The directors are pleased to present the fifteenth annual report of
Parker Agrochem Exports Limited alongwith the audited accounts for the
Financial Status :
The Financial results of the Company for the year under review is
(Rs. In lacs)
Gross Income 296694.52 270110.41
Profit before Depreciation and Tax 15.11 138.06
Depreciation 26.47 25.43
Profit before tax (11.36) 112.62
Less: Provision for Tax 7.46 40.93
Profit after tax (3.93) 71.68
Profit carried to Balance Sheet (3.93) 71.68
During the year 2007-08 the markets were highly volatile which has
resulted in to a minor amount of loss to the company, however, the
directors managed to take timely decisions which helped us face the
market fluctuations. Due to the loss the company has not declared any
dividend for the year under review.
Year Under Review :
The year under review witnessed heavy fluctuations in the market as
compared to the past years. The turnover of the Company has shown an
increase of 9% to 296694.52 as compared to 270110.41 in 2006-07.
Management Discussion and Analysis Report :
Management Discussion and Analysis Report for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges is presented in a separate section forming part of the Annual
Public Deposits :
The Company has not accepted any deposits from the public during the
year under review.
Mr. Sukhdev R Acharya, chairman cum managing director of the company
retire by rotation and being eligible offers himself for re-
appointment for a period of 5 years.
A brief resume, nature of expertise, functional areas etc. as required
by the clause 49 -Corporate Governance of the Listing Agreement are
given under the section of Corporate Governance in the Annual Report.
Stock Exchange Compliances :
The Company is listed on Saurashtra & Kutch Stock Exchange, The Stock
Exchange, Ahmedabad and The Stock Exchange, Mumbai. Your Company has
complied with all the clauses of Listing Agreement viz. publishing the
quarterly unaudited results, annual financial results, etc. for the
year under review.
The Company has paid the required annual listing fees to all the three
Stock Exchanges till the date of the Report.
Directors Responsibility Statement :
In terms of Section 217 (2AA) of the Companies Act, 1956, in relation
to financial statements for the year 2007-2008, the Board of Directors
state that :
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures. The directors have decided to provided the
gratuity and provident fund benefits from the year 2008-09.
ii) The directors had selected such accounting policies and applied
them consistently and made judgements 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;
iii) The directors had taken proper and sufficient care for the
maintainence of adequate accounting records in accordance with the
provisions of this act 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
Corporate Governance :
The Corporate Governance Report is made compulsory by the Clause 49 of
the Listing Agreement. The companys aim is to provide a true and fair
view to the shareholders of the company and has duly complied with this
clause and has also submitted the quarterly compliance reports. A
separate section on Corporate Governance is incorporated in the Annual
Report of the Company.
M/s. N. U. Shah & Associates, Chartered Accountants resigned during the
year and had willingly given consent to Samir M Shah & Associates to
act as the Chartered Accountants of the company for the remaining
period. Samir M Shah & Associates however eligible offer for themselves
for re-appointment as auditors at a remuneration fixed by the Audit
Particulars of Employees :
The information as required under section 217 (2A) of the Companies
Act, 1956 read with Companies (Particulars of Employees) Rules, 1975,
as amended, by the Companies (Particulars of Employees )Amendment
Rules, 1999 is Nil.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings & Outgo :
Information as per section 217(l)(e) of the Companies Act, 1956 read
with Rule 2 of the Companies (disclosure of particulars in the report
of Directors), Rules, 1988 is given in the annexure and forms an
integral part of this report.
Appreciation and Acknowledgement:
Your Directors acknowledge with gratitude, the patronage of its
esteemed customers, the strength it derives from its employees at all
the levels, the support from its Bankers and the loyalty of the large
family of the Companys customers, suppliers and the Shareholder.
By Order of the Board of Directors
Place : Ahmedabad Sukhdevbhai R Acharya
Date : 25/08/2008 (Chairman & Managing Director)