India Carbon Ltd Unlisted Shares

INDIA CARBON LIMITED

India Carbon Limited Was established in 1961 was founded by Mr. B. Himatsingka and is a pioneer of the Calcining industry having set up Asia’s first Calcination Plant at Guwahati in 1962. ICL since inception, has also been in Technical & Financial Collaboration with Oxbow Calcining LLC (formerly Great Lakes Carbon LLC) USA -World Leaders in the Calcined Petroleum Coke field. The Company then went ahead and established its second calcination plant in 1969 at Budge Budge, West Bengal. India Carbon Limited unlisted shares buy & sell.

INDIA CARBON LIMITED (ICL), India’s leading producer of Calcined Petroleum Coke. India Carbon Limited Provides Calcined Petroleum Coke To Major Carbon Consuming Industries Like Aluminium Industry, Steel Industry, Etc.

CPC Is Used In Alumina Smelters As Anode, In Ferroalloy Industries As Soderberg’s Electrode, In Manufacturing Of Graphite Electrodes & Are Also Used As Thermal Paste For Ferro Alloys & Allied Industries, Melting of Steel , Recurburisation and for making Special Steels & Alloys, etc.

Financials of India Carbon Limited Unlisted Shares:

Particulars (In Crores)	2016	2017	2018	2019	2020
Revenue from Operations	192	165	352	496	212
Total Expense	192	142	250	299	263
PAT	0	19	79	154	-44
EPS	0.72	71.24	299.29	580	-137

Review of FY18-19 Performance

a) The Company has earned its highest-ever profit after Tax in the history of the Company, amounting to Rs.153.71 Crore, as against Rs.79.31 Crore in the previous financial year.
b) During the financial year ended 31.03.2019, the Company has achieved a gross revenue from operation amounting to Rs.471.65 Crore as against Rs.342.95 Crore in the last financial year, an increase of 37.52 % as compared to the previous financial year, which is also the highest ever.
c) Production of Calcined Petroleum Coke (CPC) during the year was 88,829MT as against 85,789MT in the previous year and Electrode Carbon Paste (ECP) production was 5,478MT as against 4,622MT in the previous year, an increase of 3.54% & 18.52% respectively.
d) Further, Sales of CPC for the year under review was 73,865 MT as against 82,470 MT in the previous year, a decrease of 10.43%. ECP sales were 5,449 MT as against 4,622 MT in the previous year, an increase of 17.89%.
e) During the year production of both CPC & ECP, which is the main constituent of the Company’s turnover significantly increased as compared to the previous year, resulting in a lower cost of production due to much better capacity utilization, as well as many improved prices. However, the sales of CPC marginally decreased during the financial year 2018-19, as compared to previous financial year.
f) All of the above resulted in an excellent year for the Company, but regrettably, slowdown started from the end of 2018 and has further intensified due to the very weak global economy as well as upcoming National Elections, resulting in severe fall in both demand but more so in prices.

Financial Updates of FY21 (Fig. in Lakhs)

Date	Revenue	EBITDA	OPM	PAT	NPM	EPS
Year Ended
31.03.2020	20619	-4846	-23.50%	-3646	-17.68%	-137.60
Nine Months Ended
31.12.2019	16006	-2848	-17.79%	-3149	-19.67%	-118.84
31.12.2020	13913	3480	25.01%	2055	14.77%	77.53
Quarter Ended
31.12.2019	4796	-937	-19.54%	-1112	-23.19%	-41.97
30.09.2019	6071	1084	17.86%	604	9.95%	22.78
31.12.2020	4346	1477	33.99%	976	22.46%	36.82

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About Unquoted/Illiqied Shares of INDIA CARBON LIMITED

INDIA CARBON LIMITED was established in 1961 and was the first company to set up a calcination plant in Asia in Guwahati. Since its initial days, the company has had technical and financial collaborations with Oxbow Calcining LLC, USA. The company established its second calcination plant in Budge Budge, West Bengal in 1969.

The company’s primary business is to manufacture and supply Calcined Petroleum Coke (CPC), which is the purest form of Carbon, having 99.5% of carbon in it. Apart from CPC, the company also produces Electrode Carbon Paste (EPC) and Tamping Paste, which are used in Ferro Alloys & Allied industries, and in carbide production.

Some of the customers of India Carbon Limited in the aluminium industry are Hindalco, National Aluminium Company Limited (NALCO), Madras Aluminium Company Limited (MALCO), and Bharat Aluminium Company Limited (BALCO). The company also sell its products to the steel sector, and some of its prominent customers in are steel industry are the Steel Authority of India Limited (SAIL), Tata Iron and Steel Company Limited (TISCO) and Essar Steel.

Apart from the production of carbon products, the company is also in the space of Floriculture and has established Orchid Farms in Guwahati. The flowers are currently being sold in New Delhi, Mumbai, Bangalore, and Kolkata.

The equity shares of the company are listed on the Calcutta Stock Exchange of India.

INCORPORATION DETAILS

CIN	L23101AS1961PLC001173
Registration Date	12 June 1961
Category/Sub-category of the Company	Company Limited by Shares
Address of the Registered office	Noonmati, Guwahati, Assam-781020
Name, Address and Contact Details of Registrar and Transfer Agent, if any	C B Management Services (P) Limited P-22, Bondel Road, Kolkata-700019 Phone: 40116700/11/18/23, 2280-6692/93/94 Email: rta@cbmsl.com

PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Name and Description of main products/services	NIC Code of the product/service	% to total turnover of the Company
Calcined Petroleum Coke	NA	93.02%
Electrode Carbon Paste	NA	5.96%
Thermal Carbon(Tempering) Paste	NA	0.13%
Desiccated Petroleum Coke Powder	NA	NA
Raw Petroleum Coke	19109	0.89%
Others	NA	NA

BOARD OF DIRECTORS

Mr Rakesh Himatsingka(Chairman and Managing Director)

Mr. Shaurya Veer Himatsingka(Deputy Managing Director & CEO)

Mr Gordon Kenneth Mcintosh

Mr Tony William Grims

Mr. Hemant Kumar Khaitan

Mr Manoj Mohanka

Mr. Soumendra Mohan Basu

Mr. Sunirmal Talukdar

Mrs Susmita Ghose

PARTICULARS OF SUBSIDIARY COMPANIES

Name of the Company	% of shares held
C & C Investment Limited	99.99%

SHAREHOLDING PATTERN (As of 31-03-2020)

S. No.	Shareholders’ Name	Number of shares	% of total Shares of the company
1	Shree Shyam Orchid Estates Limited (Promoter)	6,99,970	26.41%
2	RiddhimaSv Himatsingka (Promoter)	92,860	3.50%
3	Anita Himatsingka (Promoter)	2,09,615	7.91%
4	Shaurya Veer Himatsingka (Promoter)	2,37,431	8.96%
5	Other Promoters	71912	2.72%
6	Public Shareholding	13,38,212	50.50%
	Total	26,50,000	100.00%

INDUSTRY OUTLOOK

Calcined Petroleum Coke (CPC) is used in the manufacturing of Graphite, as an Anode in Alumina Smelters, as Soderberg’s Electrode for Ferroalloy Industries, as Thermal Paste for Ferro Alloys & allied industries in Submerged Arc Furnaces. It is also used for melting steel, and for making special steel and alloys.

Aluminium is the 2nd most used metal in the world after steel. Its consumption reached 65 million tonnes in 2020. India is the 4th largest producer of aluminium in the world. It produces around 5.3% of the global aluminium output. In FY 2020, the growth of primary consumption of aluminium fell by 2% from the growth of 3% in FY 2019. Excluding China, the whole world reported consumption degrowth of around 4% in FY 2020. In the Indian market, aluminium production fell by 2% in FY 2020, while domestic consumption declined by around 6 to 7%.

Primary aluminium exports from India surged almost 50% during the first quarter of FY 2021which helped domestic producers to tackle a sharp decline in domestic demand, in the wake of the COVID-19 pandemic in Q1FY 2021. However domestic demand returned with the easing of restrictions in Q2 and exports moderated. Exports grew by just 6.8% y-o-y in Q2 as compared to 50% growth in the June 2020 quarter. Share of export in total production also reached the pre-covid level of 56% in the month of December 2020 after peaking at 78% in April 2020.

The present requirement of CPC by the aluminium smelters is approximately 1.5Million Mts, and in addition, there is a substantial requirement by the Steel, Graphite Electrodes, Titanium dioxide, Ferro alloys and other miscellaneous Industries at around 0.5Million Mts, taking the total requirement to around 2.0Million Mt., which is in part met by imports of CPC, mainly from China.

PROFIT & LOSS STATEMENT OF INDIA CARBON LIMITED (In Rs. Lakhs)

Particulars	3 Quarters of FY 2021	2020	2019	2018
Revenue from Operations	13,913.48	20,619.90	47,165.01	34,295.25
EBITDA	987.20	-5,448.02	17,637.64	9,775.03
EBITDA margins	7.10%	-26.42%	37.40%	28.50%
Finance Cost	62.91	118.83	143.88	320.00
Depreciation	163.06	206.09	180.47	147.82
Other Income	2,492.30	602.09	2,411.49	933.43
Profit before Exceptional items and Tax	3,253.53	-5,170.85	19,724.78	10,240.65
Total Tax	1,198.90	-1,524.55	4,353.50	2,309.39
Profit After Tax (PAT)	2,054.63	-3,646.31	15,371.27	7,931.26
EPS	77.53	-137.60	580.05	299.29

BALANCE SHEET OF INDIA CARBON LIMITED (In Rs. Lakhs)

PARTICULARS	31st March 2020	31st March 2019
ASSETS
NON CURRENT ASSETS
Tangible assets	1,577.51	1,499.55
Intangible assets	9.05	11.33
Financial assets	8,592.28	11,562.80
Other non-current assets	42.37	42.94
Tax assets	1,077.06	0.00
TOTAL NON-CURRENT ASSETS	11,298.27	13,116.62
CURRENT ASSETS
Inventories	6,525.45	12,899.48
Financial assets	3,239.29	2,507.81
Trade receivables	2,928.25	2,377.61
Cash and cash equivalent	3,201.82	3,789.36
Other current assets	2,082.72	1,442.36
TOTAL CURRENT ASSETS	17,977.54	23,016.62
TOTAL ASSETS	29,275.81	36,133.23
EQUITY AND LIABILITIES
EQUITY
Equity Share Capital	265.00	265.00
Other Equity	24,148.16	29,515.57
TOTAL EQUITY	24,413.16	29,780.57
LIABILITIES
NON CURRENT LIABILITIES
Borrowings	0.00	4.73
Tax liabilities	42.84	35.68
Provisions	0.00	728.86
TOTAL NON-CURRENT LIABILITIES	42.84	769.27
CURRENT LIABILITIES
Borrowings	1,001.39	1,498.23
Trade payables	2,388.71	795.88
Other financial liabilities	1,300.95	3,156.34
Other current liabilities	60.35	51.64
Provisions	19.02	17.09
Tax liabilities	49.39	64.22
TOTAL CURRENT LIABILITIES	4,819.80	5,583.39
TOTAL LIABILITIES	4,862.64	6,352.66
TOTAL EQUITY AND LIABILITIES	29,275.81	36,133.23

DIVIDEND HISTORY

Particulars	2020	2019	2018
Dividend (final + interim) (In Rs.)	Nil	30	15
Retained Earnings(In Rs. Lakhs)	19,908.54	24,513.26	9,621.21

PERFORMANCE OF THE COMPANY

In FY 2020, the production of Calcined Petroleum Coke (CPC) was 85,990MT and the production of Electrode Carbon Paste (ECP) was 4,811MT. Sales of CPC were 70,563 MT and sales of ECP were 4,520 MT.

Revenue from Operations of the company decreased by 56% from Rs. 47,165.01 lakhs in FY 2019 to Rs. 20,619.90 lakhs in FY 2020. In the first three quarters of FY 2021, the company earned operational revenue of Rs. 13,913.48 lakhs.

EBITDA of the company for FY 2020 was a loss of Rs. 5,448.02 lakhs, as against a profit of Rs. 17,637.64 lakhs in FY 2019. In the first three quarters of FY 2021, the EBITDA of the company stood at Rs. 987.20 lakhs.

Profit after Tax of the company changed from a net profit of Rs. 15,371.27 lakhs in FY 2019 to a net loss of Rs. 3,646.31 lakhs in FY 2020. In the first three quarters of FY 2021, the company earned a net profit of Rs. 2,054.63 lakhs.

The current Ratio of the company as of 31st March 2020 was 3.73.

The debt to Equity ratio of the company as of 31st March 2020 was 0.04. The company has not given any dividends for FY 2020. However, it is a dividend-giving company and gave a dividend of Rs. 30 per equity share for FY 2019.

The book value of the company as of 31st March 2020 was Rs. 921.25.

The India Carbon Limited Balance Sheet (In Rs. Lakhs)

PARTICULARS	2023	2022
ASSETS
Non-current Assets
Property, Plant and Equipment	1,535.30	1,447.37
Capital work-in-progress	704.42	491.24
Intangible Assets	2.6	7.08
Financial Assets:
Investments	20,113.57	20,694.21
Other Financial Assets	64.56	329.86
Deferred Tax Assets (Net)	0	42.7
Other non-current assets	40.68	41.24
Total Non – Current Assets	22,461.11	23,053.70
Current Assets
Inventories	21,165.97	18,070.40
Financial Assets:
Investments	317.48	266.07
Trade Receivables	4,656.04	6,019.69
Cash and cash equivalents	1,262.87	1,282.27
Other Bank Balances	1,025.58	95.57
Other financial assets	342.89	221.06
Other Current Assets	4,981.78	4,695.43
Total Current Assets	33,752.61	30,650.50
Total Assets	56,213.72	53,704.20
EQUITY AND LIABILITIES
Equity
Equity Share Capital	265	265
Other Equity	43,141.39	43,323.83
Total Equity	43,406.39	43,588.83
LIABILITIES
Non-current liabilities
Provisions	40.65	35.85
Deferred Tax Liabilities (Net)	98.24	–
Total Non-current liabilities	138.88	35.85
Current Liabilities
Financial Liabilities
Borrowings	11,500.00	5,799.01
Trade Payables
Total outstanding dues of micro enterprises and small enterprises	215.97	549.82
Total outstanding dues of creditors other than micro enterprises and small	351.59	2,238.40
enterprises	351.59	2,238.40
Other Financial Liabilities	472.36	1,249.53
Other Current Liabilities	41.47	89.88
Provisions	34.49	7.8
Current Tax Liabilities (Net)	52.57	145.07
Total Current Liabilities	12,668.45	10,079.52
Total Liabilities	12,807.34	10,115.38
Total Equity and Liabilities	56,213.72	53,704.20

The India Carbon Limited Profit & Loss Statement (In Rs. Lakhs)

PARTICULARS	2023	2022
Revenue from Operations	56,571.86	45,612.37
Other Income	1,055.16	1,971.89
Total Income	57,627.02	47,584.25
Expenses
Cost of Materials Consumed	50,147.70	35,749.45
Changes in Inventories of Finished Goods	-3,336.93	-5,898.90
Employee Benefits Expense	1,250.17	1,787.47
Finance Costs	670.87	108.01
Depreciation and Amortization Expense	160.3	202.94
Other Expenses	5,296.24	4,008.25
Total Expenses	54,188.36	35,957.22
Profit (Loss) Before Tax	3,438.66	11,627.03
Tax Expense:
Current tax	601.71	2,025.93
Deffered Tax	455.89	1,466.27
Excess tax Provision for earlier period written back	-11.34	–
Profit (Loss) for the Year	2,392.39	8,134.83
Other Comprehensive Income
Items that will not be reclassified to profit or loss
Remeasurement of the defined benefit plans	-9.52	16.39
Equity Instruments Through Other Comprehensive Income	-2,747.77	2,458.36
Income tax relating to items that will not be reclassified to profir or loss
Remeasurement of the defined benefit plans	-0.03	-8.82
Equity Instruments Through Other Comprehensive Income	314.98	-286.15
Total Other Comprehensive Income, Net of Tax	-2,442.33	2,179.77
Total Comprehensive Income for the Year	-49.94	10,314.60
Earning per equity share of Rs. 10/- each
Basic	90.28	306.97
Diluted	90.28	306.97

The India Carbon Limited Consolidated Cash Flow Statement (In Rs. Lakhs)

PARTICULARS		2023	2022
A.	CASH FLOW FROM OPERATING ACTIVITIES :
Profit before tax	3438.66	11627.03
Adjustments for :
Depreciation / Amortisation Expense	160.3	202.94
Amortisation of Prepayments	0.56	0.56
Finance Costs	670.87	108.01
Provision no Longer requuired written back	-115.96	–
Net Gain/Loss on sale of Property Plant & Equipments	1.24	0.1
Interest Income	-211.77	-119.2
Dividend Income	-55.39	-58.46
Liabilities No Longer Required written back	-0.95	-13.62
Gain / Loss on Sale of Investments	-2.27	-164.81
Net Gain/Loss on reinstatment of Investments measured at	47.2	-1,030.28
fair value through profit or loss	47.2	-1,030.28
Unrealised Gain/ Loss on Foreign Exchange	–	3.72
Bad Debts / Advances written off	41.37	20.74
Operating Profit before Working Capital changes	3,973.87	10,576.75
Adjustments for:
Increase/ decrease in Trade Receivables, Loans, Advances and Other Assets	946.64	-6,732.28
Increase/ decrease in Inventories	-3,095.57	-12,036.54
Increase/ decrease in Trade Payables, Other Liabilities and	-3,025.67	2,495.92
Provisions	-3,025.67	2,495.92
Cash Generated from Operations	-1,200.73	-5,696.15
Income Tax Paid	-682.87	-2,140.21
NET CASH FLOW FROM OPERATING ACTIVITIES – A	-1,883.60	-7,836.36
B.	CASH FLOW FROM INVESTING ACTIVITIES
Including Capital Work in Progress	-461.6	-713.05
Sale of Property, Plant & Equipments	3.44	–
Investment in Mutual Funds	-4,139.25	-7,153.17
Sale of Investment in Mutual Funds	1,950.05	8,742.97
Investment in Bank Deposits	-653.97	2,564.24
Sale of Shares of Subsidiary company	0.75	–
Interest Income	211.77	119.2
Dividend Income	55.39	58.46
NET CASH FLOW FROM INVESTING ACTIVITIES –	-3,033.42	3,618.64
C.	CASH FLOW FROM FINANCING ACTIVITIES
	Proceeds from Short Term Borrowings (Net)	5,700.98	4,001.72
	Finance Costs	-670.87	-108.01
	Dividend Paid	-132.5	-132.5
	NET CASH USED IN FINANCING ACTIVITIES – C	4,897.61	3,761.21
	NET INCREASE /DECREASE. IN CASH AND CASH
	NET INC /DEC IN CASH AND CASH EQUIVALENT (A+B+C)	-19.41	-456.51
	Add: Balance of Cash and Cash Equivalents As At 31.3.2022	1,282.27	1,738.79
	Balance of Cash and Cash Equivalents As At 31.03.2023	1,262.87	1,282.27

Certainly, here is a summary of the Cash Flow Statement for the years 2023 and 2022:

A. Cash Flow from Operating Activities

– In 2023, the company reported a profit before tax of Rs. 3,438.66 lakhs, a significant decrease from the previous year.

– Adjustments, including depreciation, finance costs, and gains/losses on various items, resulted in an operating profit before working capital changes of Rs. 3,973.87 lakhs.

– Changes in working capital, including increases in trade receivables, loans, advances, and other assets, along with decreases in inventories and increases in trade payables, other liabilities, and provisions, led to a net cash outflow from operating activities of Rs. -1,883.60 lakhs in 2023.

– Income tax paid during the year amounted to Rs. -682.87 lakhs.

B. Cash Flow from Investing Activities

– In 2023, the company had cash outflows from investing activities, including capital work in progress, investments in mutual funds, and bank deposits.

– Cash inflows from investing activities came from the sale of property, plant & equipment, sale of investments in mutual funds, and interest and dividend income.

– The net cash outflow from investing activities in 2023 was Rs. -3,033.42 lakhs.

C. Cash Flow from Financing Activities

– Cash flow from financing activities included proceeds from short-term borrowings (net), finance costs, and dividend paid.

– The net cash used in financing activities in 2023 was Rs. 4,897.61 lakhs.

Net Increase/Decrease in Cash and Cash Equivalents

– The net increase/decrease in cash and cash equivalents for the entire year (A + B + C) was a decrease of Rs. -19.41 lakhs in 2023, indicating a slight decrease in cash reserves.

– The balance of cash and cash equivalents as of March 31, 2023, stood at Rs. 1,262.87 lakhs, compared to Rs. 1,282.27 lakhs as of March 31, 2022.

India Carbon Limited Key Financial Ratios

PARTICULARS	2023	2022
Current ratio	2.66	3.04
Debt–equity ratio	0.26	0.13
Return on equity ratio	9.03	30.7
Inventory turnover ratio	2.88	3.78
Trade receivables turnover ratio	10.6	11.11
Trade payables turnover ratio	8.76	8.94
Net capital turnover ratio	2.72	2.66
Net profit ratio	0.04	0.18
Return on capital employed	0.09	0.27

Based on the provided data, here is a summary of the financial and operational metrics for India Carbon Ltd for the years 2023 and 2022:

Current Ratio

– In 2023, the current ratio was 2.66, indicating that the company had Rs. 2.66 in current assets for every Rs. 1 in current liabilities.

– In 2022, the current ratio was slightly higher at 3.04, indicating a stronger liquidity position.

Debt-Equity Ratio

– In 2023, the debt-equity ratio was 0.26, suggesting that the company had a relatively low level of debt compared to its equity.

– In 2022, the debt-equity ratio was lower at 0.13, indicating an even lower level of debt relative to equity.

Return on Equity (ROE) Ratio

– In 2023, the ROE ratio was 9.03%, indicating that the company generated a return of 9.03% on shareholders ‘ equity during the year.

– In 2022, the ROE ratio was significantly higher at 30.7%, suggesting a much higher return on equity in the previous year.

Inventory Turnover Ratio

– In 2023, the inventory turnover ratio was 2.88, indicating that the company ‘s inventory was turned over approximately 2.88 times during the year.

– In 2022, the ratio was slightly higher at 3.78, suggesting a faster turnover of inventory in the previous year.

Trade Receivables Turnover Ratio

– In 2023, the trade receivables turnover ratio was 10.6, indicating that the company collected its outstanding receivables approximately 10.6 times during the year.

– In 2022, the ratio was slightly higher at 11.11, suggesting a faster collection of receivables in the previous year.

Trade Payables Turnover Ratio

– In 2023, the trade payables turnover ratio was 8.76, indicating that the company paid its trade payables approximately 8.76 times during the year.

– In 2022, the ratio was 8.94, suggesting a similar turnover of trade payables in the previous year.

Net Capital Turnover Ratio

– In 2023, the net capital turnover ratio was 2.72, indicating the efficiency of the company in utilizing its capital to generate sales.

– In 2022, the ratio was 2.66, suggesting a slightly lower capital turnover in the previous year.

Net Profit Ratio

– In 2023, the net profit ratio was 0.04, indicating that the company earned a net profit of 4% on its total revenue during the year.

– In 2022, the ratio was significantly higher at 0.18, suggesting a much higher net profit margin in the previous year.

Return on Capital Employed (ROCE)

– In 2023, the ROCE was 0.09, indicating a return of 9% on the capital employed by the company.

– In 2022, the ROCE was higher at 0.27, indicating a much higher return on capital employed in the previous year.

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