Annual Report: 2022
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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.
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