India Carbon Limited Unlisted Shares

Annual Report Summary

India Carbon Limited Annual Report 2023-2024 Summary:

Notice and AGM Information: The 62nd Annual General Meeting (AGM) of India Carbon Limited will be held on Wednesday, September 4, 2024, at 10:30 A.M. (IST) via Video Conferencing (VC) or other Audio-Visual Means (OAVM). The AGM will address ordinary business, including the adoption of the Audited Balance Sheet as of March 31, 2024, the Profit & Loss Statement, and Cash Flow Statement for the year ended March 31, 2024, along with the reports of the Board of Directors and Auditors. A dividend declaration of 20% (Rs. 2 per equity share of Rs. 10 each) for the financial year ended March 31, 2024, is proposed. The appointment of Mr. Gordon Kenneth Mcintosh and Mr. Tony William Grims as Directors, liable to retire by rotation, will also be considered.

Special resolutions include the ratification of the Cost Auditor's remuneration for the financial year ending March 31, 2025, where M/s BSS & Associates, Cost Accountants, will be appointed for a remuneration of Rs. 27,000 plus applicable taxes and out-of-pocket expenses. The reappointment of Mr. Rakesh Himatsingka as Managing Director for three years, from December 1, 2024, to November 30, 2027, on terms and conditions mentioned in the draft agreement, is also a special resolution. Additionally, the reappointment of Mr. Shaurya Veer Himatsingka as Joint Managing Director for three years, from April 1, 2025, to March 31, 2028, will be considered.

The appointment of Dr. Anuradha Lohia, Mr. Avijit Mukerji, and Dr. Santanu Mitra as Independent Directors of the Company for a term of 5 years commencing from August 9th, 2024 to August 8th, 2029 will be put forth for approval as Special Resolutions.

Remote E-voting & AGM Instructions: The AGM is conducted through VC/OAVM, without physical presence. Members can attend and participate through VC/OAVM. No physical copy of the Annual Report will be sent. E-voting instructions are provided for shareholders, enabling access through CDSL/NSDL e-Voting systems. Voting begins on September 1, 2024, and ends on September 3, 2024. The process to express views or ask questions and the process for shareholders whose email/mobile number are not registered with the Company/Depositories are mentioned. Directors' Report: The Directors present the 62nd Annual Report for the financial year ended March 31, 2024. Key financial results include revenue from operations of Rs. 42,039.12 Lakh compared to Rs. 56,571.86 Lakh in the previous year, a decrease of 25.69%, caused by sales realization at Guwahati and reduction in Graphite Grade CPC sales. Production of CPC decreased by 13.80%, while ECP production increased by 42.23%. Sales of CPC decreased by 14.43%, while ECP sales increased by 26.26%. The profit after tax increased by 26.58% to Rs. 3,028.25 Lakh. An outlook for the company’s operations and future prospects are discussed. The board recommends a dividend of 20%, i.e., Rs.2/- per equity share of Rs.10/- each. There were no changes in the board except that Gordon Kenneth Mcintosh and Tony William Grimes retire by rotation and are eligible for re-appointment.

Additional points from the Director's report:

• Compliance with Indian Accounting Standards has been maintained. There's no change in the nature of the company's business. The Board recommends a dividend payment subject to shareholder approval. There's no change of name.
• A "Zero Tolerance" policy against bribery, corruption, and unethical behavior is enforced. Instructions are given for shareholders attending the AGM through VC/OAVM and for e-voting during the AGM.
• The annual remuneration of Mr. Rakesh Himatsingka will be Rs. 3,40,000/- per month, with an increment of Rs. 25,000/- each year on 1st December. Perquisites such as housing, gas, water & electricity allowance, furnishing allowance, re-imbursement of house maintenance expenses, medical re-imbursement, leave travel, use of car on Company's business and Mobile/telephone/fax at residence, club fees, mediclaim Insurance and personal accident insurance are also allotted.

Management Discussion and Analysis: The industry structure & development and opportunities & threats along with its segment-wise/ product-wise performance and a positive outlook is provided. Indian Aluminum market is anticipated to reach USD 19.76 billion dollar by 2030, at a CAGR 7.6%. India's highly ambitious infrastructure development plan significantly impacts the demand for Aluminum. India's economy grew by around 8.2% during the financial year 2023-24, sharply higher than around 7% expansion recorded in the previous financial year.

Corporate Governance Report: Highlights India Carbon Limited's commitment to sustainable corporate growth and integrity. It details Board composition, key committees (Audit, Nomination & Remuneration, Stakeholders Relationship, Corporate Social Responsibility), director attendance, and remuneration details. Financial Information, compliance with regulations, auditor certifications, and other relevant disclosures are presented according to SEBI regulations.

Independent Auditor's Report: M/s S. Samanta & Co., Chartered Accountants, is the statutory auditor. The report provides an opinion on the financial statements, adherence to accounting standards, key audit matters, and compliance with legal and regulatory requirements. It includes annexures with detailed information and affirms the adequacy of the internal financial controls system.

Financial Statements: The document includes the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement, with detailed notes. These notes provide specifics on share capital, reserves, borrowings, provisions, revenue, expenses, and other financial elements, as per the reporting standards and regulatory requirements. These also include the Independent Auditors Report.