Paragon Ceylon : ANNUAL REPORT 2020/2021

Paragon Ceylon PLC Annual Report

2021

Notice of Meeting

NOTICE IS HEREBY GIVEN that the Sixty Fourth Annual General Meeting of Paragon Ceylon PLC will be held at the Committee Room, NCC, 29 Maitland Place Colombo 7 on 30th September 2022 at

10.30 am and the business to be brought before the Meeting will be:

1. To receive and consider the Annual Report of the Board of Directors on the affairs of the Company and the Financial Statements for the year ended 31st March 2021 and the Report of the Auditors thereon.
2. To pass the ordinary resolution set out below to appoint Mr. J B M Ponrajah who is 73 years of age, as a Director of the Company;
   "IT IS HEREBY RESOLVED THAT the age limit stipulated in Section 210 of the Companies Act, No.07 of 2007 shall not apply to Mr. J B M Ponrajah who is 73 years of age, and that he be and is hereby appointed a Director of the Company in terms of Section 211 of the Companies Act No. 07 of 2007"
3. To re-elect Mr. P S R Casie Chitty who retires by rotation in terms of Articles 84 of the Articles of Association, as a Director of the Company.
4. To authorise the Directors to determine donations for the ensuing year.
5. To appoint Messrs.Pope & Co., Chartered Accountants, as the Auditors of the Company and to authorize the Directors to determine their remuneration.

BY ORDER OF THE BOARD

paragon ceylon PLC

P W CORPORATE SECRETARIAL (PVT) LTD

31st August 2022

Colombo.

Note:

Note: A member entitled to attend and vote at the meeting is entitled to appoint a Proxy to attend and vote instead of him/her. A Proxy need not be a member of the Company. A Form of Proxy is enclosed for this purpose. The completed form of Proxy should be deposited at the Registered Office of the Company, not less than forty-eight (48) hours before the time fixed for the commencement of the Meeting.

ANNUAL REPORT- 2021

Corporate Information

Directors

L. I. Ratnasabapathy

(Chairman/Managing Director)

L. C. G. Ratnanather

J. P. M. Ponrajah

P. S. R. Casie Chitty

M. M. Marzook

A. M. De Alwis

Secretaries

P W Corporate Secretarial (Pvt) Ltd

Head of Finance

M. S. A. Kariapper

Auditors

Pope & Company

Chartered Accountants

Tax consultants

Nanayakkara & Co.

Chartered Accountants

Bankers

Commercial Bank of Ceylon Ltd.

Lawyers

Nithi Murugesu

Attorney-at-Law

ANNUAL REPORT- 2021

Directors' Profile

L. I. Ratnasabapathy - Executive Chairman and Managing Director

Mr. L. I. Ratnasabapathy is a CIMA finalist with broad experience and exposure to finance, information technology, systems design and implementation, project management, and commercial offset printing. He serves as the Executive Chairman and Managing Director for Ceylon Printers PLC, Office Equipment PLC, Paragon (Ceylon) PLC, Kalamazoo Industries (Pvt) Ltd and International Computers (Ceylon) Ltd.

L. C. G. Ratnanather - Director

Mr. L. C. G Ratnanather has been with the Company since 1965 and counts 56 years of senior management experience. He acts as the Group Finance Director and oversees the finance function. He is a director of Ceylon Printers PLC, Paragon Ceylon PLC, Kalamazoo Industries (Pvt) Ltd, Office Equipment PLC and International Computers (Ceylon) Ltd. Mr. Ratnanather is a finalist at the Chartered Institute of Accountants Sri Lanka.

J. B. M. Ponrajah - Executive Director

Mr. J. B. M. Ponrajah is responsible for the overall operations of Paragon Ceylon PLC. He is responsible for strategy implementation and achievement of the Company goals. Mr. J. B. M. Ponrajah has been working with the Company since 1972 and counts 48 years of experience in senior management, sales and marketing.

P. S. R. Casie Chitty - Independent Non-Executive Director

Mr. R. Casie Chitty joined the board as an independent non executive director in 2009. He is an independent non executive director of Ceylon Printers PLC, Paragon Ceylon PLC and Office Equipment PLC. Mr. Casie Chitty who holds a Masters in Economics from the University of Colombo is also a Fellow of the Association of Chartered Certified Accountants (ACCA), UK, an Associate Member of the Chartered Institute of Management Accounts (CIMA), UK, and a Chartered Financial Analyst, USA.

M. M. Marzook - Independent Non-Executive Director

Mr. M. M. Marzook joined the board as an independent non executive director in 2013. He is a Fellow Member of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), an Associate Member of the Chartered Institute of Management Accountants (CIMA) and holds a Master of Business Administration from the University of Sri Jayawardenapura. He is currently the Head of Special Projects - Finance and Management Information Systems, at Hayleys Advantis Limited. He counts for over 31 years' experience in Finance, Consulting and Financial Advisory.

A. M. De Alwis - Executive Director

Ms. A. M. De Alwis Obtained a Bachelor of Arts in Economics in 1994 from Haverford College in Pennsylvania and is a passed finalist of CIMA.

She started her career as a management trainee at the Colombo Stock Exchange for a period of a year from September 1994 to 1995. Thereafter, she commenced Accounting studies and completed the exams of the Chartered Institute of Management Accountants in 1998.

While studying accountancy, she obtained work experience at BIP Advantage Sri Lanka, an advertising agency, from September 1994 to December 1995 in the Accounts department. She then served as the Accountant at DLPL (Yellow Pages) Sri Lanka from 1999 to 2000 and thereafter for a period of a year at the Ceylon Printers Group of Companies, before rejoining the group in 2020.

ANNUAL REPORT- 2021

Chairman's Review

On behalf of the Board of Directors, I welcome you to the sixty fourth Annual General Meeting of Paragon Ceylon PLC and it gives me great pleasure to present to you the Annual Report of the Company for the year ended 31st March 2021.

The turnover of the Company in the period under review decreased from Rs 4.666 million in the preceding year to Rs. 4.372 million.

However, the company recorded an operating profit of Rs 0.867 million as against a profit on operations of Rs 0.460 million in the previous year. The increase in the operating profit was attributed to a ran increase in reported other income due to certain write backs which were done during the year. The company recorded a net profit after taxation of Rs 0.902 million for the year under review.

The Management will be looking into the operations of the company and taking necessary measures to increase Turnover and the profitability during the current Financial Year.

In conclusion, I wish to take this opportunity to express my thanks to all our customers, bankers, suppliers and principals for their patronage and support.

My thanks also to my colleagues on the Board, the Management and staff for their commitment and last but not least, our shareholders for their support and confidence.

L. I. Ratnasabapathy

Chairman

31st August 2022.

ANNUAL REPORT- 2021