Managing Director's Review
Dear Shareholder's Road-To-Recovery
At the outset I would thank you for being with us and reposing your confidence in itsmanagement. Parabolic presently is all about realigning recovering and rethinking toresolve our current challenges. I would like to take this opportunity to convey myheartfelt thanks for your utmost commitment unstinted support and unshakable faiththroughout. This calendar year in many ways would be the defining moment for the Companyas it continues the journey towards a sustainable growth.
I would also like to reiterate that your role as a share holder as a contributorin this growth trajectory has always been well appreciated and acknowledged. It is withyour support only that the Company is able to cross the hurdles at all levels.
"As we embark on a new journey and set new goals let us focus not just on routinematters but also transform all areas and ideas that focus not just on creating waves butalso creating values for our society. Not just on immediate gains but also long termbenefits not just implementing best practices but also shaping partnerships and not juston building a bright future for our people but in being a bridge to a more united andprosperous world. For the success of this journey it is important to view this with neweyes and new sensitivity. The constraints of the past are behind us and the foundations ofthe future are in place"
These lines taken from a historic speech of our Honorable Prime Minister given to USCongress at Capitol Hill is perhaps most apt to describe Parabolic's present situation andthe way forward. Team Parabolic has shown relentless effort and grit as we embark ourrecovery journey.
I am also thankful for the trust reposed by you in the Group's potential through everythick and thin in all these years. Encouraged by this symbiotic relationship I would liketo share with you with heavy heart that 2017-18 has not been an easy year as well yourCompany experienced spurt in financial stress due to untamed economic variables thatcontinued to affect the business proficiency and all performance parameters badly shaken.During the Financial Year 2017-18 registered a top line/superlative of INR 718 Millionwhile incurring a loss of INR 570 Million. Without exaggeration I assure you that we aretrying our level best to put things back on track and I am sure that with your support wewould spring back to normalcy within a short time.
We are committed towards implementing the best accounting practices and also set thehighest compliance system adhering to governance standards by being vigilant. From thisFinancial Year we are working on transition from I- GAAP to IND-AS which will bring theaccounting at par with the international standards with utmost transparency and will alsoact as an impetus for adherence to systems and processes leading to productivity andgrowth.
Our learning and continuous quest for improvements makes us an eager learnerorganization to respond to the unpredictability and vulnerability of market. We willcontinue to build on our strengths investing in innovation to deliver right value todayand tomorrow.
We have also made it a point to increase our operating efficiency. By streamlining ourbusiness processes and improving our internal cost structure we will operate moreefficiently and deliver greater value to both our customers and shareholders
As we set ourselves a target of achieving bigger milestones we realize that it is ourpeople our biggest strength that will get us there. Our employees areengines that drive the whole organization forward. We are committed to nurture and developthe great talent at Parabolic by providing the team greater satisfaction to achieveorganizational and personal goals.
"The road to recovery will not always be easy but I will take it one day at atime focusing on the moments I've dreamed about for so long" - Amanda Lindhout.
With this quote I conclude by thanking you all we express gratitude to our Directorsfor their concerted efforts all through this journey. We also take the opportunity tothank our Customers Vendors Bankers and Shareholders for their unflinching support.
We look forward to a prosperous year ahead and a pleasant and rewarding journey withall of you.