Financial Year 2012-13 has been one of the most uncertain years in the recent past
which witnessed rising inflation, growing current account deficit and high interest rates
amongst the threat of a possible downgrade by rating agencies. RBI`s active intervention
brought some respite to our economy; however, the stance is still precautionary as we have
entered FY13-14 with renewed hope and some caution. The recent projections are aimed at
bringing down the inflation to around 5.5%. Moving forward, RBI sees FY13-14 GDP growth at
5.7%, which may not be as encouraging as previous years but is still way ahead of the
average growth rate of the world.
As economists expect growth prospects to improve in FY14, we expect our industry and
company to follow the trend positively.
Though aluminum was first produced in India in 1938, it took more than 50 years for it
to be recognized as a commercially viable metal. India ranks fifth in terms of aluminium
production and the country`s per capita aluminium usage of 1.2 kgs is abysmally low as
compared to the global average of 11.2 kgs and 10.6 kgs in China. The government has given
an impetus to boost GDP through fast tracking of infrastructure projects offering
continued avenues of growth for the aluminium sector, which finds application in almost
everything, from power to automotive, building and construction, consumer durables,
packaging, transport and construction.
I am delighted to inform you that despite difficult economic conditions your company
has consistently maintained a sustainable growth in the last few years. The company has
further consolidated its position as India`s second largest manufacturer of Calcined
Petroleum Coke. Through its plants located at Goa, Paradeep and Bilaspur, Goa Carbon Ltd
has a total installed capacity of over 240,000 metric tonnes per annum.
The financial year 2012-13 marked an important event as your company obtained a
business license to open a new Company as a step-down subsidiary, Goa Carbon (Cangzhou)
Company Limited in China with an annual capacity to manufacture 3,00,000 MT of Calcined
Petroleum Coke (CPC). The preliminary work of identifying the land has been completed and
the project team is currently working on the planning and designing for the construction
of the proposed plant. Through its China step-down subsidiary, the company intends to meet
the demand of growing Asian and Middle-East markets.
For the year ended March 31, 2013, Goa Carbon recorded a net profit of Rs 791.27 lakh
and the net income from operations stood at ^29,547.01 lakh. Last year income from
operations stood at Rs 34,383.64 lakh and net profit at Rs 1,048.75 lakh.
The Company`s annual general meeting is scheduled to be held on July 06, 2013. The
Board of Directors of the Company is pleased to recommend a dividend at the rate of 25%
for the year ended March 31, 2013.
Withstanding the turbulence in the last few years, your Company has continued to
consistently earn a fair profit for its shareholders. The Company continues to invest in
the future through building new capacities, expanding to newer markets and improving
financial performance. We are passionate towards investing in Goa Carbon`s future as we
continue to explore opportunities of expanding our activities in India as well as aboard.
I express my sincere gratitude to the Company`s shareholders for your trust and
confidence in Goa Carbon Ltd. I also wish to express my sincere appreciation to my
colleagues on board for their undeterred spirit along with the Central and State
Governments and other regulatory authorities for their continued support.
Shrinivas V. Dempo