Annual Report: 2023
India Carbon Limited (ICL) Annual Report 2022-23 Summary:
Notice and AGM: The 61st Annual General Meeting (AGM) will be held on Monday, 18th September, 2023, at 11:00 A.M. (IST) via video conferencing (VC) or audio-visual means (OAVM). The Ordinary business includes the adoption of financial statements, declaration of dividend on equity shares, and appointment/reappointment of Mr. Gordon Kenneth Mcintosh and Mr. Tony William Grims as Directors who retire by rotation. Special business involves ratifying the remuneration of the Cost Auditor for the financial year ending 31st March 2024, where M/s BSS & Associates will be appointed at a remuneration of Rs.27,000/- plus applicable taxes and out of pocket expenses. Due to COVID-19 guidelines, AGM will be held through VC/OAVM. Remote e-voting facilities are available to members through CDSL/NSDL. The voting period is from 15th September 2023 to 17th September 2023. No physical copies of the annual report will be sent. The company has appointed M/s. Mahata Agarwal & Associates as Scrutinizer for the e-voting process.
Directors' Report: Financial Performance: Revenue from operations increased by 24.03% to Rs. 56,571.86 Lakh. Calcined Petroleum Coke (CPC) & Electrode Carbon Paste (ECP) production increased by 10.95% and 2.09%, respectively. Profit after tax decreased by 70.59% to Rs. 2,392.39 Lakh. Operational Information: Guwahati plant operated for 279 days, and Budge Budge plant operated for 303 days. Future Outlook: The Global Petroleum Coke Market is projected to reach USD 64.26 Billion by 2030 with a CAGR of 7.2%. The Indian economy is expected to grow significantly, reaching $3.7 trillion. Dividend: The Board recommends a dividend of 40% (Rs. 4 per share). The Register of Members and Share Transfer books will be closed from 12th September to 18th September 2023. Directors and KMP: Mr. Gordon Kenneth Mcintosh and Mr. Tony William Grimes are retiring by rotation and offer themselves for reappointment. Mr. Bhaskar Rakshit was appointed as Company Secretary, and Mr. Vinod Kumar Agarwal is the Chief Financial Officer. Board Meetings and Evaluation: Six board meetings were held. The Board carried out an annual performance evaluation. Other Points: M/s. C & C Investments Ltd. ceased to be a subsidiary. M/s. S. Samanta & Co. are the statutory auditors. A Code of Conduct is applicable to the Board and employees. Material Changes: There have been no material changes affecting the financial position of the Company. Committees: The Company has constituted Audit, Stakeholder Relationship, Nomination and Remuneration, and Corporate Social Responsibility Committees. Health and Safety: The company is committed to the health and safety of its employees. Credit Rating: CARE assigns "CARE A-" ratings to the Long-Term Bank facilities and “CARE A1” rating to the Short-Term Bank facilities. Insider Trading: The Company has adopted a Code of Conduct for the Prevention of Insider Trading.
Form MGT 9 (Extract of Annual Return): The company's CIN is L23101AS1961PLC001173, and the registration date is 12/06/1961. India Carbon Limited is a Company Limited by Shares/Indian Non-Government Company with registered address at NOONMATI, GUWAHATI, ASSAM-781020. It is a listed company and its registrar and share transfer agent is C B Management Services (P) Limited. The principal business is Calcined Petroleum Coke, and NIC Code is NA, and accounts for 93.60% of the company turnover.
Auditor's Report: Unmodified opinion on financial statements. Key audit matter is litigation related to entry tax. Adequate internal financial controls.
Additional Annexures: The document includes numerous annexures including: *Annexure A, which states that the Company has maintained proper records and has title deeds to immovable properties in place. *Annexure B details the Company's statement on internal control. *Annexure C and D include information concerning investments.
Management Discussion and Analysis: Industry Overview: Aluminum market is growing with increased infrastructure spending, electrification, and a shift to electric vehicles. The graphite electrode market is also expanding due to increased steel demand and electric arc furnace technology. Opportunities: India's aluminum demand is expected to reach 10 million tons by 2030. Threats: Locational disadvantage, cheap imports of CPC from China, and a shortage of raw petroleum coke. Risks and Concerns: Dependence on imported raw materials, volatile commodity prices, and rupee depreciation. Financial Performance: Revenue increased by 24.03%, but profit after tax decreased by 70.59%. Internal Control: The Company has adequate internal control systems. Materiality: The magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. Analytical Ratios: The report lists and analyzes key financial ratios such as the current ratio, debt-equity ratio, and return on equity.
Corporate Governance Report: The company is compliant with Schedule V of SEBI regulations. It discusses the company's philosophy on corporate governance, the composition of the board, director induction, familiarization programs, and training. Provides details of director attendance at meetings and the details of various committees and their terms of reference. Addresses other elements such as means of communication, secretarial audit report, compliance certificate of corporate governance, details of General Body Meetings and address for correspondence.
Financial Statements: The report includes detailed financial statements, including the balance sheet, statement of profit and loss, statement of changes in equity, and cash flow statement, along with related notes. These cover topics such as share capital, reserves, borrowings, trade payables, provisions, employee benefits, and income taxes. Significant accounting policies are also described.
CSR Activities: The composition of the CSR Committee is provided, along with a link to where CSR projects approved by the board are disclosed. Details of funds spent, and any unspent amounts are also mentioned, along with a geographical summary of the spendings. The reason if any for failing to spend two per cent of the average net profit is also mentioned.
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