Annual Report: 2021
Annual Report 2020-2021 Summary:
The India Carbon Limited Annual Report for 2020-2021 details the company's financial performance, operations, and governance. The Fifty-Ninth Annual General Meeting is scheduled for September 30, 2021, via video conferencing. Shareholders are requested to update their email addresses and can vote electronically. The company has appointed Mr. Anant Kashliwal as the Scrutinizer for the e-voting process.
Financial Performance: The company's gross revenue from operations was Rs. 196.25 Crore, a 4.83% decrease from the previous year. Production of Calcined Petroleum Coke (CPC) and Electrode Carbon Paste (ECP) decreased by 22.80% and 9.21% respectively due to COVID-related issues and a super cyclone. Sales of CPC and ECP also decreased. However, the company earned a profit after tax of Rs. 52.92 crores, compared to a loss of Rs. 36.46 crores in the previous year. The Board recommended a dividend of Rs. 5.00 per equity share.
Operations and Outlook: Initial shutdowns due to COVID-19 and a super cyclone significantly impacted operations, particularly the Budge Budge unit. Extended refinery shutdowns in Assam for Bharat Stage 6 upgrades are expected to affect raw material availability. Budge-Budge factory operations are expected to return to normal, relying on imported RPC. Future prospects depend on controlling the COVID pandemic and government economic stimulus measures.
Compliance and Governance: The company complied with Indian Accounting Standards and had no changes in the nature of its business. Gordon Kenneth Mcintosh and Tony William Grims are directors retiring by rotation and offering themselves for re-appointment. The report details key managerial personnel, board meetings held, formal annual evaluation processes, and declarations by independent directors. It also outlines the company's remuneration policy.
Subsidiaries, Auditors, and Other Matters: The company has a subsidiary, C & C Investments Ltd., with the company holding 99.9% of the equity shares. S. Samanta & Co. is the statutory auditor, and the report is self-explanatory. Mr. S S Mahata & Associates has been appointed as the Secretarial Auditor. M/s BSS & Associates is the Cost Auditor. The report covers internal control systems, risk management, a code of conduct, and details from the annual return.
Other Key Points:
The report provides detailed financial statements, including the balance sheet, statement of profit and loss, statement of changes in equity, and cash flow statement. It also provides detailed information on related party disclosures, risk management, and other corporate governance matters.
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