heavily in this will develop and
achieve more, including providing real-world benefits to people.
The Company believes that technological obsolescence is a reality. Only
progressive research and development will help us to measure up to future challenges and
opportunities. We invest in and encourage continuous innovation. During the year under
review, expenditure on research and development is not significant in relation to the
nature size of operations of your Company.
45. FRAUD REPORTING
During the year under review, no fraud has been reported by Auditors
under Section 143(12) of the Companies Act, 2013.
46. OPINION OF BOARD
During the year No Independent Director was appointed in the company
The Board of directors consists of independent Director having integrity, relevant
expertise and experience.
47. APPRECIATION
Your directors place on record their deep appreciation to employees at
all levels for their hard work, dedication and commitment and express their sincere thanks
and appreciation to all the employees for their continued contribution, support and
co-operation to the operations and performance of the company.
48. ACKNOWLEDGEMENTS
Your Directors take this opportunity to thank the Regulatory and
Government Authorities, Bankers, Business Associates, Shareholders and the Customers of
the Company for their continued support to the Company. The Directors express their deep
sense of appreciation towards all the employees and staff of the Company and wish the
management all the best for achieving greater heights in the future. Your Directors also
wish to place on record their deep sense of appreciation for the commitment displayed by
all executives, officers and staff, resulting in successful performance of the Company
during the year.
| By order of the Board of Directors |
|
|
For Zeal Aqua Limited |
| Sd/- |
Sd/- |
| Shantilal Ishwarlal Patel |
Pradipkumar RatilalNavik |
| Managing Director |
Whole Time Director |
| DIN:01362109 |
DIN:01067716 |
| Date: 17.08.2023 |
|
| Place: Surat |
|
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