Dear Shareholders,
Your Directors are pleased to present the 31st Annual Report along with
the audited financial statements of your Company for the financial year ended March 31,
2023.
Financial Performance:
The Audited Financial Statements of the Company as on March 31, 2023,
are prepared in accordance with the relevant applicable Ind AS and Regulation 33 of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ("SEBI Listing Regulations") and the provisions of the
Companies Act, 2013 ("Act").
The summarized financial highlight is depicted below:
(Amount in Lakhs)
| Particulars |
F.Y. 2022-23 |
F.Y. 2021-22 |
| Revenue from Operations |
13,765.92 |
14,297.05 |
| Other Income |
83.70 |
97.58 |
| Total Income |
13,849.62 |
14,394.63 |
| Less: Total Expenses before Depreciation, Finance Cost and
Tax |
13,015.91 |
13,409.50 |
| Profit before Depreciation, Finance Cost and Tax |
833.71 |
985.13 |
| Less: Depreciation |
77.38 |
61.40 |
| Less: Finance Cost |
318.13 |
160.04 |
| Profit Before Tax |
438.20 |
763.69 |
| Less: Current Tax |
125.00 |
219.47 |
| Less: Deferred tax Liability |
(5.73) |
(1.80) |
| Less: Pervious year tax adjustment |
- |
- |
| Profit after Tax |
318.93 |
546.02 |
| Other comprehensive income |
(5.13) |
4.64 |
| Total Comprehensive Income |
313.80 |
550.66 |
There are no material changes and commitments affecting the financial
position of the Company, which have occurred between the end of the financial year and the
date of this report. Further, there has been no change in nature of business of your
Company.
Previous year figures have been regrouped / re-arranged wherever
necessary.
Performance Highlights:
During the year under review, your Company has recorded total Revenue
from Operations to the tune of Rs 13,765.92 Lakhs during the financial year 2022-23
compared to Rs 14,297.05 Lakhs in the corresponding previous financial year.
Your Company has recorded total income of Rs 13,849.62 Lakhs during the
Financial Year 2022-23 as compared to Rs 14,394.63 Lakhs in the corresponding previous
financial year.
During the year, your Company has generated earnings before interest,
depreciation and tax (EBIDTA) of Rs 833.71 Lakhs as compared to Rs 985.13 Lakhs in the
previous year. The net profit after tax for the financial year 2022-23 stood at Rs 318.93
Lakhs as compared to Rs 546.02 Lakhs during the previous financial year 2021-22 which
states decrease of almost 41.60% in the profit of the Company.
Earnings per share stood at Rs 2.18 on face value of TI0/- each.
Profit of your Company has decreased due to decrease in Turnover of the
Company as well as addition in Finance Cost of the Company. As compared to that there is
reduction in Cost of material consumed and in Comission / Sales promotion expenses in
other expense. Hence, as the result of that profit of your Company has increased at robust
growth.
Dividend:
The Board of Directors ("Board"), after considering
holistically the relevant circumstances and keeping in view the tremendous growth
opportunities that your company is currently engaged with, has decided that it would be
prudent not to recommend any dividend for the year under review.
Transfer of Shares and Unpaid/Unclaimed Dividend to Investor Education
and Protection Fund:
There is no money lying to unpaid / unclaimed dividend account
pertaining to any of the previous years with the Company. As such the Company is not
required to transfer such amount to the Investor Education and Protection Fund established
by the Central Government in pursuant to the provisions of Sections 124 and 125 of the
Act, read with the Investor Education and Protection Fund Authority (Accounting, Audit,
Transfer and Refund) Rules, 2016. Further, the provisions related to the shares in respect
of which dividend has not been paid/claimed for the consecutive period of seven (7) years
or more which are required to be transferred to the demat account of the IEPF Authority,
are not applicable to the Company.
Transfer to Reserve:
Your Directors do not propose transfer of any amount to the General
Reserves. Full amount of net profit is carried to reserve & Surplus account of the
Company.
Changes in Share Capital:
During the year under review, there was no change in Authorised,
Issued, Subscribed and Paid-up Share Capital of the Company. The Company has not issued
any equity shares with differential rights during the year.
The Authorised and Paid up share Capital of the Company as on March 31,
2023 was: Authorized Capital: -
The Authorized Capital of the Company is Rs 15,00,00,000/- divided into
1,50,00,000 Equity Shares of Rs 10/- each.
Issued, Subscribed & Paid-up Capital: -
The present Paid-up Capital of the Company is Rs 14,63,34,400/- divided
into 1,46,33,440 Equity Shares of TI0/- each.
Employees Stock Option Scheme (ESOS):
The Shareholders of the Company vide Postal Ballot dated March 16, 2023
have approved Zodiac Employee Stock Option Plan-2023. The Shareholders of the Company have
approved to grant total option of 2,92,670 (Two Lakhs Ninety Two Thousand Six hundred
Seventy Only) fully paid up equity shares of Rs 10 each of the Company ("Equity
Share(s)"), under one or more tranches to the employees of the Company.
The Nomination and Remuneration committee has granted total 1,76,000
equity stock options of the face value of Rs. 10 each (‘ESOPs'), at the grant price
of Rs. 10 (Rupees Ten only) per option to the eligible employees of the Company on May 22,
2023.
Requisite disclosures as required under Regulation 14 of Securities
Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021
read with SEBI circular no. CIr/cFD/POLICY CELL/2/2015 dated June 16, 2015 with regard to
Zodiac Employee Stock Option Plan-2023 is available on the website of the Company at
https://zodiacenergy.com/images/pdf/DISCLOSURES-AS-REQUIRED-UNDER-REGU
l_ATION-14-OF-SEBI-ESOP.pdf
M/s. SCS and Co LLP, Company Secretaries, Secretarial Auditors of the
Company have issued a certificate with respect to the implementation of Zodiac Employee
Stock Option Plan-2023 which would be placed before the members at the ensuing Annual
General Meeting of the Company and a copy of the same shall be available for inspection at
the registered office.
Subsidiaries/Associates/ Joint Ventures:
The Company does not have subsidiaries, associates and joint ventures
companies in the period under review.
Details of Material Changes from the end of the financial year till the
Date of this Report:
No Material Changes have taken place from the end of the financial year
till the date of this report.
Change in MOA and AOA:
During the year under review, the members of the Company vide Postal
Ballot dated June 24, 2022 have approved Alteration of the Object Clause of the Memorandum
of Association of the Company by inserting clause 63 in Clause III Part [B] in the MoA and
approved Alteration in Articles of Association of the Company by altering Clause 98
(Chairman of the Board).
Change in the Registered Office:
During the year, there was no change in address of registered office of
the Company. The Registered office of the Company is situated at U.G.F-4,5,6, Milestone
Building, Near Khodiyar Restaurant, Near Drive In Cinema, Thaltej, Ahmedabad - 380054.
Deposits:
There were no outstanding deposits within the meaning of Section 73 and
74 of the Act read with rules made thereunder at the end of the financial year 2022-23 or
the previous financial years. Your Company did not accept any deposit during the year
under review.
Particulars of loans, guarantees or investments:
There are no loans, investments, guarantees, and security in respect of
which provisions of section 185 of the Companies Act, 2013 is applicable. The Company has
complied with the provisions of Section 186 of the Companies Act, 2013, to the extent
applicable. The particulars of loans, guarantee and investments made during the year under
review are disclosed in the financial statements.
Management Discussion and Analysis:
Management Discussion and Analysis Report for the year under review, as
stipulated under the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), is
presented in a separate section, forming part of the Annual Report.
Directors and Key Managerial Personnels:
As of March 31, 2023, your Company's Board had eight members comprising
of three Executive Directors, one Non-Executive & Non- Independent Director and four
Independent Directors. The Board has one woman Executive Director. The details of Board
and Committee composition, tenure of Directors, areas of expertise and other details are
available in the Corporate Governance Report, which forms part of this Annual Report.
During the year, Mr. Pranav Mehta, ceased to be Chairman Emeritus of
the Company w.e.f. December 15, 2022 due to his sad demise.
In accordance with the provisions of Section 152 of the Act, read with
rules made thereunder and Articles of Association of the Company, Mrs. Parul Shah (DIN:
00378095) is liable to retire by rotation at the ensuing Annual General Meeting (AGM) and
being eligible offers herself for re-appointment.
The Board recommends the re-appointment of above Director for your
approval. Brief details of Directors proposed to be re-appointed, as required under
Regulation 36 of the SEBI Listing Regulations, are provided in the Notice of the AGM.
Pursuant to provision of Section 203 of the Act, Mr. Kunjbihari Shah,
Managing Director, Mrs. Parul Shah, Whole Time Executive Director, Mr. Bhargav Mehta Whole
Time Executive Director, Mrs. Shefali Karar, Chief Financial Officer and Ms. Niyati
Parikh, Company Secretary are Key Managerial Personnels of the Company as on March 31,
2023.
Subsequent to closure of the year under review, Mr. Bhargav Mehta (DIN:
03125599), Whole Time Director of the Company resigned with effect from April 01, 2023,
due to some personal reasons. Also after closure of Financial year, Ms. Niyati Parikh
resigned from the post of Company Secretary and Compliance officer of the Company w.e.f.
July 15, 2023 (after closing of business hours) & Mr. Parth Shah is appointed as a
Company Secretary and Compliance officer of the Company w.e.f July 16, 2023.
Disclosure by Directors:
The Directors on the Board have submitted notice of interest under
Section 184(1) of the Companies Act, 2013 i.e. in Form MBP 1, intimation under Section
164(2) of the Companies Act, 2013 i.e. in Form DIR 8 and declaration as to compliance with
the Code of Conduct of the Company.
Further, the Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of independence as
prescribed both under sub-section (6) of Section 149 of the Act and Regulation 16(1)(b) of
the SEBI Listing Regulations and there has been no change in the circumstances which may
affect their status as an Independent Director. Further, In the opinion of the Board, all
our Independent Directors possess requisite qualifications, experience, expertise
including the Proficiency and hold high standards of integrity for the purpose of Rule
8(5)(iiia) of the Companies (Accounts) Rules,2014. List of key skills, expertise and core
competencies of the Board, including the Independent Directors, is provided at page no 52
of this Annual Report.
Committees of Board:
Details of various Committees constituted by the Board, including the
committees mandated pursuant to the applicable provisions of the Act and SEBI Listing
Regulations, are given in the Corporate Governance Report, which forms part of this
Integrated Annual Report.
Number of meetings of the Board:
The Board met 9 (Nine) times during the year under review. The details
of board meetings and the attendance of the Directors are provided in the Corporate
Governance Report, which forms part of this Integrated Annual Report.
Independent Directors' Meeting:
The Independent Directors met on February 10, 2023, without the
attendance of Non-Independent Directors and members of the management. The Independent
Directors reviewed the performance of Non-Independent Directors, the Committees and the
Board as a whole along with the performance of the Chairman of the Company, taking into
account the views of Executive Directors and Non-Executive Directors and assessed the
quality, quantity and timeliness of flow of information between the management and the
Board that is necessary for the Board to effectively and reasonably perform their duties.
Board Evaluation and familiarization Programme :
The Board adopted a formal mechanism for evaluating its performance and
as well as that of its Committees and individual Directors, including the Chairman of the
Board. The exercise was carried out through a structure devaluation process covering
various aspects of the Boards functioning such as composition of the Board &
committees, experience & competencies, performance of specific duties &
obligations, contribution at the meetings and otherwise, independent judgment, governance
issues etc.
During the year under review, the Company has also conducted
familiarization of the Directors on different aspects.
Policy on Directors' appointment and remuneration:
Your Company's Policy on Directors' appointment and remuneration and
other matters (Remuneration Policy) provided in Section 178(3) of the Act is available on
the website of the Company at
https://zodiacenergy.com/images/pdf/Criteria-of-making-payments-to-Non-Executi
ve-Directors.pdf
The Remuneration Policy for selection of Directors and determining
Directors' independence sets out the guiding principles for the Nomination and
Remuneration Committee for identifying the persons who are qualified to become the
Directors. Your Company's Remuneration Policy is directed towards rewarding performance
based on review of achievements. The Remuneration Policy is in consonance with existing
industry practice.
We affirm that the remuneration paid to the Directors is as per the
terms laid out in the Remuneration Policy.
Directors' Responsibility Statement:
Pursuant to Section 134(5) of the Act, the Board, to the best of their
knowledge and based on the information and explanations received from the Company, confirm
that:
a) in the preparation of the annual financial statements, the
applicable accounting standards have been followed and there are no material departures;
b) they have selected such accounting policies and applied them
consistently and 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
2022-23 and of the profit of the Company for that period;p>
c) they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities;
d) they have prepared the annual financial statements on a going
concern basis;
e) they have laid down internal financial controls to be followed by
the Company and such internal financial control are adequate and operating effectively;
f) they have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems are adequate and operating
effectively.
Internal Financial control system and their adequacy:
The details in respect of internal financial control and their adequacy
are included in Management Discussion and Analysis Report, which forms part of this
Integrated Annual Report.
Risk Management:
A well-defined risk management mechanism covering the risk mapping and
trend analysis, risk exposure, potential impact and risk mitigation process is in place.
The objective of the mechanism is to minimize the impact of risks identified and taking
advance actions to mitigate it. The mechanism works on the principles of probability of
occurrence and impact, if triggered. A detailed exercise is being carried out to identify,
evaluate, monitor and manage both business and non-business risks.
Board policies:
The details of various policies approved and adopted by the Board as
required under the Act and SEBI Listing Regulations are provided in Annexure A to
this report.
Corporate Social Responsibility (CSR):
In accordance with the provisions of section 135 of the Companies Act,
2013, the Company is required to do CSR Expenditure for the financial year 2022-23 as Net
profit of the Company exceeded the specified threshold in the preceding financial year
2021-22. However, Pursuant to Section 135 (9) of Companies Act, 2013, Where the amount to
be spent by a company does not exceed fifty lakh rupees, the requirement for constitution
of the Corporate Social Responsibility Committee shall not be applicable and the functions
of such Committee provided under this section shall, in such cases, be discharged by the
Board of Directors of such company. As the CSR Expenditure of the Company is not exceeding
Rs. Fifty Lakhs, the Company has not constituted CSR Committee and the functions of CSR
committees has been discharged by the Board of Directors of the Company. In compliance
with the provisions of Section 135, the board of Directors of the Company has formulated
CSR policy and the same has been placed on the website of the Company.
The board of Directors of the Company has sanctioned the CSR
Expenditure for the year & authorized Mr. Kunjbihari Shah, Managing Director of the
Company to do CSR Expenditure in the activities as specified under Schedule VII of the
Companies Act, 2013 and also made him responsible for indicating the activities to be
undertaken by the Company, monitoring the implementation of the framework of the CSR
activity and recommending the amount to be spent on CSR activities.
The Annual Report on CSR activities in prescribed format is annexed as
an Annexure -B.
Website:
As per Regulation 46 of SEBI (LODR) Regulations, 2015, the Company has
maintained a functional website namely " https://zodiacenergy.com/ " containing
the information about the Company. The website of the Company is also containing
information like Policies, Shareholding Pattern, Financial Results and information of the
designated officials of the Company who are responsible for assisting and handling
investor grievances for the benefit of all stakeholders of the Company, etc.
Corporate Governance Report:
Your Company is committed to good corporate governance practices. The
Corporate Governance Report as stipulated by SEBI Listing Regulations, forms part of this
Integrated Annual Report along with the required certificate from a Practicing Company
Secretary regarding compliance of the conditions of Corporate Governance as stipulated.
In compliance with Corporate Governance requirements as per the SEBI
Listing Regulations, your Company has formulated and implemented a Code of Conduct for all
Board members and senior management personnel of the Company (Code of Conduct), who have
affirmed the compliance thereto.
The Code of Conduct, is available on the website of the Company at h
ttps://zod ia cen e rgy.com/im ag es/pdf/Cod e%20of%20Co ndu ct%20for%20Boa rd %20
Members%20and%20Senior%20Management%20Personnel.pdf
Annual Return:
Pursuant to Section 134(3) (a) of the Act, the draft annual return as
on March 31, 2023 prepared in accordance with Section 92(3) of the Act is made available
on the website of your Company and can be assessed using the
https://zodiacenergy.com/Annual-Report.php
Transactions with Related Parties:
All transactions with related parties are placed before the Audit
Committee for its approval. An omnibus approval from Audit Committee is obtained for the
related party transactions which are repetitive in nature.
All transactions with related parties entered into during the financial
year were at arm's length basis and in the ordinary course of business and in accordance
with the provisions of the Act and the rules made thereunder, the SEBI Listing Regulations
and the Company's Policy on Related Party Transactions.
Particulars of contracts or arrangements with related parties referred
to in Section 188(1) of the Companies Act, 2013, is annexed to this Report, Form AOC-2 as Annexure
- C.
The Company did not enter into any related party transactions during
the year which could be prejudicial to the interests of minority shareholders.
No loans / investments to / in the related party have been written off
or classified as doubtful during the year.
The Policy on Related Party Transactions is available on the Company's
website and can be assessed using the link
https://zodiacenergy.com/images/pdf/Related-Party-Transaction.pdf
Insurance:
Your Company has taken appropriate insurance for all assets against
foreseeable perils.
Statutory Auditors & Auditors' Report:
Pursuant to the provisions of Section 139 of the Act read with rules
made thereunder, as amended from time to time, M/s. D J N V & Co, Chartered
Accountants (Firm Registration No. 115145W), was appointed as Statutory Auditors of the
Company for a period of five years from the conclusion of 30th Annual General Meeting till
the conclusion of 35th Annual General Meeting of the Company to be held in the year 2027.
In accordance with the provisions of the Act, the appointment of Statutory Auditors is not
required to be ratified at every AGM.
The Statutory Auditors have however confirmed that they are not
disqualified to continue as Statutory Auditors and are eligible to hold office as
Statutory Auditors of your Company.
The Notes to the financial statements referred in the Auditors Report
are self-explanatory and therefore do not call for any comments under Section 134 of the
Companies Act, 2013. There are no qualifications or reservations, or adverse remarks or
disclaimers given by Statutory Auditors of the Company and therefore do not call for any
comments under Section 134 of the Act. The Auditors' Report is enclosed with the financial
statements in this Annual Report.
Secretarial Audit Report:
Pursuant to the provisions of Section 204 of the Act, read with the
rules made thereunder, the Board has reappointed M/s SCS & Co LLP, Practicing Company
Secretaries, to undertake the Secretarial Audit of the Company. The Secretarial Audit
Report for the year under review is provided as Annexure-D of this report.
The Secretarial Auditors have provided for following observation in
their report:
| Sr No Observation of Secretarial Auditor |
Company Reply |
| 1 Member of Promoter Group Mr. Jay Shah had entered into
Contra Trade for a period less than 6 months. |
The company has uploaded PIT Code on its website and also
circulated to its Designated persons. |
|
Company will arrange sessions to update all the designated
Persons with the provisions of the PIT Regulations. |
| 2. As per the amended provisions of regulation 23(9) of
SEBI (LODR) Regulations, 2015, the company was required to file the Related party
transactions with the Stock Exchanges for Half Year ended on March 31, 2022 within 15 days
from the date of publication of its standalone financial results. |
Company Secretary tried uploading XBRL on Exchanges as she
was facing problem in Revised utility post amendment in Regulation 23(9) of LODR. |
|
Issue was resolved with a delay of few days and therefore
she couldn't file Compliance under Regulation 23(9) within due date. |
| However, the company filed Related party transactions for
half year ended on March 31, 2022 on May 26, 2022, resulting in delay of 3 days. |
|
|
The Management will now file all compliances much ahead of
due date to avoid last days hustle on Portal. |
| 3. Delay by Company in entering majority of UPSI Sharing
Entries in software (Structured Digital Database). |
Management of Company will be more alert in making entries
of UPSI Sharing into software the same day on which UPSI is shared to any Designated
Persons. |
|
Delay was unintentional, to make all compliance within due
date, UPSI sharing entries into software got delayed. |
Cost Auditors:
Cost Audit is not applicable to our Company. Hence, there is no need to
appoint a Cost Auditor.
Secretarial Standards:
During the year under review, the Company has complied with all the
applicable provisions of Secretarial Standard-1 and Secretarial Standard-2 issued by the
Institute of Company Secretaries of India.
Reporting of frauds by Auditors:
During the year under review, the Statutory Auditors and Secretarial
Auditor have not reported any instances of fraud committed against the Company by its
officers or employees to the Audit Committee or the Board under section 143(12) of the
Act.
Particulars of Employees:
The Company had 90 employees as on March 31, 2023.
The percentage increase in remuneration, ratio of remuneration of each
Director and Key Managerial Personnel (KMP) (as required under the Act) to the median of
employees' remuneration, as required under Section 197 of the Act, read with rule 5(1) of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 & the
statement containing particulars of employees as required under Section 197 of the Act,
read with rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, are provided in Annexure-E of this report.
The statement containing particulars of employees as required under
Section 197 of the Act, read with rule 5(2) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, will be provided upon request. In terms of Section
136 of the Act, the Integrated Annual Report is being sent to the shareholders and others
entitled thereto, excluding the information on employees' particulars which is available
for inspection by the shareholders at the Registered Office of the Company during business
hours on working days of the Company. If any shareholder is interested in obtaining a copy
thereof, such shareholder may write to the Company Secretary in this regard.
Prevention of Sexual Harassment at Workplace:
To foster a positive workplace environment, free from harassment of any
nature, we have institutionalized the Anti-Sexual Harassment Initiative (ASHI) framework,
through which we address complaints of sexual harassment at the all workplaces of the
Company. Our policy assures discretion and guarantees non-retaliation to complainants. We
follow a gender-neutral approach in handling complaints of sexual harassment and we are
compliant with the law of the land where we operate.
Further, the company has complied with provisions relating to the
constitution of Internal Complaints Committee under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.
During the year under review, there were no incidences of sexual
harassment reported.
Vigil Mechanism:
The Company has adopted a Whistle Blower Policy and has established the
necessary vigil mechanism for Directors and employees in confirmation with Section 177 of
the Act and Regulation 22 of SEBI Listing Regulations, to facilitate reporting of the
genuine concerns about unethical or improper activity, without fear of retaliation.
The vigil mechanism of the Company provides for adequate safeguards
against victimization of Directors and employees who avail of the mechanism and also
provides for direct access to the Chairman of the Audit Committee in exceptional cases.
No person has been denied access to the Chairman of the Audit
Committee. The said Policy is uploaded on the website of the Company at
https://zodiacenergy.com/images/pdf/whistle-Blower-Policy.pdf
During the year under review, your Company had not received any
complaint under the whistle blower policy.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo:
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Act read
with rule 8 of the Companies (Accounts) Rules, 2014, as amended is provided as Annexure-F
of this report.
General Disclosure:
Your Directors state that no disclosure or reporting is required in
respect of the following items as there were no transactions/events of these nature during
the year under review:
1. Issue of equity shares with differential rights as to dividend,
voting or otherwise.
2. Issue of Shares (Including Sweat Equity Shares) to employees of the
Company under any scheme.
3. Significant or material orders passed by the Regulators or Courts or
Tribunals which impact the going concern status and the Company's operation in future.
4. Voting rights which are not directly exercised by the employees in
respect of shares for the subscription/ purchase of which loan was given by the Company
(as there is no scheme pursuant to which such persons can beneficially hold shares as
envisaged under section 67(3)(c) of the Companies Act, 2013).
5. Change in the nature of business of your Company.
6. Application made or any proceeding is pending under the Insolvency
and Bankruptcy Code, 2016.
7. One time settlement of loan obtained from the Banks or Financial
Institutions. Acknowledgement:
Your Directors are highly grateful for all the guidance, support and
assistance received from the Government of India, Governments of various states in India,
concerned Government departments, Financial Institutions and Banks. Your Directors thank
all the esteemed shareholders, customers, suppliers and business associates for their
faith, trust and confidence reposed in the Company.
Your Directors wish to place on record their sincere appreciation for
the dedicated efforts and consistent contribution made by the employees at all levels, to
ensure that the Company continues to grow and excel.
| Registered office: |
By order of the Board of Directors |
|
| U.G.F 4-5-6, Milestone Building, Nr. Khodiyar Restaurant,
Nr. Drive-In Cinema, Thaltej, Ahmedabad - 380 054, Gujarat |
For, ZODIAC ENERGY LIMITED CIN: L51909GJ1992PLC017694 |
|
|
Kunjbihari Shah |
Parul Shah |
| Place: Ahmedabad |
Managing Director |
Whole Time Director |
| Date: August 10, 2023 |
DIN 00622460 |
DIN 00378095 |
|