Parry Agro Industries Limited Unlisted Shares Annual Reports

Parry Agro Industries Limited Unlisted Shares

Parry Agro Industries Limited's Annual Report for 2023-2024 provides a comprehensive overview of the company's performance, financial standing, and future outlook. Parry Agro is one of the leading tea producers in India. The company employs over 10,000 people in its estates. It has a dedicated R&D facility, accredited with NABL certification, and a DSIR recognition for chemical/microbial testing. **Corporate Information:** The board of directors includes M.M. Venkatachalam (Non-Executive Chairman), Ramesh K B Menon, T. Jayaraman, A. Sridhar, Sridharan Rangarajan, and Sathia Jeeva Krishnan Chidambara. HDFC Bank Limited serves as the company's banker, and Deloitte Haskins & Sells are the chartered accountants. The registered office is located at "Parry House”, 5th Floor, No. 43, Moore Street, Chennai - 600 001. The 14th Annual General Meeting (AGM) is scheduled for Tuesday, July 16th, 2024, conducted via video conferencing. **Financial Performance (2023-24 vs. 2022-23 in Lakhs):** Total Income increased to 23,966.81 from 22,375.12. However, there was a Loss Before Interest, Depreciation, Extraordinary item & OCI of (347.67) compared to a Profit of 245.03. Depreciation: was 491.05 (549.78). Finance Charges: were 22.04 (20.18). Loss Before Tax & OCI was (860.76) vs (324.93). Net Loss After Tax: (913.07) (355.11). Total Comprehensive Loss for the year: (1208.75) (548.91). **Financial Position:** * **Equity:** Paid-up share capital remained stable at 375.68. Reserves decreased to 6,066.54 from 7,275.29. * **Assets:** Fixed Assets decreased from 5,233.12 to 5,107.94. Investments decreased from 2,122.84 to 1,229.28. Net Current Assets significantly decreased to 30.07 from 199.87. * **Application of Funds**: Increase in Fixed Assets, Decrease in Investments, Increase in Net Current Assets, Decrease in Deferred Tax Asset. **Directors' Report Highlights:** The National tea production saw a marginal increase. The South Indian auction averages decreased by 6%. Company's sales realizations have outperformed comparable auction prices. The Directors do not recommend any dividend for the financial year ended 31st March 2024. There is no change in the core business activity and no material changes affecting the financial position. There is a Risk Management policy which systematically evaluates the business risks. **Key Resolutions at the AGM:** The AGM agenda includes the adoption of Standalone and Consolidated Financial Statements, the re-appointment of Mr. M M Venkatachalam as a Director, the appointment of R.G.N. Price & Co as Statutory Auditors for a term of five years, and the ratification of remuneration for the Cost Auditor. **Compliance and Certifications:** The company is compliant with applicable Secretarial Standards. Several factories are certified under ISO standards for environmental safety and quality management. Department of Scientific and Industrial Research (DSIR) has re-affirmed the recognition to the in-house Research and Development unit. **Other Key Points:** * The Directors have declared that the applicable accounting standards and policies have been followed along with proper explanation relating to material departures if any. * The Company's policy on dealing with Related Parties is available on the Company's website http://parryagro.com/investors/. * The company has internal auditors. * The company has a policy for the prevention of sexual harassment. * A statement on Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo is included in the report. * The meeting to evaluate the adequacy of Board members and Directors is not required for this company. **Voting Information:** * The AGM will be held via video conferencing. Members cannot appoint proxies for the meeting. * Remote e-voting will be available from July 12th, 2024 (9:00 a.m. IST) to July 15th, 2024 (5:00 p.m. IST). * Members can register or update their email IDs, postal addresses, and bank details with KFin Technologies Limited. * The Notice of the AGM and Annual Report are available on the company website. * Members are asked to contact KFintech for any technical support relating to e-voting. * Members who have not registered their email address, are requested to get their e-mail addresses registered. * The Scrutinizer shall, after the conclusion of voting at the AGM unblock the votes cast through remote e-voting.

Parry Agro Industries Limited Unlisted Shares

Parry Agro Industries Limited Annual Report 2022-2023 Summary: Parry Agro is among the leading tea producers in India with estates in major tea-growing regions, including Sheikalmudi, Murugalli, Paralai, Iyerpadi, Attikunna, Carolyn, Deckiajuli and Rajajuli. They employ over 10,000 people in rural India and are committed to sustainability. Their estates and factories are certified under various standards to guarantee safe products. They have a dedicated, accredited R&D facility and pan-India market presence. **Corporate Information (as of the report date):** * **Board of Directors:** M.M. Venkatachalam (Non-Executive Chairman), Ramesh K B Menon, T. Jayaraman, A. Sridhar, Sridharan Rangarajan, Sathia Jeeva Krishnan Chidambara. * **Bankers:** HDFC Bank Limited. * **Auditors:** Deloitte Haskins & Sells. * **Registered Office:** “Parry House”, 5th Floor, No. 43, Moore Street, Chennai - 600 001. **Directors’ Brief Profile:** Provides background information on the directors, including their qualifications, experience, and other board memberships. **Ten Years Financial Highlights (In Lakhs):** Provides a table of key financial data for the past ten fiscal years: * **Sales:** Shows a fluctuating trend with sales reported as 21,048.36 in 2023 and 20,083.53 in 2022. * **Other Income:** Increased to 1,326.76 in 2023 from 809.38 in 2022. * **Profit / (Loss) before Depreciation:** Increased to 224.85 in 2023 from (837.81) in 2022. * **Profit / (Loss) before Tax:** Increased to (324.93) in 2023 from (1,403.69) in 2022. * **Profit / (Loss) after Tax:** Increased to (355.11) in 2023 from (1,405.54) in 2022. * **Paid-up share capital**: remained constant at 375.68 from 2014 to 2023. * **Reserves**: fluctuating, reported as 7,275.29 in 2023 and 7,824.20 in 2022. * **Fixed Assets**: 5,233.12 in 2023 and 5,472.70 in 2022. **Notice of Annual General Meeting (AGM):** * The 13th AGM will be held on Friday, July 28, 2023, via video conferencing. * Ordinary business includes adoption of standalone and consolidated financial statements, and re-appointment of Mr. Sridharan Rangarajan as a Director. * Special business includes the appointment of Mr. Sathia Jeeva Krishnan Chidambara as an Independent Director. * Ratification of the remuneration of the Cost Auditor (A R Ramasubramania Raja & Co) of ₹1,32,000. * Notes and instructions are provided for accessing the AGM through VC and electronic voting means. * Details are provided on remote e-voting (commencing July 25, 2023 and ending July 27, 2023). * Registers and documents for inspection will be available electronically. **Statement Pursuant to Section 102 of the Companies Act, 2013:** Discusses the appointment of Mr. Sathia Jeeva Krishnan Chidambara as an Independent Director and the ratification of remuneration of the Cost Auditor. It confirms that Mr. Chidambara meets the criteria for independence and recommends his appointment. There are no director's or relative's memorandum of interest except for the cost auditor, AR Ramasubramania Raja & Co. **Details as required under Secretarial Standards:** Provides information on the directors, including DIN, date of birth, date of appointment, shareholding, relationship with other directors, qualifications, number of meetings attended, directorships in other companies, and committee memberships. **Directors’ Report:** * The company's total income was ₹22,375.12 lakhs, including other income of ₹764.86 lakhs. * The revenue from tea operation was at ₹21,610.26 lakhs. * Net Profit/ (Loss) after tax was at ₹(355.11) lakhs. * No dividend is recommended for the financial year ended March 31, 2023. * Ramesh Rajah retired from the office of independent directorship. The board places on record its deep appreciation for contributions made by him. * Sridharan Rangarajan retires by rotation and offers himself for re-appointment. * Sathia Jeeva Krishnan Chidambara was appointed as an Additional (Independent) Director. * The Board met 5 times during the financial year. * The Company has a Risk Management policy. * The Company remains committed to ensuring an effective internal control environment. * The Audit Committee consists of Mr. Ramesh Rajah, Mr. T. Jayaraman, Mr. Ramesh K B Menon, Mr. Sathia Jeeva Krishnan Chidambara. * The Nomination and Remuneration Committee consists of Mr. T. Jayaraman, Mr. Ramesh Rajah, Mr. M M Venkatachalam, Mr. Ramesh K B Menon, Mr. Sathia Jeeva Krishnan Chidambara. * The Stakeholders Relationship Committee consists of Mr. M M Venkatachalam, Mr. Ramesh Rajah, Mr. Ramesh K B Menon, Mr. Sathia Jeeva Krishnan Chidambara. * Since the CSR expense didn't exceed Fifty Lakhs, Corporate Social Responsibility requirements weren't applicable. * Deloitte Haskins & Sells were appointed as the Statutory Auditors. * PK F Sridhar & Santhanam LLP were appointed as Internal Auditors. * AR Ramasubramania Raja & Co., were appointed as the Cost Auditors, and seeking member ratification for their remuneration of Rs. 1,32,000/-. * The company Mayura, Iyerpadi, Paralai, Attikunna & Carolyn factories have been certified with ISO 14001:2004 (Environmental Safety Management Standards). **Form AOC.2:** Details of contracts or arrangements with related parties are reported as NIL. **Format for The Annual Report on CSR Activities:** * The company is dedicated to the cause of empowering people, educating them and in improving their quality of life. * Not Applicable as the CSR Expenditure is below Rupees Fifty Lakhs **Annexure to the Directors' Report:** * Provides details on energy conservation, technology absorption, and foreign exchange earnings and outgo. * Lists various energy conservation initiatives at different factory locations. * Details ongoing research and development activities. * ISO certifications held at factories. **Independent Auditor's Report:** The report expresses an unmodified opinion on the standalone financial statements. It details the responsibilities of management and the auditor, and compliance with accounting standards. **Annexure “A” to the Independent Auditor's Report:** Focuses on internal financial controls with reference to the standalone financial statements. **Annexure “B” to the Independent Auditor's Report:** Lists details related to property, plant, and equipment; inventories; loans; deposits; and statutory dues.

Parry Agro Industries Limited Unlisted Shares

Here is a comprehensive summary of the provided PDF, meeting all specified constraints: **Overview of Parry Agro Industries** Parry Agro Industries Limited is a leading tea producer in India with estates located in major tea-growing regions such as the Anamallais of Tamil Nadu, Nilgiri Wayanad, and Assam. The company employs over 10,000 people in rural India and focuses on sustainable and environment-conscious practices. Their estates and factories hold certifications under various standards to ensure safe and desired products for their customers. Parry Agro also has a dedicated R&D facility with NABL certification and DSIR recognition for chemical/microbial testing and has a market presence across India, from Kashmir to Kerala. **Corporate Information and Directors** The board of directors includes M.M. Venkatachalam (Non-Executive Chairman), Ramesh Rajah, Ramesh K B Menon, T. Jayaraman, A. Sridhar, and Sridharan Rangarajan. The company’s bankers are HDFC Bank Limited and auditors are M/s. Deloitte Haskins & Sells, Chartered Accountants. The registered office is located at "Parry House”, 5th Floor, No. 43, Moore Street, Chennai - 600 001. Brief profiles of each director are provided, detailing their qualifications and experience. **Financial Performance (2013-2022)** The document presents a ten-year financial highlights overview (2013-2022). The Company's total income was at ₹20,892.91 lakhs (including other income of ₹218.43 lakhs) for the year ended March 31, 2022, compared to ₹23,570.62 lakhs for 2020-21. The revenue from tea operation was at ₹20,674.48 lakhs, compared to ₹23,289.17 lakhs in the previous year. Loss after tax was at ₹(1,405.54) lakhs for FY 21-22 against a previous year profit of ₹1,391.48 lakhs. Key financial data, such as sales, other income, profit/loss before tax, profit/loss after tax, dividend, reserves, fixed assets, investments, and net current assets, are presented in a table. **Twelfth Annual General Meeting (AGM)** Notice is given for the Twelfth Annual General Meeting (AGM) to be held on July 22, 2022, via video conferencing. The agenda includes adopting standalone and consolidated financial statements, re-appointing directors Mr. Ramesh K B Menon and Mr. A. Sridhar (who are retiring by rotation), and re-appointing Mr. T. Jayaraman as an Independent Director for a second term (requiring a special resolution). The remuneration of the Cost Auditor also requires ratification. The notice details procedures for attending the meeting via VC, e-voting, and submitting questions. The register of members and share transfer books will be closed from July 15, 2022, to July 22, 2022. The notice specifies that proxy forms are not required. **Statement Pertaining to Special Business** The document includes a statement under Section 102 of the Companies Act, 2013, regarding the re-appointment of Mr. T. Jayaraman as an Independent Director and justification for the ratification of the remuneration of the Cost Auditor, including memorandums of interest, and details as required under Secretarial Standards for the director’s reappointment. **Directors' Report Key Highlights** The directors' report provides information on financial results, operations, and state of affairs including total income, profit/loss before tax & OCI and net profit/loss after tax. During the year 2021, the National tea production was at 1,329 million kilograms, showing an increase from the prior year. The South Indian auction sale averages showed a negative growth of 23%. The drop in market prices of tea had an adverse impact on the financial performance of the company. No dividend is recommended for the financial year ended 31st March 2022. Key policies are in place including a risk management policy, and internal controls with details of adequacy of internal financial controls and statements relating to significant and material orders passed by regulators or courts. Directors' retirements and re-appointments are noted. It also includes statements concerning material changes affecting the financial position of the Company. The board proposes to re-appoint Mr. T. Jayaraman as an independent director for a second term. The Board has met five (5) times during the financial year ended 31st March 2022. The company has received necessary declarations from the independent directors and a directors' responsibility statement is included. The Directors also confirm that they followed applicable accounting standards, selected appropriate accounting policies, took proper care for adequate accounting records, prepared accounts on a going concern basis and devised proper systems for compliance with applicable laws. Related party transactions are discussed, and it's stated that they were at arm's length and in the ordinary course of business. The report also details disclosure under the sexual harassment of women at workplace (prevention, prohibition and redressal) act, 2013 and conservation of energy, technology absorption & foreign exchange earnings and outgo. Mayura, Iyerpadi, Paralai, Attikunna & Carolyn factories have been certified with ISO 14001:2004 (Environmental Safety Management Standards). The audit committee, nomination and remuneration committee, and stakeholders relationship committee composition are disclosed. **Corporate Social Responsibility (CSR)** The company's CSR policy focuses on improving the wellbeing of the disadvantaged, including empowerment through education and access to basic necessities. The policy maintains compliance and alignment with activities listed in Schedule VII and Section 135 of the Companies Act, 2013. As the amount to be spent under CSR policy of the company does not exceed fifty lakhs the constitution of the committee is not applicable. The committee was therefore dispensed with and the responsibilities of the Committee is being discharged by the Board. CSR reporting is appended as Annexure III. **Auditor Information** Deloitte Haskins & Sells are the statutory auditors and they have furnished their consent to continue to act as Statutory Auditors. The Company had appointed PKF Sridhar & Santhanam LLP as Internal Auditors for the financial year 2021-22, and M/s. AR Ramasubramania Raja & Co., are the Cost Auditors. **Annexures and Financial Statements** The report includes annexures detailing Board nomination criteria, remuneration policy, Form AOC.2 regarding related party transactions, CSR activities, and energy conservation efforts. It also includes a detailed standalone and consolidated balance sheet, statement of profit and loss, statement of changes in equity, and cash flow statements as of March 31, 2022, alongside detailed notes to the accounts. Also included are independent auditor's reports for both standalone and consolidated financial statements. Detailed instructions for remote e-voting are included in the annexures.

Parry Agro Industries Limited Unlisted Shares

The Annual Report 2020-2021 of Parry Agro Industries Limited highlights the company's operations as a leading tea producer in India, with estates in major tea-growing regions including Sheikalmudi, Murugalli, Paralai, Iyerpadi, Attikunna, Carolyn, Deckiajuli, and Rajajuli. The company employs over 10,000 people across its estates, focusing on sustainability and environmental consciousness. Their estates and factories are certified under various standards to ensure safe products. They also maintain a dedicated R&D facility with NABL accreditation and DSIR recognition for chemical/microbial testing. **Key Highlights of Financial Performance:** * **Revenue:** The company's total income was ₹23,570.62 lacs for the year ended March 31, 2021. Revenue from tea operations reached ₹23,289.17 lacs, compared to ₹17,378.19 lacs in the previous year. * **Profitability:** Profit after tax stood at ₹1391.48 lacs for FY 20-21, a turnaround from the previous year's loss of ₹203.73 lacs. * **Dividend:** The Directors recommended a dividend of ₹11 per equity share (110% of ₹10 each). **Board of Directors:** * The board includes Mr. M.M. Venkatachalam (Non-Executive Chairman), Mr. Ramesh Rajah, Mr. Ramesh K B Menon, Mr. T. Jayaraman, Mr. A. Sridhar, and Mr. Sridharan Rangarajan. Mr. M.M. Venkatachalam retires by rotation and is eligible for re-appointment. Mr. Sridharan Rangarajan was appointed as an additional director effective January 22, 2021. **Annual General Meeting (AGM):** * The Eleventh Annual General Meeting (AGM) will be held via Video Conferencing (VC) on Friday, July 23, 2021, at 12:00 Noon I.S.T. * The notice includes resolutions for adopting standalone and consolidated financial statements, declaring dividends, re-appointing Mr. M M Venkatachalam as Director, appointing Mr. Sridharan Rangarajan as Director, and ratifying the remuneration of the Cost Auditor. **Operational Performance & Market Conditions:** * National tea production decreased by 10% in 2020, with North India experiencing a 12% decrease. However, South India's tea production increased by 1%. * The decrease in production pushed up domestic tea prices. South Indian auction sale averages increased from ₹99.74/kg to ₹141.73/kg, and North Indian averages also showed significant growth from ₹154.21/kg to ₹216.27/kg. **Key Disclosures:** * **Audit Committee:** The Audit Committee includes Mr. Ramesh Rajah (Chairman), Mr. Ramesh K B Menon, and Mr. T. Jayaraman. * **Nomination and Remuneration Committee:** This committee comprises Mr. T. Jayaraman (Chairman), Mr. Ramesh Rajah, Mr. M M Venkatachalam, and Mr. Ramesh K B Menon. * **Stakeholders Relationship Committee:** Chaired by Mr. M M Venkatachalam, with Mr. Ramesh Rajah and Mr. Ramesh KB Menon as members. **Corporate Social Responsibility (CSR):** * The company follows its CSR policy to impact disadvantaged lives by supporting activities improving their wellbeing. Education and healthcare remain priorities. Given that the amount to be spent under the CSR policy does not exceed fifty lacs, the constitution of a CSR committee is not applicable. The responsibilities are discharged by the Board. The total CSR expenditure during the year was ₹6.26 lacs. **Other Key Points:** * The company has a Risk Management policy. * Details on internal financial controls are discussed. * Directors' responsibility statement is provided. * Related party transactions are disclosed, stating that all transactions were at arm's length. * Deloitte Haskins & Sells, Chartered Accountants, are the statutory auditors. * The company has a policy in place regarding the prevention of sexual harassment at the workplace. * Details on energy conservation, technology absorption, and foreign exchange earnings/outgo are provided. **Accreditations & Recognitions:** Several factories including Mayura, Iyerpadi, Paralai, Attikunna & Carolyn are ISO certified. Department of Scientific and Industrial Research (DSIR), Ministry of Science and Technology, New Delhi, has re-affirmed the recognition to the in-house Research and Development unit of your company up to 31.03.2021.