Annual Report 2011-2012

CHAIRMAN EMERITUS Guwahati
Mr P C Goenka Plant 1 :
Birkuchi
BOARD OF DIRECTORS Guwahati 781 026
Mr R Himatsingka, Chairman Ph: 0361 -264074, Fax: 0361 – 2640368
Mr Ron Marno E Mail: [email protected]
Mr Neil P Hoyland
Mr Hitesh Saiwal (w.e.f. 14.12.11) Patancheru
Mrs Anita Himatsingka Plant 2 :
Mr Rajesh Prasad - Nominee of AIDC Ltd 2, I D A Phase-I
Mr Prabhat C Goenka Patancheru – 502 319
Mr Vivekananda S Lokre, Managing Director Dist – Medak
Mr G P Chawla, Executive Director (Upto 15.6.12) Andhra Pradesh
COMPANY SECRETARY AUDITORS

Mr Saugata De BSR & Co
Infinity Benchmark,
REGISTERED OFFICE Plot No-G- 1,
Birkuchi Block EP & GP
Guwahati 781 026 Sector-V, Salt Lake,
Ph: 0361 -264074, Fax: 0361 – 2640368 Kolkata – 700 091
E Mail: [email protected]
REGISTRARS & SHARE TRANSFER AGENTS
OFFICES : C B Management Services Ltd
Kolkata P-22 Bondel Road
‘Everest House’, 8th floor Kolkata – 700 019
46C Chowringhee Road
Kolkata – 700 071 BANKERS
Ph: 033 – 22887651, Fax: 033 – 22882258 HSBC
E Mail: [email protected] Axis Bank Ltd
Web Site: assamcarbon.in State Bank of India
State Bank of Hyderabad
INDEX
Page No.
1. Notice 2-5
2. Directors Report 6-9
3. Auditors Report 10 - 15
4. Balance Sheet 16
5. Profit & Loss Account 17
6. Cash flow Statement 18 - 19
7. Schedules & Notes on Accounts 20 - 42
ASSAM CARBON PRODUCTS LTD. 1 Annual Report 2011-12

NOTICE TO MEMBERS
NOTICE is hereby given that the Forty ninth Annual General Meeting of the Members of Assam
Carbon Products Limited will be held on Tuesday, , the 28th day of August, 2012 at 10.30 A.M. at the
registered office at Birkuchi, Guwahati – 781 026 to transact the following business:
ORDINARY BUSINESS:
1. To receive, consider and adopt the Profit and Loss Account for the year ended 31st March,
2012, the Balance Sheet as at that date, and the Reports of the Directors’ and Auditors’
thereon.
2. To appoint a Director in place of Mr Neil Hoyland, who retires by rotation and, being eligible,
offers himself for re-appointment.
3. To appoint a Director in place of Mr Ron Marno, who retires by rotation and, being eligible,
offers himself for re-appointment.
4. To appoint Auditors and to fix their remuneration and this regard to consider and if thought fit,
to pass, with or without modification(s), the following resolution as an Ordinary Resolution:
“RESOLVED THAT M/s BSR & Co, Chartered Accountants, be and is hereby appointed as the
Auditor of the Company, to hold office from the conclusion of this Annual General Meeting until
the conclusion of the next Annual General Meeting of the Company on such remuneration as
fixed by the Board of Directors of the Company”.
SPECIAL BUSINESS:
To consider and, if thought fit, to pass with or without modification(s) the following Resolution as an
Ordinary Resolution:
5. Appointment of Mr. Hitesh Saiwal as Director:
“RESOLVED THAT Mr. Hitesh Saiwal, an Additional Director of the Company, who holds office
upto the date of this Annual General Meeting under Section 260 of the Companies Act, 1956
read with Article 94 of the Company’s Articles of Association be and is hereby appointed a
Director of the Company, liable to retire by rotation.”
To consider and, if thought fit, to pass with or without modification(s) the following Resolution as
Special Resolution:
6. Waiver of excess remuneration paid to Mr R Himatsingka, Non Whole time Director for the
year ended 31st March, 2012:
“RESOLVED THAT the company, pursuant to provisions of section 309 (5B) and such other
applicable provisions, if any, of the Companies Act, 1956 and subject to approval of the Central
Government do waive the recovery of the remuneration for the year ended 31st March, 2012
paid in excess of the limits prescribed in sections 198, 309, 310, 311 read with Schedule XIII
and other applicable provisions, if any, of the Companies Act, 1956 to Mr. Rakesh Himatsingka,
Non Whole Time Director of the Company.”
By Order of the Board

Place : 28 May 2012
th
Saugata De
Date : Hyderabad Company Secretary

NOTES:
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THIS MEETING IS ENTITLED TO APPOINT A
PROXY TO ATTEND AND VOTE INSTEAD IN HIS OR HER PLACE, AND A PROXY NEED NOT BE A
MEMBER. PROXIES IN ORDER TO BE EFFECTIVE MUST BE RECEIVED AT THE REGISTERED
OFFICE OF THE COMPANY NOT LESS THAN FORTY-EIGHT HOURS BEFORE THE MEETING.
2. The Register of Members and Share Transfer Registers of the Company will remain close
from 22nd August, 2012 to 28th August 2012, both days inclusive.
3. Equity shares of the Company are listed with Calcutta and Guwahati Stock Exchanges. Listing
fees for the current year have been paid.
4. Members are requested to address their grievances and other correspondences directly to
the Company Secretary at ‘Everest House’, 8th floor, 46C Chowringhee Road, Kolkata – 700
071, or at [email protected].
Explanatory Statement pursuant to Section 173(2) of the Companies Act, 1956
Re: Item 5
Mr Hitesh Saiwal was appointed by the Board of Directors with effect from 14th December 2011 as
an Additional Director liable to retire by rotation. In terms of Section 260 of the Act and Article 94 of
the Company’s Articles of Association, Mr Hitesh Saiwal holds office as Director only upto the date
of the ensuing Annual General Meeting. As required under Section 257 of the Act, a notice along with
the prescribed deposit has been received from a member proposing the candidature of Mr Hitesh
Saiwal for the office of Director.
The Directors are of the opinion that Mr Hitesh Saiwal’s association as a member of the Board will
be beneficial to the Company and recommend that the Resolution be adopted.
Except Mr Hitesh Saiwal, no other Director is concerned or interested in the resolution.
The Board recommends that the resolution be adopted and be passed as Ordinary Resolution by
the members of the Company.
Re: Item 6
The Remuneration Committee and the Board of Directors of the Company at its meeting held on
29th July 2010 approved the payment of remuneration to Mr R Himatsingka, Director by way of
quarterly payment of an amount not exceeding Rs 3,75,000/- (Rupees three lacs seventy five
thousand) per quarter, w.e.f. quarter ending 30th September, 2010, for two financial years and Rs.
4,25,000/-( Four lakhs twenty five thousand) per quarter ending 30th September, 2012 for next three
financial years, however, subject to his re-appointment as Director on retirement by rotation, in view
of time being devoted and contribution expected to be made by him towards company’s growth and
prospects particularly in view of his long standing experience in the business the Company deals
in.
Further, the Board proposed to pay aforesaid remuneration as Minimum Remuneration pursuant to
provisions of section 198(4) read with section 309(4) of the Companies Act, 1956.
The Shareholders at its meeting held on 29th September 2010 had also approved the aforesaid
payment. However on an application made to the Central Government, the Central Government
allowed payment to Mr Himatsingka to the tune of 1% of the net profits as computed under section
198 of the Companies Act.

On computing the net profits under section 198 of the Companies Act, 1956, the remuneration for
the year ended 31st March, 2012 paid to Mr R Himatsingka exceeded by Rs 15,00,000 the limits
prescribed in sections prescribed in sections 198, 309, 310, 311 read with Schedule XIII and other
applicable provisions, if any, of the Companies Act, 1956.
The Remuneration Committee of the Board of Directors and also the Board of Directors at their
meeting held on 28th May 2012, decided to waive recovery of the excess remuneration paid to Mr R
Himatsingka, however, subject to approval of the Shareholders and the Central Government as
required by provisions of section 309 (5B) of the Companies Act, 1956.
Information required under the provisions of Schedule XIII is furnished below:
The Company’s main business is manufacture and sale of Electrical and Engineered Carbon
Materials and components, at its two factories at Guwahati, Assam and Patancheru, Andhra Pradesh
for over three decades. The Morgan Crucible Co plc, UK and its subsidiary hold 52.62% of the
Company’s Equity Share capital. Its products are exported to Luxemburg, Hungry and Far Eastern
countries.
Working results of the Company for the last three years are given below:
Year ended 31.3.10 Year ended 31.3.11 Year ended 31.3.12

(Rs 000s) (Rs 000s) (Rs 000s)
(i) Paid up Capital 27,556 27,556 27,556

(ii) Sales & Other Income 426,597 425,028 406,403
(iii) Profit before tax (1,288) (21,571) (5,211)
(iv) Dividend (%) – – –
The Board noted that Mr Himatsingka (60) is B E (Hons) in Mechanical Engineering, from Birla
Institute of Technology & Science, Pilani. Subsequent to completion of his Engineering, after
working in India for two (2) years, Mr Himatsingka worked and was trained as ‘Carbon Technologist’
in Company’s foreign collaborator’s factory in Swansea, U K for over two (2) years. Mr Himatsingka
was instrumental in the setting up of the Company’s new factory in Birkuchi, Guwahati, Assam.
Mr Himatsingka was appointed as a Director of the Company w.e.f. 29.12.1975 and upon his return
from the U K he was appointed as the Deputy Managing Director of the Company from July 1977 to
July 1982 and Jt Managing Director from July, 1982 to June, 1983. Presently, he is Chairman of the
Company. He is also Chairman and Managing Director of India Carbon Limited. He had also been,
inter alia, director of Morganite Electrical Carbon Ltd, Swansea, U K, from 1992 to 2003.
Mr Himatsingka is a Chartered Member of the “Institution of Engineers”, and Committee member of
Institute of Modern Management, Kolkata. He has been President of Confederation of EOUs and
was and is actively associated with Chambers of Commerce, Philanthropic/NGO bodies, Public
Trusts, Rotary Movement and other social & cultural clubs.
Except Mr R Himatsingka and Mrs Anita Himatsingka none of the remaining Directors is concerned
or interested in the resolution.
The Board recommends that the resolution be adopted and be passed as Special Resolution by
the members of the Company.

The above may also be treated as a statement as required under Section 302 of the Companies Act,
1956.
By Order of the Board

Place : 28th May 2012 Saugata De
Date : Hyderabad Company Secretary

DIRECTORS’ REPORT TO THE MEMBERS
Your Directors have the pleasure in presenting their Forty-ninth Annual Report of the Company
along with the Audited Accounts for the year ended 31st March, 2012.
1. FINANCIAL RESULTS
(Rs.000’s)
2011-2012 2010-2011
Sales & Other Income 406,403 425,028
Profit/(Loss) before tax (5,211) (21,571)
Less: Provision for tax Nil (25,426)
Profit/(Loss) after Tax (5,211) 3,855
Add: Unappropriated Profit of last year 67,571 63,716
Balance carried forward 62,360 67,571
2. OPERATIONS
During the year under review, Gross Sales of the Company were Rs.4022.96 Lacs as compared
to Rs.4234.19 Lacs in the previous year. For the year, your company has made a Gross loss
of Rs. 52.11 Lacs as against Gross Loss of Rs. 215.71 Lacs in the previous year. The Export
Sales were Rs. 797.46 Lacs as compared to Rs. 496.25Lacs in the previous year.
During the year under review the company’s plant situated at Guwahati was under Lock Out
from 7th December 2010 to 8th March 2012, detailed note is given under the heading ‘ Industrial
Relations’ in this report. Due to the lockout in Guwahati plant, the Company was completely
dependent on the import of carbon blocks (the “mother-material”) for almost the whole of the
year under review, however due to various measures taken internally for improvements in
operations, the loss before tax was reduced from 2.15 crores (the PBT of the previous year) to
52.11 lacs this year.
Since the Guwahati factory is now operational, it is expected that the results of the company
will be considerably better in the coming years.
3 FUTURE OUTLOOK
There was a slow down in the economic growth in the FY 2011-2012 and India achieved a
GDP growth of 8.6% for the year ended 31st March 2012. Growth expected to remain moderate
in the FY 2012-2013 unless substantial policy measures are undertaken. Inflation and Capital
Runaway has been the two main factors hurting the Indian Economy. GDP growth is unlikely
to improve during the year 2012-2013 and is expected to grow @ 7%.
Your company however has made plans for growth in the future by leveraging its strong
market position in its traditional products and by penetrating into markets where formerly it’s
presence was not large. This is expected to help its plans for growth in Sales and also in the
bottom line.
4. DIVIDEND
Your Directors do not recommend payment of any dividend in view of the loss made during the
year under review.

5. PUBLIC DEPOSIT
The Company has not accepted / renewed any public deposit under section 58A of the
Companies Act, 1956, read with Companies (Acceptance of Deposits) Rules, 1975 during the
year 2011-2012.
6. INVESTOR EDUCATION AND PROTECTION FUND
Your company has transferred Rs. 2,05,992/- to the Investors and Protection Fund set up by
the Central Government pursuant to the provisions of section 205C of the Companies Act,
1956.
7. STATUTORY AUDITORS’ AND THEIR REPORT
M/s B S R & Co, the Statutory Auditors of the Company, hold office until the conclusion of the
ensuing Annual General Meeting and being eligible offer themselves for re appointment. In
respect of observations in their report, notes referred therein and forming a part of the Accounts
are self-explanatory.
8. DIRECTORS
Mr. Anthony Gallagher resigned from the Board w.e.f. 14th December 2011. The Board places
on record its appreciation to the valuable contribution made by him during the tenure of his
Directorship.
Mr Hitesh Saiwal joined the Board as an Additional Director effective 14th December 2011 and
holds office up to the ensuing Annual General Meeting. The company has received a notice
from a Member under section 257 of the Companies Act 1956 proposing the candidature of Mr
Hitesh Saiwal for the office of the Director of the Company.
Mr Ron Marno and Mr Neil Hoyland retire by rotation at the ensuing Annual General Meeting
and are eligible for re-appointment.
9. INDUSTRIAL RELATIONS
During the year under review, the company’s factory at Guwahati was under Lock Out. The
Industrial relations at the Guwahati factory had remained strained with continuous agitations
by the workmen in the form of Go Slow, and frequent illegal Karmabiroti Strikes. In spite of the
Management’s tolerance and efforts to keep the Guwahati plant running, while trying to convince
the workmen on the necessity to increase productivity, the situation steadily deteriorated with
the ongoing Go Slow, and the illegal Strikes. This affected the operation so much, that ultimately
the Management had no other option but to declare a Lock Out of the Guwahati plant from
December 7th, 2010 onward. After long rounds of negotiation with the Union, the Lock Out was
lifted on 9th March 2012.
Your company is pleased to inform that in spite of major Industrial unrest at Guwahati, Industrial
Relations at the Patancheru factory and the Kolkata office remained normal and peaceful for
the year under review.
10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
AND OUTGO
Information on Conservation of Energy, Technological Absorption and Foreign Exchange
earnings and outgo as per section 217(1)(e) of the Companies Act, 1956, read with Companies(
Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, is appended as
Annexure “A” of this report.

11. EMPLOYEES
Vide circular no. GSR 289(E) dated 31st March 2011 issued by the Ministry of Corporate Affairs,
Government of India, the statement of particulars of employees as required under section
217(2A) of the Companies Act, 1956, read with the Companies ( Particulars of Employees)
Rules, 1975, the limit has been enhanced to Rs. Sixty lakhs per annum or Rs. Five lakhs per
month. Since no employee falls in that category no disclosure has been given in this report.
12. DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors confirm that:
1. in the preparation of the Annual Accounts, the applicable Accounting Standards have
been followed;
2. the Directors have selected such Accounting Policies and applied them consistently,
and made judgement and estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company as at the end of the financial year
and of the profit of the Company for that period;
3. the Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provision of the Companies Act,1956 for
safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities to the best of their knowledge and ability;
4. the Directors have prepared the Accounts on a going concern basis.
13. A NOTE OF APPRECIATION
The Directors express their gratitude for the assistance and co-operation that the Company
has received from the Central Government, State Governments of Assam and Andhra Pradesh,
Other State Governments, Statutory Authorities, Regulatory Bodies, Customers, Bankers,
Suppliers, Shareholders.
For and on behalf of the Board
28th May 2012 R Himatsingka

Hyderabad Chairman

ANNEXURE TO DIRECTORS’ REPORT
‘ANNEXURE A’
1. DISCLOSURE OF PARTICULARS PURSUANT TO THE COMPANIES (DISCLOSURE OF

PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988 AND FORMING PART
OF THE DIRECTOR’S REPORT.
A. Conservation of Energy
(a) Energy Conservation Measures :
As energy is a significant cost to the company especially at its Guwahati plant, some
initiatives to improve the same have been planned, but regrettably due to the on
going Industrial activities, the Company has not been able to implement the same.
B. Technology Absorption
Research and Development (R&D)
1. Specific areas in which R& D carried out by the company
No major R&D activity could be carried out
2. Benefits derived as a result of the above R & D

No benefit was expected in the period.
3. Future plan of action

Special attention would be given in the next year for R & D purpose.
4. Expenditure on R & D (Rs. In lacs)

a. Capital –
b. Recurring 3.75
c. Total 3.75
d. Total R & D expenditure as a percentage of total turnover 0.092
Technology absorption, adaptation and innovation NIL
C. Foreign exchange earnings and outgo:

a. Activities relating to exports; initiatives taken to increase exports; development of new
export markets for products and services; and export plans: -
During the year, exports were made to Europe and the Far East, for Mechanical
Carbon Products as well as Electrical Carbon products.
b. Total foreign exchange used and earned Rs. In Lacs
Total Foreign Exchange used 1256.18
Total Foreign Exchange earned 803.69
For and on behalf of the Board
28th May 2012 R Himatsingka

Hyderabad Chairman

AUDITORS’ REPORT TO THE MEMBERS OF ASSAM CARBON PRODUCTS LIMITED
1. We have audited the attached Balance Sheet of Assam Carbon Products Limited (‘the
Company’) as at 31 March 2012 and also the related Statement of Profit and Loss and the
Cash Flow Statement of the Company for the year ended on that date, annexed thereto. These
financial statements are the responsibility of the Company’s management. Our responsibility
is to express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards generally accepted in India.
Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditor’s Report) Order, 2003 (‘the Order’), issued by the
Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act,
1956, (‘the Act’), we enclose in the Annexure a statement on the matters specified in paragraphs
4 and 5 of the said Order.
4. We draw your attention to the following:
a. Included in Inventories is ‘work-in-progress’ amounting to Rs. 16,333 thousands (previous
year Rs 20,015 thousands). The valuation of work-in-progress inventories does not
include a systematic allocation of fixed and variable production overheads as required
by paragraph 8 of Accounting Standard 2: Valuation of Inventories. Also, we note that
items of finished goods amounting to Rs. 11,659 thousands (previous year Rs 9,129
thousand) are valued at standard cost which is not in line with the requirements of
paragraph 18 of Accounting Standard 2: Valuation of Inventories.
We are unable to satisfy ourselves regarding adjustments, if any, which will be required
to the values of closing work-in-progress and finished goods inventories as at 31 March
2012 and its consequent impact on increase/decrease in inventories of finished goods
and work in progress and loss for the year ended 31 March 2012.
b. As more fully explained in Note 25(ii), the Company has not established a provision for
employee wages and benefits for the lock out period at the Company’s Guwahati Factory
during the years 2007-2008 and for the subsequent lock out period from 7 December
2010 to 8 March 2012 on the principle of ‘No Work No Pay’. The labour matter is sub-
judice and hence the impact, if any, in terms of provision of employee wages and employee
benefits and its resultant impact on loss for the year ended 31 March 2012, reserves and
surplus and current liabilities cannot currently be determined. Our report in the previous
year was also modified with respect to the above matter.
c. The Central Government has approved the payment of remuneration to the non-executive
Chairman subject to 1 % of the net profit of the Company for the year ended 31 March
2012 as computed under section 198 of the Companies Act, 1956. The Company, during
the period 1April 2011 to 31 March 2012, has paid remuneration amounting to Rs. 1,500
thousands to the non-executive Director in excess of the Central Government approvals.

The Company is planning to file an application with the Central Government for approval
of aforesaid remuneration paid/ payable to the non executive director.
5. Further to our comments in the Annexure referred to above, we report that:
(a) subject to our comments in paragraphs 4(a) and 4(b), we have obtained all the information
and explanations, which to the best of our knowledge and belief were necessary for the
purposes of our audit;
(b) subject to our comments in paragraphs 4(a) and 4(b), in our opinion, proper books of
account as required by law have been kept by the Company so far as it appears from our
examination of the books;
(c) the Balance Sheet, Statement of Profit and Loss and the Cash Flow Statement dealt with
by this report are in agreement with the books of account;
(d) subject to our comments in paragraphs 4(a) and 4(b), in our opinion the Balance Sheet,
Statement of Profit and Loss and Cash Flow Statement dealt with by this report comply
with the Accounting Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
(e) on the basis of written representations received from the Directors of the Company as at
31 March 2012, and taken on record by the Board of Directors, we report that none of the
Directors is disqualified as on 31 March 2012 from being appointed as a Director in
terms of Section 274(1)(g) of the Companies Act, 1956; and
(f) subject to our comments in paragraphs 4(a), 4(b) and 4(c) above, in our opinion and to
the best of our information and according to the explanations given to us, the said
accounts give the information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the accounting principles generally
accepted in India:
i) in the case of the Balance Sheet, of the state of affairs of the Company as at
31 March 2012;
ii) in the case of the Statement of Profit and Loss, of the loss for the year ended on that
date; and
iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that
date.
For B S R & Co
Chartered Accountants
Firm Registration No.: 101248W
Jiten Chopra
Date : 28th May, 2012 Partner
Place : Hyderabad Membership No.: 092894

Annexure referred to in paragraph 3 of the Auditors’ Report to the Members of Assam Carbon
Products Limited on the accounts for the year ended 31 March 2012
(i) (a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets by
which all fixed assets are verified in a phased manner over a period of 2 years. In our
opinion, this periodicity of physical verification is reasonable having regard to the size of
the Company and the nature of its assets. No material discrepancies were identified on
such verification.
(c) Fixed assets disposed off during the year were not substantial, and therefore, do not
affect the going concern assumption.
(ii) (a) The inventory, except for goods in transit and stocks lying with third parties, have been
physically verified by the management during the year. In our opinion, the frequency of
such verification is reasonable. For stocks lying with third parties at the year end, written
confirmations have been obtained.
(b) According to the information and explanations given to us, the procedures for the physical
verification of inventories followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) In our opinion, maintenance of inventory records needs to be further improved as regards
timely updation of the value of work in progress and finished goods inventory. The
discrepancies noticed on verification between the physical stocks and the book records
were not material
(iii) According to the information and explanations given to us, the Company has neither granted
nor taken any loans, secured or unsecured, to or from companies, firms or other parties
covered in the register maintained under Section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations given to us, and having
regard to the explanation that purchases of certain items of inventories and fixed assets are
for the Company’s specialised requirements and similarly certain goods sold are for the
specialised requirements of the buyers and suitable alternative sources are not available to
obtain comparable quotations, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard to purchase of
inventories and fixed assets and with regard to sale of goods and services. In our opinion and
according to the information and explanations given to us, there is no continuing failure to
correct major weaknesses in internal control system.
(v) (a) According to the information and explanations given to us, the particulars of contracts or
arrangements referred to in section 301 of the Companies Act, 1956 have been entered

in the register required to be maintained under that section.
(b) According to the information and explanations given to us, the transactions made in
pursuance of contracts and arrangements referred to in (v)(a) above and exceeding the
value of Rs. 5 lakhs with any party during the year, have been made at prices which are
reasonable having regard to the prevailing market prices at the relevant time except for
purchases of certain items of inventories and fixed assets which are for the Company’s
specialised requirements and similarly for sale of certain goods which are for the
specialised requirements of the buyers and for which suitable alternative sources are
not available to obtain comparable quotations. However, on the basis of information and
explanations provided, the same appear reasonable.
(vi) According to the information and explanations given to us, the Company has not accepted any
deposits from the public during the year.
(vii) In our opinion and according to the information and explanations given to us, the Company
has an internal audit system commensurate with the size and nature of its business. The
internal audit has been carried on during the year but the draft report is currently under
discussion.
(viii) According to the information and explanations given to us,the Company is in the process of
preparing the books of account required to be maintained by the Company pursuant to the
rules prescribed by the Central Government for maintenance of cost records under section
209(1)(d) of the Companies Act, 1956 as this is the first year of its applicability.
(ix) (a) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, amounts deducted/accrued in the books of
account in respect of undisputed statutory dues including Provident Fund, Employees’
State Insurance, Sales Tax, Service Tax, Customs Duty, Income tax,Excise Duty, Investor
Education and Protection Fund and other material statutory dues have generally been
regularly deposited during the year by the Company with the appropriate authorities. As
explained to us, the Company did not have any dues on account of Wealth Tax.
According to the information and explanations given to us, no undisputed amounts

payable in respect of Provident Fund, Employees’ State Insurance, Income Tax, Sales
Tax, Service Tax, Customs Duty, Excise Duty, Investor Education and Protection Fund and
other material statutory dues were in arrears as at 31 March 2012 for a period of more
than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no dues of Income
tax, Service Tax, Customs duty and Excise Duty which have not been deposited with the
appropriate authorities on account of any dispute. According to the information and
explanations given to us, the following dues of Sales Tax, have not been deposited by
the Company on account of disputes:

Name of the Nature Amount Amount Period to Forum where
statute of the involved* paid under which the dispute is pending`
dues (Rs. ‘000) protest amount
(Rs. ‘000) relates
Andhra Pradesh Sales 126 46 2001-2002 Andhra Pradesh

General Sales tax / Sales Tax Appellate
Tax Act, 1957 VAT Tribunal, Hyderabad
Central Sales Sales 178 46 2001-2002 Andhra Pradesh

Tax Act, 1956 tax Sales Tax Appellate
Tribunal, Hyderabad
* Excluding the demands, the proceeding of which have been remanded for
reassessments by appropriate authorities.
(x) Without considering the effect of our observations in Paragraph 4(a),(b) and (c) of the auditor’s
report, the Company does not have any accumulated losses at the end of the financial year
and has not incurred cash losses in the financial year,. Further, without considering the effect
of our observations in Paragraph 4(a) and (b) of the auditor’s report,the Company has not
incurred any cash losses in the immediately preceding financial year
(xi) In our opinion and according to the information and explanations given to us, the Company
has not defaulted in repayment of dues to its bankers or to any financial institutions. The
Company did not have any outstanding debentures during the year.
(xii) According to information and explanations given to us, the Company has not granted any
loans and advances on the basis of security by way of pledge of shares, debentures and other
securities.
(xiii) According to the information and explanations given to us, the Company is not a chit fund or a
nidhi/ mutual benefit fund/ society.
(xiv) According to the information and explanations given to us, the Company is not dealing or
trading in shares, securities, debentures and other investments.
(xv) According to the information and explanations given to us, the Company has not given any
guarantee for loans taken by others from banks or financial institutions.
(xvi) In our opinion and according to the information and explanations given to us, the term loans
taken by the Company have been applied for the purpose for which they were raised.
(xvii) According to the information and explanations given to us and on an overall examination of the
Balance Sheet of the Company, we are of the opinion that the Company has used funds raised
on short term basis amounting to Rs 7,998 thousands for long term purposes.

(xviii) The Company has not made any preferential allotment of shares to companies/firms/parties
covered in the register maintained under Section 301 of the Companies Act, 1956.
(xix) The Company did not have any outstanding debentures during the year.
(xx) The Company has not raised any money by public issues during the year.
(xxi) According to the information and explanations given to us, no fraud on or by the Company has
been noticed or reported during the course of our audit.
For B S R & Co
Jiten Chopra
Date : 28th May, 2012 Partner
Place : Hyderabad Membership No.: 092894

BALANCE SHEET AS AT 31 MARCH, 2012 (Rupees in thousands)
Notes As at As at
31 March 31 March
EQUITY AND LIABILITIES 2012 2011
Shareholders’ funds
Share capital 2 27,556 27,556
Reserves and surplus 3 79,885 85,096
107,441 112,652
Non-current liabilities
Long-term borrowings 4 – 1,456
Other long-term Liabilities 5 80 142
Long-term provisions 6 37,770 11,845
37,850 13,443
Current liabilities
Short-term borrowings 7 60,383 81,533
Trade payables and accrued expenses 8 160,153 139,370
Other current liabilities 9 31,001 56,919
Short-term provisions 6 7,104 17,565
258,641 295,387
TOTAL 403,932 421,482
ASSETS
Non-current assets
Fixed assets
Tangible assets 10 140,377 152,152
Intangible assets 10 3,234 3,914
Capital work-in-progress 10 2,869 254
Non-current investments 11 5 5
Long-term loans and advances 12 6,594 6,783
Other non-current assets 14 210 172
153,289 163,280
Current assets
Inventories 15 105,415 83,463
Trade receivables 13 113,297 138,452
Cash and bank balances 16 18,536 22,098
Short-term loans and advances 12 12,840 13,548
Other current assets 14 555 641
250,643 258,202
TOTAL 403,932 421,482
Significant accounting policies 1
The accompanying notes form an integral part of the financial statements
As per our report attached
For and on behalf of the Board of Directors of
For B S R & Co Assam Carbon Products Limited
Firm Registration No.: 101248W R.HIMATSINGKA V.S.LOKRE HITESH SAIWAL
Chairman Managing Director Director
JITEN CHOPRA
G.P.CHAWLA PRABHAT C GOENKA SAUGATA DE
Partner
Executive Director (O) Director Company Secretary
Membership No.: 092894
Place : Hyderabad Place : Hyderabad
Date : 28th May, 2012 Date : 28th May, 2012

STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 MARCH 2012
(Rupees in thousands except per share data)
Notes For the For the
Year Ended Year Ended
31st March 31st March
2012 2011
Income
Revenue from operations 17 402,296 423,419
Less: Excise duty 29,273 27,830
[Net of Excise Duty refund Rs. Nil 373,023 395,589
(previous year Rs. 6,231)]
Other income 18 4,107 1,609
Total 377,130 397,198
Expenses
Cost of raw materials consumed 19 184,495 164,762
Purchase of traded goods 20 4,656 3,634
Changes in inventories of finished goods,
work in progress and traded goods 21 (11,369) 8,952
Employee benefit expense 22 75,729 110,681
Other expenses 23 108,192 107,336
Finance cost 24 7,706 10,634
Depreciation and amortisation expense 10 12,932 12,770
Total 382,341 418,769
Loss before tax 5,211 21,571

Tax expense
Excess provision for tax of earlier years written back – (25,426)
Profit / (Loss) for the year (5,211) 3,855
Earnings per share (Rs.) 30
Basic - Par value of Rs.10 per share (1.89) 1.40
Diluted - Par value of Rs.10 per share (1.89) 1.40
Significant accounting policies 1

The accompanying notes form an integral part of the financial statements
As per our report attached for even date

For B S R & Co For and on behalf of the Board of Directors of
Chartered Accountants Assam Carbon Products Limited
Chairman Managing Director Director
JITEN CHOPRA
Partner G.P.CHAWLA PRABHAT C GOENKA SAUGATA DE
Membership No.: 092894 Executive Director (O) Director Company Secretary

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2012
(Amount in Rupees thousand)
For the year ended For the year ended
31 March 2012 31 March 2011
A. Cash flow from operating activities

Loss before tax 5,211 21,571
Adjusted for :
Depreciation 12,932 12,770
Provision for doubtful debts and advances 7,740 4,393
Interest paid 7,706 10,634
Interest received (270) (74)
Government grant (62) (63)
Liabilities no longer required written back (2,825) (882)
Unrealised foreign exchange loss / (gain) (net) 4,400 813
Loss on sale of fixed asset 91 237
Dividend income – 29,712 (1) 27,827
Operating profit before working capital changes 24,501 6,256
Changes in :
Trade receivables, loans and advances and
other current assets 19,325 (20,535)
Inventories (21,952) (8,281)
Trade payable, provisions and other liabilities 7,914 5,287 50,797 21,981
Cash generated from operating activities 29,788 28,237
Direct taxes (paid)/ refunds received – (20)
Cash flow generated from operating activities 29,788 28,217
B. Cash flow from investing activities
Purchase of fixed assets (3,268) (3,287)

(including net movement in capital WIP)
Interest received 270 74
Proceeds on disposal of fixed assets 85 286
Dividend income – 1
Net cash used in investing activities (2,913) (2,926)

31 March 2012 31 March 2011
C. Cash flow from financing activities

Repayment of borrowings (22,606) (17,212)
Interest paid (7,833) (10,724)
Net cash used in financing activities (30,439) (27,936)
Net (decrease) / increase in cash and
cash equivalents (A+B+C) (3,563) (2,645)
Cash and cash equivalents - opening balance 22,098 24,743
Cash and cash equivalents - closing balance 18,536 22,098
(3,563) (2,645)
As at 31 March As at 31 March
2012 2011
Cash and cash equivalents as
at the year end comprise of :
Cash in hand 56 74
Balances with scheduled banks
- on current accounts 18,245 21,582
- on unpaid dividend accounts* 235 442
18,536 22,098
* accounts are not available for use by the Company
The above Cash Flow Statement has been prepared under the “Indirect Method” as set out in the
Accounting Standard 3 on Cash Flow Statements as prescribed by the Companies (Accounting
Standard) Rules, 2006.
As per our report attached of even date
For and on behalf of the Board of Directors of

For B S R & Co Assam Carbon Products Limited
JITEN CHOPRA Chairman Managing Director Director
Date : 28th May, 2012 Date : 28th May 2012

Notes to financial statements
1. SIGNIFICANT ACCOUNTING POLICIES

i. Basis of preparation of financial statements
The financial statements have been prepared and presented under the historical cost
convention on the accrual basis of accounting following generally accepted accounting
principles in India (‘GAAP’) and comply with the Accounting Standards prescribed by the
Companies (Accounting Standards) Rules, 2006, and the presentational requirement of
the Companies Act, 1956, to the extent applicable.
During the year ended 31 March 2012, the revised Schedule VI notified under the
Companies Act has become applicable to the Company for the preparation and
presentation of its financial statements. While the adoption of revised Schedule VI does
not impact the recognition and measurement principles followed for the presentation of
financial statements, it has significant impact on presentation and disclosure
requirements. The Company has also re-classed the previous year figures in accordance
with the requirements applicable in the current year more described under note 41. All
assets and liabilities have been classified as current or non current as per Company’s
normal operating cycle and other criteria set out in revised Schedule VI of the Companies
Act, 1956. The Company has ascertained its operating cycle as 12 months for the purpose
of current and non current classification of assets and liabilities.
ii. Use of estimates

The preparation of the financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent liabilities on the date of the financial
statements and results of operation during the year. Differences between actual results
and estimates are recognised in the year in which the results are known or materialised.
Examples of such estimates are estimated useful life of assets, provision for doubtful
debts, retirement benefits, etc. Actual results could differ from those estimates. Any
revision to accounting estimates is recognised prospectively in current and future periods.
iii. Fixed assets

Fixed assets are stated at cost of acquisition (net of CENVAT) less accumulated
depreciation. Cost of acquisition includes taxes, duties, freight and other costs that are
directly attributable to bringing assets to their working condition for their intended use.
iv. Depreciation / Amortisation

Depreciation on tangible fixed assets is provided under straight line method over useful
lives of fixed assets, as estimated by the management. Useful lives so estimated are in
line with the useful lives derived from depreciation rates prescribed by Schedule XIV to
the Companies Act, 1956. Depreciation on additions/ deletions are provided on pro rata
basis in the year of purchase/ disposal.

Assets individually costing upto Rs. 5,000 are depreciated fully in the year of acquisition.
Intangible fixed assets

Application software is amortised over the estimated economic useful life of 6 years.
v. Impairment
The carrying amounts of fixed assets and capital work in progress are reviewed at each
balance sheet date in accordance with Accounting Standard 28 on ‘Impairment of Assets’,
prescribed by the Companies (Accounting Standards) Rules, 2006, to determine whether
there is any indication of impairment. If any such indication exists, the recoverable
amounts of assets are estimated at each reporting date. An impairment loss is recognised
whenever the carrying amount of an asset or the cash generating unit of which it is a part,
exceeds the corresponding recoverable amount. Impairment losses are recognised in
the statement of profit and loss. An impairment loss is reversed if there has been a
change in the estimates used to determine the recoverable amount. An impairment loss
is reversed only to the extent that the assets carrying amount does not exceed the
carrying amount that would have been determined net of depreciation or amortisation, if
no impairment loss had been recognised.
vi. Investments
Long term investments are stated at cost less amount written off, where there is a
diminution in value, other than temporary.
Current investments are stated at lower of cost and fair value.
vii. Inventories
Raw materials, stores and spare parts are valued at the lower of cost and net realizable
value. Cost includes purchase price, duties and taxes, freight and other expenditure
incurred in bringing such inventories to their present location and condition. In determining
cost, weighted average method is used. The carrying costs of raw materials, stores and
spare parts are appropriately written down when there is a decline in replacement cost
of such materials and the finished products, in which they will be incorporated, are
expected to be sold below cost.
Work in progress and finished goods are valued at the lower of cost and net realisable
value. Cost comprises of direct material, labour expenses and an appropriate portion of
production overheads incurred in bringing the inventory to their present location and
condition. Fixed production overheads are allocated on the basis of normal capacity of
the production facilities. In determining cost, weighted average method is used.
Traded finished goods are valued at the lower of cost and net realisable value.
Excise duty liability is included in the value of closing inventory of finished goods

viii. Revenue
Revenue from sale of goods is recognised when significant risks and rewards of
ownership in the goods are transferred to customers and it is not unreasonable to
expect ultimate collection of the sale consideration that is being recognised as revenue.
ix. Income from Government Grant

Grants and subsidies from the government are recognized when there is reasonable
assurance that the grant/subsidy will be received and all attaching conditions will be
complied with.
When the grant or subsidy relates to an expense item, it is recognized as income over
the periods necessary to match them on a systematic basis to the costs, which it is
intended to compensate. Where the grant or subsidy relates to depreciable assets,
grants are treated as deferred income which is recognised in the statement of Profit and
Loss on a systematic and rational basis over the useful life of the asset. Such allocation
to income is usually made over the periods and in the proportions in which depreciation
on related assets is charged.
x. Foreign exchange transactions

Foreign exchange transactions are recorded in the books of the Company at the exchange
rate prevailing on the dates of the transactions. Year-end monetary assets and liabilities
denominated in foreign currencies are translated at the year-end foreign exchange rates.
Exchange differences arising on settlements/ year-end translations are recognised in

the statement of Profit and Loss for the year.
xi. Employee benefits

The Company’s obligations towards various employee benefits have been recognised
as follows:
Short term benefits

All employee benefits payable/available within twelve months of rendering the service
are classified as short-term employee benefits. Benefits such as salaries, wages and
bonus, etc, are recognised in the statement of Profit and Loss in the period in which
employee renders the related service.
Post employment benefits

a) Monthly contributions to Provident Funds which are in the nature of defined
contribution schemes are charged to statement of Profit and Loss and deposited
with the Provident Fund administered through the Company’s trust on a monthly
basis
b) The administration of the gratuity scheme which is in the nature of defined benefit
plan, has been entrusted to Life Insurance Corporation of India (‘LIC’). Annual
charge is recognised on the basis of actuarial valuation of the related obligation
and plan assets conducted by an independent actuary appointed by the Company

at the Balance Sheet date. Actuarial gain or losses for the year are recognized in
the statement of Profit and Loss as income or expense.
Other long term benefits

Cost of long term benefit by way of accumulating compensated absences are recognised
when the employees render the service that increases their entitlement to future
compensated absences. Such costs are recognised based on actuarial valuation of the
Company’s year end obligation in this regard by an independent actuary.
xii. Taxation
Income tax expense comprises current tax, (i.e. amount of taxes for the year determined
in accordance with the Income-Tax Act, 1961) and deferred tax charge or credit (reflecting
the tax effects of timing differences between accounting income and taxable income for
the year). The deferred tax charge or credit and the corresponding deferred tax liabilities
or assets are recognised using the tax rates that have been enacted or substantively
enacted by the Balance Sheet date.
Deferred tax assets are recognised only to the extent there is reasonable certainty that
such assets can be realised in future. However, in case of unabsorbed depreciation or
carried forward loss under tax laws, deferred tax assets are recognised only if there is a
virtual certainty of realisation of such assets. Deferred tax assets are reviewed as at
each Balance Sheet date and written down or written up to reflect the amount that is
reasonably / virtually certain (as the case may be) to be realised.
xiii. Provisions and contingent liabilities

A provision is recognised in the financial statements where there exists a present
obligation as a result of a past event, the amount of which can be reliably estimated and
it is probable that an outflow of resources will be necessary to settle the obligation.
Contingent liability is a possible obligation that arises from past events and the existence
of which will be confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the Company and / or is a present
obligation that arises from past events but is not recognised because either it is not
probable that an outflow of resources embodying economic benefits will be required to
settle the obligation or the amount of the obligation cannot be reliably estimated.
xiv. Operating leases

Lease payments under operating lease arrangements are recognised as expense in
the statement of Profit and Loss on a straight line basis over the period of the lease.
xv. Earnings per share

Basic earnings per share is computed using the weighted average number of equity
shares outstanding during the year. Diluted earnings per share is computed using the
weighted average number of equity and dilutive equity equivalent shares outstanding at
the year end, except where the results would be anti dilutive.

Notes to financial statement
(Rupees in thousands)
As at 31 March 2012 As at 31 March 2011
2 Share capital Number of shares Amount Number of shares Amount
Authorised shares
Equity shares of Rs. 10 each 9,800,000 98,000 9,800,000 98,000
Cumulative convertible preference shares of Rs. 100 each fully paid up 20,000 2,000 20,000 2,000
9,820,000 100,000 9,820,000 100,000
ASSAM CARBON PRODUCTS LTD.

Issued, subscribed and fully paid up equity shares of Rs.10 each 2,755,600 27,556 2,755,600 27,556
2,755,600 27,556 2,755,600 27,556
Shares held by holding / ultimate holding company and/or their subsidiaries
- 1,450,000 (previous year 1,450,000) equity shares are held by Morgan
Crucible Co. Plc, ultimate holding company (including 600,000 shares by
Morganite Carbon Ltd., its subsidiary)
Reconciliation of the shares outstanding
Equity shares of Rs. 10 each fully paid up
24
At the beginning of the year 2,755,600 27,556 2,755,600 27,556
Add: Issued during the year – – – –
At the end of the year 2,755,600 27,556 2,755,600 27,556
Terms attached to shares

Each holder of equity shares is entitled to one vote per share with a right to receive per share dividend declared by the Company. In the event of
liquidation, the equity shareholders are entitled to receive remaining assets of the Company (after distribution of all preferential amounts) in the
proportion of equity shares held by the shareholders. The dividend proposed by the Board of Directors are subject to the approval of the
shareholders in the ensuing Annual General Meeting.
Details of shareholders holding more than 5% shares of the Company
As at 31 March 2012 As at 31 March 2011
Number of % of Number of % of
shares holding shares holding
Equity shares of Rs. 10 each fully paid up held by
Morgan Crucible Co Plc. - Ultimate Holding company 850,000 31% 850,000 31%
Morganite Carbon Ltd. - Subsidiary of ultimate holding company 600,000 22% 600,000 22%
Annual Report 2011-12

Notes to financial statement
(Rupees in thousands)
As at As at
31 March 2012 31 March 2011
3 RESERVES AND SURPLUS
Capital Reserve 3,606 3,606
Capital Redemption Reserve 2,244 2,244
General Reserve 11,675 11,675
Surplus in Statement of Profit and Loss
At the beginning of the year 67,571 63,716
Add : Profit / (Loss) transferred from (5,211) 3,855
Statement of Profit and Loss
At the end of the year 62,360 67,571
Total 79,885 85,096
4 LONG-TERM BORROWINGS
Non-current portion Current maturities*
Secured Rate of As at 31 As at 31 As at 31 As at 31
/unsecured interest March 2012 March 2011 March 2012 March 2011
Term loans from
Banks - Rupee
denominated loans Secured (a) 13% – 1,456 1,456 5,824
Total – 1,456 1,456 5,824
* Amount disclosed under the head “Other Current Liabilities” - Note 9

a) Secured by way of first and exclusive charge on specific plant and machinery of the Company,
both present and future.
b) There is no continuing default in repayment of principal loan and interest amount.
As at 31 As at 31
March 2012 March 2011
5 Other Long-term Liabilities
Deferred government grants

At the begining of the year 142 205
Less : Transferred to statement of
Profit and Loss as “Other Income” 62 63
80 142

6 Provisions Long-term Short-term
As at As at As at As at
31 March 2012 31 March 2011 31 March 2012 31 March 2011
Provision for employee benefits
Gratuity 3,352 3,048 6,222 16,404
Compensated absences 8,195 8,797 882 1,161
Provision for contingencies
(Refer note 33) 26,223 – – –
37,770 11,845 7,104 17,565
7 Short-term borrowings Secured/ As at 31 March As at 31 March

Unsecured 2012 2011
Loans repayable on demand
From banks
a) Working Capital Demand Loan Secured (a) 30,000 67,000
b) Packing Credit Foreign Currency Loan Secured (a) 14,104 –
From related parties
Morgan Crucible Co Plc,
Ultimate holding company Un-secured 16,279 14,533
60,383 81,533
a) Secured by first paripassu charge by way of hypothecation of stocks, book debts of the
Company both present and future.
b) The Working capital demand loan is repayable on demand and carries interest @ 12% to
14% per annum.
c) The packing credit loan is repayable in the month of June,2012 and August,2012 and carries
interest @ 4.5% to 5% per annum.
d) The foreign currency loan from the ultimate holding company is interest free and is repayable
on demand.
e) There is no continuing default in repayment of principal loan and interest amount.
2012 2011
8 Trade payables and accrued expenses
Dues to micro and small enterprises 1,576 3,123
Others 143,840 122,720
Accrued expenses 14,737 13,527
160,153 139,370

Disclosures as required under the Micro, Small and Medium Enterprises Development Act,
2006 (“the Act”) based on the information available with the Company are given below:
As at As at
31 March 2012 31 March 2011
The principal amount remaining unpaid to any
supplier as at the end of the year 234 1,208
The interest due on the principal remaining outstanding
as at the end of the year 142 375
The amount of interest paid under the Act, along with
the amounts of the payment made beyond the appointed
day during the year
Principal - 974 1,340
Interest - – –
The amount of interest due and payable for the period of
delay in making payment (which have been paid but beyond
the appointed day during the year) but without adding the
interest specified under the Act 100 109
The amount of interest accrued and remaining unpaid
at the end of the year – –
The amount of further interest remaining due and payable
even in the succeeding years, until such date when the
interest dues as above are actually paid to the small enterprise,
for the purpose of disallowance as a deductible
expenditure under the Act 1,342 1,100
As at As at
31 March 2012 31 March 2011
9 Other current liabilities

Current maturities of long-term debt * 1,456 5,824
Interest accrued but not due on borrowings 45 172
Creditor for capital goods 4,356 4,457
Advance from customer 3,201 5,306
Unpaid dividends ** 235 442
Income-tax and other taxes payable 4,552 5,495
Accrued salaries and benefits 17,156 35,223
31,001 56,919
* Refer note 4 for details
** There is no amount due and outstanding to be credited to Investor Education and Protection
Fund

10. FIXED ASSETS (Rupees in thousands)

Gross block Accumulated Depreciation/Amortisation Net block
Description As at Additions Disposals As at As at Charge Disposals Deduc- As at As at

1 April 31 March 1 April for the tions 31 March 31 March
2011 2012 2011 year 2012 2012

Tangible assets
Freehold land 1,853 – – 1,853 – – – – – 1,853
Buildings 37,048 – – 37,048 15,435 988 – – 16,423 20,625
Plant and machinery 236,641 35 236,676 119,995 9,336 – – 129,331 107,345
Furniture and fittings 5,380 120 – 5,500 4,256 188 – – 4,444 1,056
Office Equipments 21,589 498 22,087 14,711 1,138 – 15,849 6,238
Vehicles 7,412 - 459 6,953 3,374 602 283 3,693 3,260
28
Subtotal 309,923 653 459 310,117 157,771 12,252 283 – 169,740 140,377
Intangible assets
Computer software 4,198 – – 4,198 284 680 – – 964 3,234
Subtotal 4,198 – – 4,198 284 680 – – 964 3,234
Total 314,121 653 459 314,315 158,055 12,932 283 – 170,704 143,611
Capital work in progress 2,869
146,480

10. FIXED ASSETS (Contd.) (Rupees in thousands)

Gross block Accumulated Depreciation/Amortisation Net block
Description As at Additions Disposals As at As at Charge Disposals Deduc- As at As at

1 April 31 March 1 April for the tions 31 March 31 March
2010 2011 2010 year 2011 2011

Tangible assets
Freehold land 1,853 – – 1,853 – – – – – 1,853
Buildings 36,285 763 – 37,048 14,450 985 – – 15,435 21,613
Plant and machinery 232,937 3,704 – 236,641 110,456 9,539 – – 119,995 116,646
Furniture and fittings 5,380 – – 5,380 4,073 183 – – 4,256 1,124
Office Equipments 20,439 1,172 22 21,589 13,558 1,157 4 14,711 6,878
29
Vehicles 7,097 1,317 1,002 7,412 3,249 622 497 3,374 4,038
Subtotal 303,991 6,956 1,024 309,923 145,786 12,486 501 – 157,771 152,152
Intangible assets
Computer software – 4,198 – 4,198 – 284 – – 284 3,914
Subtotal – 4,198 – 4,198 – 284 – – 284 3,914
Total 303,991 11,154 1,024 314,121 145,786 12,770 501 – 158,055 156,066
Capital work in progress 254
156,320

As at As at
31 March 2012 31 March 2011
11 Non-current investments (valued at cost unless otherwise stated)
Non-trade investments
Un-Quoted equity shares
500 (previous year 500) equity shares of Rs.10/-
fully paid up in Assam Petrochemicals Limited 5 5
5 5
12 Loans and advances Long-term Short-term

As at As at As at As at
31st 31st 31st 31st
March,12 March,11 March,12 March11
Security deposits
Unsecured, considered good 5,261 5,389 1,564 868
5,261 5,389 1,564 868
Other loans and advances
Unsecured considered good, unless stated otherwise
Loans and advances to employees – – 1,605 756
Recoverable from directors – – 375 -
Balance with excise and sale tax authorities – – 2,923 2,318
Prepaid expenses 46 107 3,522 3,645
Advance income-tax 1,287 1,287 – –
Advances recoverable in cash or in kind or for
value to be received
- Considered good – – 2,851 5,961
- Considered doubtful – – 1,371 1,371
1,333 1,394 12,647 14,051
Less: Provision for doubtful advances 1,371 1,371
1,333 1,394 11,276 12,680
6,594 6,783 12,840 13,548
13 Trade receivables As at As at
31 March 2012 31 March 2011
Debts outstanding for a period exceeding six months
from the date they are due for payment
Unsecured, considered good 10,648 29,632
Unsecured, considered doubtful 37,502 37,715
48,150 67,347
Less: Provision for doubtful debts 37,502 37,715
10,648 29,632
Other debts
Unsecured, considered good 102,649 108,820
102,649 108,820
113,297 138,452

Notes to financial statements (Amount in Rupees thousand)
14 Other assets Non-current Current
As at 31 As at 31 As at 31 As at 31
March 2012 March 2011 March 2012 March 2011
Unsecured considered good,
unless otherwise stated
Interest accrued on margin money 72 34 – –
Others receivable – – 555 641
Other bank balances (*)
Balance in banks for margin money 118 118 – –
Deposit with original maturity for
more than twelve months 20 20 – –
210 172 555 641
(*) Refer note 16
15 Inventories (At lower of cost and net realizable value) As at As at

31 March 2012 31 March 2011
Raw materials [including in transit Rs.27,041 59,177 49,375
(previous year Rs. 15,108)]
Stores and spares parts 4,710 3,929
Work-in-progress 28,509 20,015
Finished goods
– Own manufactured 11,659 9,129
– Traded 1,360 1,015
105,415 83,463
Non-current Current
As at 31 As at 31 As at 31 As at 31
March 2012 March 2011 March 2012 March 2011
16 Cash and bank balances
Cash and cash equivalents
Balance with banks in
Current accounts – – 18,245 21,582
Unpaid dividend account – – 235 442
Cash on hand – – 56 74
– – 18,536 22,098
Other bank balances (*)
Balance in banks for margin money 118 118 – –
Deposit with original maturity for
more than twelve months 20 20 – –
138 138 18,536 22,098
(*) Amount disclosed under the head “Non Current Assets - (refer note 14)

As at As at
31 March 2012 31 March 2011
17 Revenue from operations
Sale of products *
Own manufactured 393,843 416,660
Traded 7,703 6,600
Other operating income
Scrap sales 750 –
Processing charges – 159
Revenue from operations (Gross) 402,296 423,419
(*) Sale of products
Manufactured
EG, HC, NG and RB carbon blocks 16,826 14,833
MG and SG carbon blocks 9,715 5,262
Electrical carbon brushes 121,720 161,252
Mechanical and Special Carbon Blocks & Blanks – 194
Mechanical and Special Carbon components 214,060 210,441
ISO Graphite components 30,915 23,447
Copper moulding and linking powder 535 1,093
Miscellaneous 72 138
393,843 416,660
Traded
Carbon Brushes 6,822 5,863
Commutator Maintenance Accessories 881 737
7,703 6,600
18 Other income
Interest on deposits and others 270 74
Dividend Income - long term non trade, unquoted – 1
Liabilities no longer required written back 2,825 882
Government grant 62 63
Rent received 240 240
Miscellaneous income 710 349
4,107 1,609
19 Cost of raw materials consumed
Opening Stock 49,375 30,883
Add : Purchases 194,297 183,254
243,672 214,137
Less : Closing Stock 59,177 49,375
184,495 164,762
20 Purchases of traded goods

Carbon brushes 4,656 3,428
Commutator maintenance accessories – 206
4,656 3,634

Year ended Year ended
21 Changes in inventories of finished goods,
31 March 2012 31 March 2011
work in progress and stock-in-trade
Opening stock
Finished goods
- Own manufactured 9,129 15,143
- Traded 1,015 943
30,159 39,111
Less : Closing stock
Finished goods
- Own manufactured 11,659 9,129
- Traded 1,360 1,015
Net (increase) / decrease (11,369) 8,952
22 Employee benefit expense
Salaries, wages and bonuses 57,279 80,885
Contribution to provident and other fund 11,536 19,377
Staff welfare expense 6,914 10,419
75,729 110,681
23 Other expenses
Stores and spares parts consumed (*) 9,790 10,326
Power and fuel 16,159 25,990
Fabrication costs 12,296 11,403
Repairs to:
– building 871 480
– plant and machinery 1,533 2,036
– others 1,387 1,748
Insurance 3,284 2,683
Rent (Refer note 31) 3,482 3,018
Commission - others 1,397 2,591
Packing and freight 3,387 4,616
Travelling and conveyance 13,473 15,034
Bad Debts written off – –
(Net of Provision Rs.7,953, Previous Year Rs.7,081)
Provision for doubtful debts 7,740 4,393
Rates and taxes 560 587
Professional fee 11,414 7,448
Auditors’ remuneration (refer note 40) 1,634 1,459
Non executive directors’ fees / remuneration 1,635 1,535
Loss on sale and write off of fixed assets 91 237
Loss on foreign exchange fluctuations 7,031 2,401
Excise duty - opening and closing stock of finished goods (17) (183)
Postage and telephone 2,584 2,107
Security charges 2,045 1,689
Bank charges 575 1,043
Miscellaneous expenses 5,841 4,695
108,192 107,336
(*) Stores amd spare consumed included under head of expenses Rs. NIL, (previous year Rs.843)

As at As at
24 Finance cost 31 March 2012 31 March 2011
Interest on
– Term loan 613 1,334
– Others 7,093 9,300
7,706 10,634
25 Capital and other commitments (to the extent not provided for)
(i) Estimated amount of contracts (net of advances)
remaining to be executed on Capital account and
not provided for. – –
(ii) The issue of payment of back wages during the period of strike / lock-out at the Company’s
Guwahati Unit for certain employees effective from 29 November 2007 to 24 July 2008 and
for others from 29 November 2007 to 3 November 2008, has been referred to appropriate
authorities for adjudication. However, the Company, on the principle of No Work No Pay,
has neither ascertained nor made any provision for payment of such wages and other
employee benefits for the period of strike and lock out for certain employees effective from
29 November 2007 to 24 July 2008 and for others from 29 November 2007 to 3 November
2008. Guwahati unit was again under lock out with effect from 7 December 2010 to 8 March
2012 . The Company on the principle of No work No Pay, has neither ascertained nor made
any provision for payment of wages and other employee benefits for the period of strike
and lock out for certain employees with effect from 7 December 2010 to 8 March 2012.
26 Contingent liability not provided for: As at As at

31 March 2012 31 March 2011
(i) Sales tax matters under appeal 304 304
27 The Company has established a comprehensive system of maintenance of information and

documents as required by the transfer pricing legislation under Section 92-92F of the Income
- Tax Act, 1961. Since the law requires the existence of such information and documentation to
be contemporaneous in nature, the Company is in the process of updating the documentation
of the International transactions entered into with the associated enterprises from 1 April 2011
to 31 March 2012 and expects such records to be in existence within the due date. The
management is of the opinion that its international transaction are at arm’s length so that the
aforesaid legislation will not have any impact on the financial statements, particularly on the
amount of tax expense and that of provision for taxation.

28 The Company has not hedged the following foreign

currency exposure as at the year end.
GBP Equivalent Rs. Euro Equivalent Rs. US Dollar Equivalent Rs.
Trade Payables 1,308 106,434 95 6,526 113 5,742
[1299] [94,389] [117] [7,465] [14] [629]
Trade Receivables 232 18,891 12 829 90 4,598
[316] [22,961] [7] [447] [21] [943]
Borrowings from 200 16,279 – – – –
related party [200] [14,533] [-] [-] [-] [-]
(Previous year figures are in brackets)

29 Deferred Tax Year ended Year ended
31 March 2012 31 March 2011
Deferred tax assets
Provision for doubtful debts and advances 12,614 12,684
Provision for employee benefits 6,052 9,544
Carried forward tax losses 23,008 22,625
Total 41,674 44,853
Deferred tax liabilities

Difference between written down value of fixed assets
as per books of accounts and for tax purposes 22,637 22,281
Total 22,637 22,281
Deferred tax asset / (liability) [net] 19,037 22,572
Note: In view of absence of virtual certainty of realisation of deferred tax asset in the foreseeable
future, deferred tax asset is not recognised in the financial statements.
30 Earning per share:
(a) Weighted average number of equity shares outstanding
during the year 2,755,600 2,755,600
(b) Net profit / (loss) after tax attributable to equity
shareholders (Rs. ‘000) (5,211) 3,855
(c) Basic and diluted earnings per equity share of
face value Rs. 10 (Rs.) (1.89) 1.40
31 (a) Cancellable Operating Leases:The Company has taken various office and residential
premises on operating lease arrangements. These agreements are for a period of 11
months to 3 years, cancellable during the life of the contract at the option of both the parties.

(b) Non- Cancellable Operating Leases:The Company acquired three vehicle under non-
cancellable operating lease agreement. Future minimum lease payments outstanding as
on 31 March 2012 are given below : As at As at
31 March 2012 31 March 2011
Not later than one year 441 284
Later than one year but not later than five years 617 617
1,058 901
(c) Minimum lease payment (under both cancellable and non cancellable leases) charged
during the year to the statement of profit and loss aggregated to Rs. 3,482 (Previous year
Rs. 3,018).
32 Employee Benefits
Disclosures made in accordance with Accounting Standard 15 - Employee Benefits (AS 15)
pertaining to defined benefit plans:
31 March 2012 31 March 2011
Sl Particulars Gratuity Gratuity
No. Funded Funded
(i) Net Asset / (liability) recognised in Balance
sheet as at the year end
Present value of defined obligation at year end 49,206 42,609
Fair value of plan assets at year end 39,632 23,157
Net Asset / (liability) recognised in the balance sheet (9,574) (19,452)
(ii) Components of employer expense
Current service costs 2,356 2,134
Interest costs 3,513 2,491
Expected return on plan assets (1,853) (1,537)
Actuarial loss recognised 2,362 8,664
Expense recognised in the statement of profit and loss 6,378 11,752
The gratuity expenses have been recognised in
‘Employee Benefit Expenses’ under note 23
(iii) Change in defined benefit obligations :
Obligation at beginning of the year 42,609 33,262
Service cost 2,356 2,134
Interest cost 3,513 2,491
Actuarial loss recognised 3,316 8,959
Benefits paid (2,588) (4,237)
Defined benefit obligation at end of the year 49,206 42,609
(iv) Change in plan assets:
Fair value of plan assets at the beginning of the year 23,157 19,206
Expected return on plan assets 1,853 1,537
Employer’s contribution 16,254 6,357
Benefit paid (2,588) (4,237)
Actuarial gain recognised 956 294
Fair value of plan assets at the end of the year 39,632 23,157

Note 32 contd…
31 March 2012 31 March 2011

Sl Particulars Gratuity Gratuity
No. Funded Funded
(v) Deficit (9,574) (19,452)

(vi) Actual return on plan assets: 2,809 1,831
(vii) Category of assets as at year end:
Invested in Life Insurance Corporation of India 39,632 23,157
(viii) Assumptions:
Discount rate 8.50% 8.00%
Expected return on plan assets 8.50% 8.00%
Inflation rate 8.50% 8.00%
The estimates of future salary increases, considered in actuarial valuation, take into account
inflation, seniority, promotions and other relevant factors.
2011-12 2010-11 2009-10 2008-09 2007-08

Sl PARTICULARS Gratuity Gratuity Gratuity Gratuity Gratuity
No. Funded Funded Funded Funded Funded
(viii) Experience history
Defined benefit obligation
at the end of the year 49,206 42,609 33,262 34,719 34,011
Plan assets at the end of the year 39,632 23,157 19,206 20,853 23,760
Funded Status (9,574) (19,452) (14,056) (13,866) (10,251)
Experience gain/(loss)
adjustment on plan liabilities (10,346) 295 58 375 159
Actuarial gain/(loss) due to
change in assumption 7,480 (9,253) 2,417 (3,935) 419
Experience gain/(loss)
adjustment on plan assets 504 294 58 375 159
(ix) Major category of Plan Assets

as a % of the Total Plan assets
as at the year end
Invested in Life Insurance
Corporation of India 100% 100% 100% 100% 100%
(x) Basis used to determine the Expected Rate of return on Plan Assets
The expected rate of return on plan assets is based on the current portfolio of assets,
investment strategy and market scenario. In order to protect capital and optimise returns
within acceptable risk parameters, the plan assets are well diversified.

33 Provision for contingencies
(a) The Company has entered into a memorandum of settlement with workers of Guwahati
factory in the current year pursuant to which the Company has agreed to pay a certain
amount to workers on achievement of desired productivity norms.
(b) The Company has set aside Rs. 26,223 thousands as provision for future contingencies
on account of various personnel costs which may result in possible outflow of resources.
34 Segment Reporting
Segments have been identified in line with the Accounting Standard on Segment Reporting (AS
17) prescribed by Companies (Accounting Standard) Rules, 2006, taking into account the nature
of products and services, the different risks and returns, the organisational structure and the
internal financial reporting system.
The Company is engaged in the business of engineering products and hence has only one
business segment. The Company’s risks and returns are affected predominantly by the fact
that it sells its products in the domestic and overseas market. Accordingly, geographical
segments have been considered as primary segment reporting format.
Segment revenue, results, assets and liabilities include respective amounts identified to each
of the segments and amounts allocated on a reasonable basis.
Export Domestic Total

Year ended Year ended Year ended Year ended Year ended Year ended
Particulars
31 March 31 March 31 March 31 March 31 March 31 March
2012 2011 2012 2011 2012 2011
Revenue from Operation 79,746 49,625 322,550 373,794 402,296 423,419

Less: Excise duty – – 29,273 27,830 29,273 27,830
Revenue from Operation (Net) 79,746 49,625 293,277 345,964 373,023 395,589
Other income – – 3,837 1,534 3,837 1,534
Other income - unallocable – – – – 270 75
Segment revenue 79,746 49,625 297,114 347,498 377,130 397,198
Segment result 9,245 3,574 19,945 14,590 29,190 18,164
Unallocated expenses
(net of income) – – – – 26,695 29,101
Finance cost – – – – 7,706 10,634
(Loss) before tax – – – – (5,211) (21,571)
Excess provision for tax for
earlier years written back – – – – – (25,426)
Profit / (Loss) after tax – – – – (5,211) 3,855
Other Information :
Segment assets 25,067 24,382 88,230 114,070 113,297 138,452
Unallocated assets 290,635 283,030
Total assets 403,932 421,482
Segment liabilities – – 3,201 5,306 3,201 5,306
Unallocated liabilities 293,290 303,524
Share Capital – – – – 27,556 27,556
Reserves and surplus – – – – 79,885 85,096
Total liabilities 403,932 421,482
Cost incurred to acquire
fixed asset – – – – – –
Unallocable – – – – 3,268 3,287
Depreciation/amortisation – – – – – –
Unallocable – – – – 12,932 12,770
Significant non cash expenses – – – – – –

35 Related Party Disclosures in accordance with Accounting Standard 18 prescribed by Companies (Accounting Standard) Rules,
2006. :
(a) Related parties (where control exists)
Bodies corporate having control over the Company Morgan Crucible Company Plc (Holding company)
(b) Related parties with whom there have been transactions during the year:
Name of the party Nature of relationship Sales Pur- Loan Purchase of Remunera- Professional Receivable/

chases out- Fixed Asset tion fees (payable) at
standing paid year end
Morgan Crucible Company Plc Holding company – – 16,279 – – 1,131 (3,965)
Morgan AM&T (SEA) Pte Limited Fellow subsidiary – 12,069 – – – – –
Shanghai Morgan Carbon Co. Limited Fellow subsidiary 9,690 1,028 – – – – 2,195
Morgan Electrical Carbon Limited Fellow subsidiary 25,002 89,690 – – – – (98,035)
Morgan Korea Company Limited Fellow subsidiary 699 – – – – – –
Morganite Luxembourg Limited Fellow subsidiary 2,476 – – – – – 829
Morgan Cabon Italia Fellow subsidiary – 1,389 – 2,092 – – (3,803)
39
Mr. V S Lokre Key management personnel – – – – 3,324 – –
Mr. D Ray Key management personnel – – – – 1,121 – –
Mr. G. P. Chawla Key management personnel – – – – 2,128 – –
Total 37,868 104,176 16,279 2,092 6,573 1,131
(c) Related parties with whom there have been transactions during the previous year:
Name of the party Nature of relationship Sales Pur- Loan Purchase of Remunera- Professional Receivable/
chases out- Fixed Asset tion fees (payable) at
standing paid year end
Morgan Crucible Company Plc Holding company – – 14,533 – – 848 (3,283)
Morgan AM&T (SEA) Pte Limited Fellow subsidiary – 11,676 – – – – (506)
Shanghai Morganite Electrical Carbon Co Fellow subsidiary – 591 – – – – –
Shanghai Morgan Carbon Co. Limited Fellow subsidiary 36 – – – – – 552
Morgan Electrical Carbon Limited Fellow subsidiary 36,593 78,796 – – – – (70,094)
Morganite Special Carbons Limited Fellow subsidiary – – – – – – (109)
Morgan Korea Company Limited Fellow subsidiary 627 – – – – – 757
Mr. D Ray Key management personnel – – – – 4,490 – 0
Mr. G. P. Chawla Key management personnel – – – – 1,300 – –
Total 37,256 91,063 14,533 – 5,790 848

36 Details of inventories of finished goods
Class of goods 2012 2011
Amount Amount
EG, HC, NG and RB carbon blocks – 3,063
MG and SG carbon blocks – 1,535
Electrical carbon brushes 6,098 1,726
Mechanical and special carbon blocks and blanks 35 1,504
Machined and special carbon components 4,881 1,078
ISO-Graphite components 645 223
Total 11,659 9,129
37 Details of inventories of traded goods

Class of goods As at 31 March As at 31 March
2012 2011
Amount Amount
Carbon brushes 362 47
Commutator maintenance accessories 998 968
Total 1,360 1,015
38 Details of raw materials consumed

Class of Goods As at 31 March As at 31 March
2012 2011
Amount Amount
Lamp black, carbon black, coke, natural &

synthetic graphite, pitch etc 65,926 39,926
Non ferous metals, copper sheets, brass
sheets, flexible wires, tubes etc 26,457 22,940
Copper sheets, brass sheets, flexible wires,
tubes, rodes etc 14,492 13,951
Carbon brush components 14,495 14,320
ISO graphite & carbon blocks, blanks etc 61,371 70,459
Others 1,754 3,166
184,495 164,762

39 Details of imported and indigenous raw materials and stores and spare parts consumption

31 March 2012 31 March 2011
Amount % of total Amount % of total
consumption consumption
Raw materials
Imported 140,130 76 104,170 63
Indigenous 44,365 24 60,592 37
184,495 100 164,762 100
Stores and spares

Imported 2,444 25 1,037 9
Indigenous 7,346 75 10,132 91
9,790 100 11,169 100
Total 194,285 175,931

31 March 2012 31 March 2011
40 Auditors’ remuneration includes*:
(a) Statutory audit fees 700 700
(b) Limited Reviews 550 550
(c) Certification and Other assignments 146 -
(d) Reimbursement of out of pocket
expenses for (a) and (b) above 89 80
(e) Service tax 149 129
1,634 1,459
* Paid to the erstwhile auditors of the Company Rs. Nil (previous year Rs. 138)
41 Value of imports on C.I.F. basis

Raw materials 118,705 104,640
Stores and spare parts 1,414 704
Capital goods 2,092 –
Trading items 373 280

31 March 2012 31 March 2011
42 Expenditure and earnings in foreign exchange

(a) Expenditure in foreign currency
Travelling 1,450 351
Professional fees 1,131 1,463
(b) Earnings in foreign currency

Exports on F.O.B. basis 79,746 49,625
Reimbursement of expenses 623 548
43 The financial statements for the year ended March 31, 2011 had been prepared as per the then
applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification
of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year
ended March 31,2012 are prepared as per Revised Schedule VI. Accordingly, the previous year
figures have also been reclassified to conform to this year’s classification. The adoption of
Revised Schedule VI for previous year figures does not impact recognition and measurement
principles followed for preparation of financial statements.
As per our report attached for even date

For B S R & Co For and on behalf of the Board of Directors of
Chartered Accountants Assam Carbon Products Limited
R.HIMATSINGKA V.S.LOKRE HITESH SAIWAL
JITEN CHOPRA Chairman Managing Director Director

Form of Proxy
ASCARBON
Morgan ASSAM CARBON PRODUCTS LTD
Registered Office : Birkuchi, Guwahati – 781 026
I/We
of in the district of
being a member/members of the above named Company, hereby appoint
Mr./Mrs. of in the
district of or failing him/her Mr./Mrs.
of in the district of
as my/our proxy to vote for me/us and on my/our behalf at the 49th Annual General Meeting of the
Company to be held on Tuesday, 28th August, 2012 at 10.30 am. at the registered office at ‘Birkuchi,
Guwahati - 781 026, and at any adjournment thereof.
Signed this day of, 2012
Affix
Signature Revenue
Stamp
This proxy form must be deposited at the Registered Office of the Company, not less than 48 hours
before the time of holding the Meeting.
ASCARBON ASSAM CARBON PRODUCTS LTD

Morgan
Attendance Slip
To be handed over at the entrance of the Meeting Hall
Full name of the

Member attending :
Full name of the
first joint-holder :
(To be filled in if first named joint-holder does not attend the meeting)
Name of Proxy :
(To be filled in if Proxy Form has been duly deposited with the Company)
I hereby record my presence at the 49th Annual General Meeting being held on Tuesday, 28th August,
2012 at 10.30 am. at the registered office at ‘Birkuchi, Guwahati - 781 026.
DP Id: Client ID
Registered Folio No. :
Member’s/Proxy’s Signature
No. of Shares held : (To be signed at the time of handing over this slip)
Note : Persons attending the Annual General Meeting are requested to bring their copies of Annual Report.

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CHAIRMAN EMERITUS Guwahati

COMPANY SECRETARY AUDITORS

ASSAM CARBON PRODUCTS LTD. 1 Annual Report 2011-12

By Order of the Board

ASSAM CARBON PRODUCTS LTD. 2 Annual Report 2011-12

ASSAM CARBON PRODUCTS LTD. 3 Annual Report 2011-12

Year ended 31.3.10 Year ended 31.3.11 Year ended 31.3.12

(i) Paid up Capital 27,556 27,556 27,556

ASSAM CARBON PRODUCTS LTD. 4 Annual Report 2011-12

By Order of the Board

ASSAM CARBON PRODUCTS LTD. 5 Annual Report 2011-12

ASSAM CARBON PRODUCTS LTD. 6 Annual Report 2011-12

ASSAM CARBON PRODUCTS LTD. 7 Annual Report 2011-12

For and on behalf of the Board

28th May 2012 R Himatsingka

ASSAM CARBON PRODUCTS LTD. 8 Annual Report 2011-12

1. DISCLOSURE OF PARTICULARS PURSUANT TO THE COMPANIES (DISCLOSURE OF

2. Benefits derived as a result of the above R & D

3. Future plan of action

4. Expenditure on R & D (Rs. In lacs)

Technology absorption, adaptation and innovation NIL

C. Foreign exchange earnings and outgo:

For and on behalf of the Board

28th May 2012 R Himatsingka

ASSAM CARBON PRODUCTS LTD. 9 Annual Report 2011-12

ASSAM CARBON PRODUCTS LTD. 10 Annual Report 2011-12

ASSAM CARBON PRODUCTS LTD. 11 Annual Report 2011-12

ASSAM CARBON PRODUCTS LTD. 12 Annual Report 2011-12

According to the information and explanations given to us, no undisputed amounts

ASSAM CARBON PRODUCTS LTD. 13 Annual Report 2011-12

Andhra Pradesh Sales 126 46 2001-2002 Andhra Pradesh

Central Sales Sales 178 46 2001-2002 Andhra Pradesh

ASSAM CARBON PRODUCTS LTD. 14 Annual Report 2011-12

ASSAM CARBON PRODUCTS LTD. 15 Annual Report 2011-12

ASSAM CARBON PRODUCTS LTD. 16 Annual Report 2011-12

Loss before tax 5,211 21,571

Significant accounting policies 1

As per our report attached for even date

ASSAM CARBON PRODUCTS LTD. 17 Annual Report 2011-12

A. Cash flow from operating activities

Operating profit before working capital changes 24,501 6,256

B. Cash flow from investing activities

Purchase of fixed assets (3,268) (3,287)

ASSAM CARBON PRODUCTS LTD. 18 Annual Report 2011-12

C. Cash flow from financing activities

Cash and cash equivalents - opening balance 22,098 24,743

Cash and cash equivalents - closing balance 18,536 22,098

* accounts are not available for use by the Company

As per our report attached of even date

For and on behalf of the Board of Directors of

ASSAM CARBON PRODUCTS LTD. 19 Annual Report 2011-12

1. SIGNIFICANT ACCOUNTING POLICIES

ii. Use of estimates

iii. Fixed assets

iv. Depreciation / Amortisation

ASSAM CARBON PRODUCTS LTD. 20 Annual Report 2011-12

Intangible fixed assets

Current investments are stated at lower of cost and fair value.

ASSAM CARBON PRODUCTS LTD. 21 Annual Report 2011-12