To
The Members,
Your Directors are pleased to present 29th Annual Report and the company's
audited financial statement for the financial year ended March 31, 2023.
FINANCIAL RESULTS: The Company's financial performance for the year ended March 31,
2023 is summarized below:
(Rs. in Lakh)
Particulars |
Year ended on 31st March 2023 |
Year ended on 31st March 2022 |
Revenue from Operations |
1312.94 |
2236.19 |
Other Income |
37.59 |
52.16 |
Total Revenue |
1350.53 |
2288.35 |
Provision for Depreciation |
28.02 |
35.81 |
Profit /(Loss) before Exceptional Item & Tax |
11.81 |
60.95 |
Add: Exceptional Items |
- |
0.35 |
Profit/(Loss) Before Tax |
11.81 |
60.60 |
Less: Provision for Tax |
3.15 |
18.25 |
Add: Deffered Tax (Assets)/liabilities |
0.88 |
11.29 |
Net Profit/(Loss) after Tax |
7.78 |
31.06 |
Net Profit/(Loss) carried to Balance Sheet |
7.78 |
31.06 |
Earnings Per Share Basic: |
0.014 |
0.058 |
Diluted: |
|
|
YEAR UNDER REVIEW :
During the year under review, the Company has achieved revenue from operations to the
tune of 1350.53 Lakhs against 2288.35 Lakhs in the previous year. The Net Profit of the
year is 7.78 Lakhs for the current year as against the Net Profit of 31.06 Lakhs of the
previous year.
TRANSFER TO RESERVES IN TERMS OF SECTION 134 (3) (J) OF THE COMPANIES ACT, 2013
Rs. 7.78/- Lakhs has been transferred to General Reserve during the year.
DIVIDEND
The Company has not recommended any dividend for current year.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH
THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
There have been no material changes and commitments which affect the financial position
of the Company that have occurred between the end of the financial year to which the
financial statements relate and the date of this report.
DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL:
There are no significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and company's operations in future.
EXPLANATION OR COMMENTS ON DISQUALIFICATIONS, RESERVATIONS, ADVERSE REMARKS OR
DISCLAIMERS IN THE AUDITOR'S REPORTS
There have been no disqualifications, reservations, adverse remarks or disclaimers in
the auditor's reports, requiring explanation or comments by the Board.
REPORTING OF FRAUDS
There was no instance of fraud during the year under review, which required the
Statutory Auditors to report to the Audit Committee and / or Board under Section 143(12)
of Act and Rules framed thereunder.
INSURANCE
The Company has taken adequate insurance to cover the risks to its employees, workers
plants and machineries, buildings and other assets, profit and third parties.
RISK MANAGEMENT
Risk management is embedded in your company's operating framework. Your company
believes that managing risk helps in maximizing returns. The company's approach to
addressing business risk is comprehensive and includes periodic review of such risks and a
framework for mitigating controls and reporting mechanism of such risks. The risk
management framework is reviewed periodically by the Board and the Audit Committee. Some
of the risks that the company is exposed to are:
Commodity Price Risks
The Company is exposed to the risk of price fluctuation of raw material as well as
finished goods. The company proactively manages these risks through forward booking,
Inventory management and proactive vendor development practices. The Company's reputation
for quality, product differentiation and service, coupled with existence of powerful brand
image with robust marketing network mitigation the impact the impact of price risk on
finished goods.
Regulatory Risks
The company is exposed to risks attached to various statues and regulations including
the company Act. The company is mitigating these risks through regular review of legal
compliances carried out through internal as well as external compliance audits.
Human Resources Risks
Retaining the existing talent pool and attracting new talent are major risks. The
company has initialed various measures including rolling out strategic talent management
system, training and integration of learning and development activities.
Strategic Risks
Emerging businesses, capital expenditure for capacity expansion, etc., are normal
strategic risk faced by the company. However, the company has well-defined processes and
procedures for obtaining approvals for investments in new business and capacity expansion
etc.
INTERNAL FINANCIAL CONTROL:
The Company has a good system of internal controls in all spheres of its activity. The
internal control system is supplemented by effective internal audit being carried out by
an external firm of Chartered Accountants. The Audit committee regularly reviews the
findings of the internal auditors and effective steps to implement the suggestion /
observation of the Auditors are taken and monitored regularly. In the opinion of the
Board, an effective internal control system adequate to the size of the Company exists.
DEPOSITS:
Your Company has not accepted any deposits which fall under Chapter V and Section 73 to
Section 76 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits)
Rules, 2014.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
Particulars of loans given, investments made, guarantees and securities provided under
section 186 of the Companies Act, 2013 are provided in the notes of Standalone Financial
Statement.(Please refer to Note 4 and 5 to financial statement).
SUBSIDIARIES/ Joint Venture/ Associate Companies:
Company has no subsidiary/joint ventures/associate companies. As there are no
subsidiaries, associates and joint ventures companies, no consolidated financial
statements required to be given.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 134(5) of the Companies Act, 2013 (including any statutory
modification(s) or reenactments) for the time being in force), the Directors of our
Company confirm that:
i) In the preparation of the annual accounts for the financial year ended 31st
March 2023, the applicable accounting standards had been followed and that there are no
material departures;
ii) The Directors 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 / loss of the Company for the year under review;
iii) Proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 (including
any statutory modification(s) or re-enactment(s) for the time being in force) for
safeguarding the assets of the company and for preventing and detecting fraud and other
irregularities;
iv) The directors had prepared the annual accounts on a going concern basis;
v) The directors had laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were operating
effectively;
vi) The directors had devised proper system to ensure compliance with the provisions of
all applicable laws and that such system were adequate and operating effectively.
CORPORATE GOVERNANCE:
As per Regulation 15(2) of SEBI (Listing Obligation and Disclosures requirement)
Regulation, 2015, Report on Corporate Governance is not applicable on the Company as the
Company is not having the paid up share capital exceeding Rs. 10 crores and Net worth is
exceeding Rs. 25 crores as on the last date of previous Financial Year.
CORPORATE SOCIAL RESPONSIBILITIES:
As the Company's net worth, turnover or net profits are below the limit prescribed
under section 135 of the Companies Act 2013 and hence CSR is not applicable to your
Company.
RELATED PARTIES TRANSACTIONS
All the related party transactions are being entered on arm's length basis, in ordinary
course of business and in compliance with the applicable provisions of the Companies Act,
2013 and relevant Regulations of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. There were no materially significant related party
transactions made by the Company with Promoters, Directors or Key Managerial Personnel
etc. which may have potential conflict with the interest of the Company at large.
All the related party transactions are presented to the Audit Committee and the Board.
Omnibus approval has been obtained from Audit Committee, Board of Directors and members
for the transactions with the related parties.
Moreover your Directors draw your attention to Note to the financial statement which
sets out related party disclosures.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All related party transactions that were entered into during the financial year were on
an arm's length basis and were in the ordinary course of business. There were no
materially significant related party transactions made by the Company with Promoters,
Directors, Key Managerial Personnel or other designated persons which may have a potential
conflict with the interest of the Company at large. Particulars of the contracts or
arrangement with related parties referred into Section 188 (1) of the Companies Act, 2013,
in prescribed Form AOC -2 is attached as Annexure - D.
Necessary disclosures required under the Ind AS 24 have been made in Note No. 30 of the
Notes to the Financial Statements for the year ended March 31, 2023.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
In accordance with the provisions of the Act and the Articles of Association of the
Company, Mr. Atul M. Thakkar (DIN: 01157384), Non-executive & Non independent
director, will retire by rotation and being eligible, has offered himself for
re-appointment. Pursuant to Regulation 17 of SEBI (LODR) Regulations, 2015, details of
Directors retiring by rotation is provided under explanatory statement of the Notice of
the Annual General Meeting.
In Addition to above Mr. Mahendra C. Raycha (DIN : 00577647) has been re-appointed with
the effect from 01st July, 2023 in the capacity of Managing Director/Whole Time
Director for a further period of Three years.
All Independent Directors (IDs) have given declaration that they meet the criteria of
independence as laid down under section 149(6) of the Companies Act, 2013 and Regulation
16(1 )(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Mr. Prashant R. Gupta, has been appointed as Chief Financial Officer of the Company by
the Board with effect from May 14, 2019.
Mr. Mihir S. Shah, has been appointed as Company Secretary and Compliance Officer of
the Company by the Board with effect from February 09, 2016.
COMPOSITION OF BOARD OF DIRECTORS AND ITS COMMITTEES:
The Board of Directors has an optimum combination of Executive and Non-Executive
Directors and Independent directors in accordance with the provisions of the Act. The
composition of the Board of Directors of the company as on 31st March, 2023 is
as under:
Sl.
No. |
Name |
Designation |
Executive/ Non Executive |
1. |
Mr. Mahendra C. Raycha |
Chairman & Managing Director |
Executive |
2. |
Mr. Akshit Raycha |
Joint Managing Director |
Executive |
3. |
Mrs. Neela Raycha |
Non Independent |
Non Executive |
4. |
Mr. Atul Thakkar |
Non Independent |
Non Executive |
5. |
Mr. Gaurang Vora |
Independent Director |
Non Executive |
6. |
Mr. Rajesh Thakkar |
Independent Director |
Non Executive |
7. |
Mr. Tejas Thakkar |
Independent Director |
Non Executive |
06 (Sixth) Board meetings and an AGM were held during the year. The details of Board
Meetings are given below:
Date of meeting |
No. of directors present |
28/05/2022 |
7 |
12/08/2022 |
7 |
30/08/2022 |
7 |
30/09/2022 (AGM) |
7 |
12/11/2022 |
7 |
13/02/2023 |
7 |
28/03/2023 (Ind. Director) |
3 |
AUDIT COMMITTEE:
During the year the company has reconstituted its Audit Committee. The Composition of
Committee is as under:
Sl.
No. |
Name |
Designation |
Position in Committee |
01 |
Mr. Gaurang Vora |
Independent Director |
Chairman |
02 |
Mr. Tejas Thakkar |
Independent Director |
Member |
03 |
Mr. Atul Thakkar |
Non Executive Director |
Member |
The composition of committee inter alia meets with the requirement of Section 177 of
the Companies Act, 2013
FUNCTIONS AND POWERS OF AUDIT COMMITTEE:
The Committee shall have discussions with the auditors periodically about internal
control systems, the scope of audit including observation of the auditors and review of
financial statement before their submission to the Board and discuss any related issue
with internal and statutory auditors and the management of the company.
In discharging the function of the Audit Committee, the committee shall have the
authority to investigate into any matter in relating to any terms specified in Section 177
or referred to it by the Board.
RESPONSIBILITY OF THE COMMITTEE:
The Committee may assign any matter of importance nature relating to the accounts,
finance, taxation, inspection and investigation from time to tome and may require
submitting a report to the Board on such matters within the stipulated time.
The committee on any matter relating to financial management including audit report
shall submit a report to the Board from time to time.
The Board has accepted all the recommendation made by the Audit Committee.
NOMINATION AND REMUNERATION COMMITTEE:
- To formulate the criteria for determining qualifications, positive attributes and
independence of a director and recommend to the board of directors a policy relating to,
the remuneration of the directors, key managerial personnel, Senior Management and other
employees;
- To formulate the criteria for evaluation of performance of independent directors and
the board of directors;
- To devise a policy on diversity of board of directors;
- To identify persons who are qualified to become directors and who may be appointed in
senior management in accordance with the criteria laid down, and recommend to the board of
directors their appointment and removal.
- To determine whether to extend or continue the term of appointment of the independent
director, on the basis of the report of performance evaluation of independent directors.
- To recommend to the board, all remuneration, in whatever form, payable to senior
management.
- To review HR Policies and Initiatives.
The Committee shall, while formulating the policy, ensure the following:
- The level and composition of remuneration is reasonable and sufficient to attract,
retain and motivate Directors of the quality required to run the Company successfully;
- Relationship of remuneration to performance is clear and meets appropriate
performance benchmarks; and Remuneration to Directors, KMP and Senior Management involves
a balance between fixed and incentive pay reflecting short and long term performance
objectives appropriate to the working of the Company and its goals.
The Composition of Committee is as under:
Sl.
No. |
Name |
Designation |
Position in Committee |
01 |
Mr. Rajesh Thakkar |
Independent Director |
Chairman |
02 |
Mr. Gaurang Vora |
Independent Director |
Member |
03 |
Mr. Tejas Thakkar |
Independent Director |
Member |
STAKEHOLDERS RELATIONSHIP COMMITTEE
The existing Investor Grievance Committee has been reconstituted and re-named as
Stakeholders Relationship Committee. The composition of the Committee is in accordance
with the Companies Act, 2013. The Composition of the Committee is as under:
Sl.
No. |
Name |
Designation |
Position in Committee |
01 |
Mr. Tejas Thakkar |
Independent Director |
Chairman |
02 |
Mr.Gaurang Vora |
Independent Director |
Member |
03 |
Mr. Atul Thakkar |
Non Executive Director |
Member |
Basic Responsibilities of the Committee:
Considering and resolving the grievance of shareholders of the Company with
respect to transfer of shares, non receipt of annual report etc.
Ensuring expeditious share transfer process in line with the proceedings of the
Share Transfer Committee.
Evaluating performance and service standards of the Registrar & Share
Transfer Agent of the Company.
Providing guidance and making recommendation to improve service levels for
investors.
Complaints status for the period 01-04-2022 to 31-03-2023
Number of complaints received |
Number of complains pending |
Number of complains resolved |
1 |
0 |
1 |
DETAILS OF THE MEETING AND ITS ATTENDANCE ARE GIVEN AS
UNDER: |
|
Audit Committee |
Nomination & Remuneration Committee |
Stakeholders Relationship Committee |
No. of Meetings held |
|
|
|
Attendance |
|
|
|
Mr. Guarang Vora |
4 |
2 |
2 |
Mr. Rajesh Thakkar |
- |
2 |
2 |
Mr. Tejash Thakkar |
4 |
2 |
2 |
Mr. Atul Thakkar |
4 |
- |
- |
BOARD EVALUATION:
Pursuant to the provisions of the Companies Act, 2013, the Board has carried out an
annual performance evaluation of its own performance, the directors individually as well
as the evaluation of the working of its Audit, Nomination & Remuneration and
Stakeholders Relationship Committee.
Various aspects of the Board's functioning were evaluated such as adequacy of the
composition of the Board and its Committees, Board culture, execution and performance of
specific duties, obligations and governance.
A separate exercise was carried out to evaluate the performance of individual Directors
including the Chairman of the Board, who were evaluated on parameters such as level of
engagement and contribution, independence of judgment, safeguarding the interest of the
Company and its minority shareholders etc. The performance evaluation of the Independent
Directors was carried out by the entire Board. The performance evaluation of the Chairman
and the Non Independent Directors was carried out by the Independent Directors. The
Directors expressed their satisfaction with the evaluation process.
STATEMENT OF DECLARATION BY AN INDEPENDENT DIRECTOR(S)
All Independent Directors have given declarations that they meet the criteria of
independence as laid down under Section 149(6) of the Companies Act, 2013 and
sub-regulation (8) of Regulation of 25 SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
The Independent Directors have complied with the Code of Conduct for Independent
Directors prescribed in Schedule IV of the Companies Act, 2013.
ANNUAL RETURN:
As per Section 92(3) of Companies Act, 2013, the draft copy of Annual Return of company
in form MGT - 7 has been uploaded on the website of Company and web link of the same is www.zenithhealthcare.com
Return-2023.pdf.
REMUNERATION TO DIRECTORS:
The remuneration paid to Directors, Non-Executive Directors and Independent Directors
are disclosed in the Annexure C to the Board Report.
VIGIL MECHANISM/ WHISTLE BLOWER POLICY
Pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013 and
Regulation 22 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
a Vigil Mechanism or 'Whistle Blower Policy' for directors, employees and other
stakeholders to report genuine concerns has been established. The Audit committee reviews
the functioning of the Whistle Blower mechanism on a quarterly basis. Due to changes in
SEBI (Prohibition of Insider Trading) Regulations, 2015.
The Policy has a systematic mechanism for directors and employees to report concerns
about unethical behavior, actual
or suspected fraud or violation of the Company's Code of Conduct or policy.
SHARE CAPITAL & EMPLOYEE STOCK OPTION ETC:
The paid up share Capital of the Company is Rs.537.39 Lacs. During the year there are
no issue of equity shares with differential rights, no issue of sweat equity shares, no
issue of employee stock options and no provision of money by company for purchase of its
own shares by employees or by trustees for the benefit of the employees, the details
required to be given under various rules issued under the Companies Act 2013 is NIL.
RECONCILIATION OF SHARE CAPITAL AUDIT:
As stipulated by the SEBI, a qualified Practicing Company Secretary carries out the
Reconciliation of Share Capital Audit to reconcile the total admitted share capital with
National Securities Depository Limited (NSDL) and Central Depository Services (India)
Limited (CDSL) and total Issued and Paid-Up Share Capital of the Company. This audit is
carried out every quarter. The audit, inter alia, confirms that the Listed and Paid-Up
Share Capital of the Company is in agreement with the aggregate of the total number of
shares in dematerialized form held with NSDL and CDSL and the total number of shares in
physical form.
SECRETARIAL AUDITOR:
In terms of Section 204 of the Companies Act, 2013, the Board of Directors of your
Company has appointed M/s. Kamlesh M. Shah & Co., Practicing Company Secretaries,
Ahmedabad as a Secretarial Auditor to conduct an Audit of secretarial records and
compliances, for the financial year ending on March 31, 2023.
The Secretarial Audit Report for the financial year ended on March 31, 2023 is annexed
herewith as Annexure-F to this report and the same does not contain any
qualification, reservation or adverse remarks.
AUDITORS AND AUDITORS REPORT:
M/s. A.R. Pandhi & Associates, Chartered Accountants, Ahmedabad (FRN: 118057W) has
been re-appointed as statutory auditors of the Company till the conclusion of 33rd
annual general meeting as per the Section 139 of the Companies Act, 2013.
There are no specific qualifications, reservation or adverse remark or disclaimer made
by the statutory auditors in their auditor's report.
The Company has received a certificate from M/s. A.R. Pandhi & Associates,
Chartered Accountants confirming their eligibility to continue as Auditors of the Company
in terms of the provisions of Section 141 of the Companies Act, 2013 and the Rules framed
thereunder. They have also confirmed that they hold a valid certificate issued by the Peer
Review Board of the ICAI as required under the provisions of Regulation 33 of the Listing
Regulations.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company believes that a strong internal control framework is necessary for business
efficiency, management effectiveness and safeguarding assets. The Company has a
well-defined internal control system in place, which is designed to provide reasonable
assurance related to operation and financial control. The Management of the Company is
responsible for ensuring that Internal Financial Control has been laid down in the Company
and that controls are adequate and operating adequately.
The audit scope, reporting framework is defined in charter of the Internal Audit, which
is approved by the Audit Committee of the Board of Directors. The Internal Auditors
evaluates the efficacy and adequacy of internal control system, its compliance with
operating systems and policies of the Company and accounting procedures at all the
locations of the Company. Based on the report of the Internal Auditors, process owners
undertake corrective action in their respective areas and thereby strengthen the controls.
Significant audit observations and corrective actions thereon are placed before the Audit
Committee of the Board. The Internal Audit also continuously evaluates the various
processes being followed by the Company and suggests value addition, to strengthen such
processes and make them more effective.
A STATEMENT UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013
The Company has in place a Prevention of sexual harassment policy in line with the
requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.
Internal Complaints Committee has been set up to redress complaints received regarding
sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered
under this policy.
Your Company has adopted a policy on prevention, prohibition and redressal of sexual
harassment at the workplace in line with the provisions of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules made there under.
Your Company has constituted an Internal Complaints Committee to handle all clearing and
forwarding Agency where our employees are working and Manufacturing site.
Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013:
a. number of complaints filed during the financial year : Nil
b. number of complaints disposed of during the financial year : Nil
c. number of complaints pending as on end of the financial year : Nil
PARTICULARS OF EMPLOYEES AND OTHER RELATED DISCLOSURES:
The Company has no employee drawing the remuneration of Rs.5 Lacs p.m or Rs.60 Lacs
p.a.
However 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, has been provided in Annexure-E.
In terms of Section 136 of the Act, the Report and Accounts are being sent to the
Members and others entitled thereto, excluding the information on employees' particulars
which is available for inspection by the Members at the Registered Office of the Company
during business hours on working days of the Company up to the date of the ensuing Annual
General Meeting. If any Member is interested in obtaining a copy thereof, such Member may
write to the Secretarial Department at the Regd. Office of the Company.
COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND ANNUAL GENERAL MEETINGS
The Company has complied with Secretarial Standards issued by the Institute of Company
Secretaries of India on Board meetings and Annual General Meetings.
Listing of Shares:
The Company's Equity Shares are at present listed at Bombay Stock Exchange Limited. The
Equity Shares of the Company are freely tradable on at BSEs and trading thereof have not
been suspended at any time during the year under review. The Company has been regularly
and timely making all compliances of the various clauses of the Listing Agreement and SEBI
Regulations from time to time. The Company has duly paid the annual Listing Fees of the
Stock Exchange for and up to the financial year ending on 31.03.2023.
ISIN of the Company : INE812B01026
Share Transfer System
Share transfers are registered and returned within a period of 15 days from the date of
receipt, provided documents are correct and valid in all respect. Thereby the average time
taken in transfer of shares is 15 days. The depositories directly transfer the
dematerialized shares to the beneficiaries.
DISCLOSURE REGARDING MAINTENANCE OF COST RECORDS
Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014 as
amended from time to time is not applicable to your company hence, your Company is not
required to maintain cost records.
Post-employment benefit plans:
Gratuity for employees in India is as per the Payment of Gratuity Act, 1972. Employees
who are in continuous service for a period of 5 years are eligible for gratuity. The
amount of gratuity payable on retirement/termination is the employees last drawn basic
salary per month computed proportionately for the number of years of service. Company will
pay the Gratuity payable as and when due.
Applications made or any proceeding pending under the Insolvency and Bankruptcy Code,
2016:
The Company has not made any application nor any proceeding under the Insolvency and
Bankruptcy Code, 2016 is pending, hence this disclosure is not applicable to the Company.
The details of difference between amount of the valuation done at the time of one-time
settlement and the valuation done while taking loan from the Banks or Financial
Institutions along with the reasons thereof:
During the year under review, the Company has not any obligations towards any Banks or
Financial Institutions, hence this disclosure is not applicable to the Company.
Acknowledgment:
Your Directors wish to place on record their deep sense of gratitude to Banks for their
continued support and cooperation. Our sincere thanks are also due to our esteemed
customers, suppliers and finally to employees of the Company for their untiring efforts
and commitment to their duties.
|
By Order of the Board |
By Order of the Board |
Place: Ahmedabad |
For, Zenith Healthcare Ltd. |
For, Zenith Healthcare Ltd. |
Date: August 31, 2023 |
|
|
|
Akshit M. Raycha |
Mahendra C. Raycha |
|
Joint Managing Director |
Chairman & Managing Director |
|
DIN 03039859 |
DIN 00577647 |
|