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Goa Carbon Ltd.

BSE: 509567 Sector: Industrials
BSE 00:00 | 21 Jun 660.45 -16.90






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OPEN 695.00
52-Week high 1215.40
52-Week low 226.00
P/E 11.22
Mkt Cap.(Rs cr) 604
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 695.00
CLOSE 677.35
52-Week high 1215.40
52-Week low 226.00
P/E 11.22
Mkt Cap.(Rs cr) 604
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Goa Carbon Ltd. (GOACARBON) - Director Report

Company director report

The Members

Your Directors have pleasure in presenting the 49th Annual Report on thebusiness and operations of the Company and the audited financial accounts for the yearended 31st March 2017.

Financial Results

Rs. in lakhs
2016-17 2015-16
Profit/(Loss) before exceptional item for the year 1564.44 (449.27)
- -
Less: Exceptional items
Profit/(Loss) after exceptional item/before tax for the year 1564.44 (449.27)
Less: Provision for Tax –
Current Tax 334.00 -
MAT Credit (96.44) -
Prior Year Tax 78.14 2.03
Deferred Tax (306.25) (143.65)
621.95 (141.62)
Profit/(Loss) for the year after tax 942.49 (307.65)
Add: Surplus b/f from statement of Profit & Loss of previous year 774.42 1082.07
Amount Available for 1716.91 774.42
General Reserve - -
Interim Dividend Paid 137.27 -
Tax on Interim Dividend 27.94 -
165.21 -
Balance carried to the Balance Sheet 1551.70 774.42

Year in Retrospect

The sales and other income for the financial year under review was Rs. 30011.10 lakhsas compared to Rs. 32162.85 lakhs during the previous year. The production of CalcinedPetroleum Coke (CPC) was 164323 tonnes as compared to 149935 tonnes during theprevious year. The sales of CPC was 159579 tonnes for the period under review ascompared to 154688 tonnes for the previous year.

Dividend and Transfer to Reserve

Considering the current year's operating profit the Board has considered itappropriate to recommend a final dividend of Rs. 3/- per equity share of Rs. 10/- each. Itmay be recalled that in January 2017 an interim dividend at the rate of Rs. 1.50 perequity share of Rs. 10/- each was declared and paid. This aggregate's to a total dividendof Rs. 4.50 per equity share of Rs. 10/- each for the financial year ended 31stMarch 2017 (FY 2015-16: Nil dividend).

The provisions of the Companies Act 2013 does not mandate any transfer of profits toGeneral Reserve.

Hence no transfer has been made to the General Reserve for the year under review.

Subsidiary Companies and Consolidated Financial Statements

As on 31st March 2017 the Company had a wholly owned subsidiary namely"GCL Global Resources SGP Pte. Limited" Singapore. The Board of Directors hasdecided to initiate liquidation process in respect of the above said wholly ownedsubsidiary on account of the withdrawal of the Company's China project and the consequentde-registration of the Company's erstwhile step down subsidiary in China.

The Consolidated Financial Statements of the Company and its subsidiary prepared inaccordance with relevant Accounting Standards specified in the Companies Act 2013 readwith the rules made thereunder form part of the Annual Report. The necessary informationas required to be given in terms of the first proviso of subsection 3 of Section 129 ofthe Companies Act 2013 is given in this Annual Report.

In terms of –

(i) Clause (a) of fourth proviso to sub-section (1) of Section 136 of the CompaniesAct 2013 a copy of the Balance Sheet Statement of Profit and Loss and other documentsof its subsidiary company shall be placed on the website of the Company;

(ii) Clause (b) of fourth proviso to sub-section (1) of Section 136 of the CompaniesAct 2013 the said documents/details shall be made available upon request to any memberof the Company.


The Company continues to enjoy ISO 9001 & ISO 14001 accreditation made by BUREAUVERITAS.

Public Deposits

The Company has not accepted any public deposits during the year under review.

Directors' Responsibility Statement

To the best of our knowledge and belief and based on the information andrepresentations received from the operating management your Directors make the followingstatements in terms of Section 134(3)(c) of the Companies Act 2013: (a) that in thepreparation of the annual accounts the applicable accounting standards have been followedalong with the proper explanation relating to material departures; (b) that suchaccounting policies as mentioned in Notes to the annual accounts have been selected andapplied consistently and judgement and estimates have been made that are reasonable andprudent so as to give a true and fair view of the state of affairs of the Company as at 31stMarch 2017 and of the profit of the Company for the year ended on that date; (c) thatproper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act 2013 for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities; (d)that the annual accounts have been prepared on a going concern basis; (e) that properinternal financial controls are in place and that the internal financial controls areadequate and are operating effectively; (f) that proper systems to ensure compliance withthe provisions of all applicable laws are in place and that such systems are adequate andoperating effectively.


Mr. Shrinivas V. Dempo retires by rotation at the forthcoming Annual General Meetingand being eligible has offered himself for re-appointment. Approval of the members isbeing sought at the ensuing Annual General Meeting for his re-appointment and therequisite details in this connection is contained in the Notice convening the meeting.

Key Managerial Personnel

Mr. Jagmohan J. Chhabra Whole-time Director (Designated "ExecutiveDirector") Mr. P. S. Mantri Company Secretary and Mr. K. Balaraman CFO continuedto function as Key Managerial Personnel of the Company during the year under review.

Independent Directors' Declarations

The Company has received declarations pursuant to Section 149(7) of the Companies Act2013 from all the Independent Directors of the Company viz. Mr. Dara P. Mehta Mr. KekiM. Elavia Mr. Raman Madhok Dr. A. B. Prasad and Ms. Kiran Dhingra confirming that theymeet the criteria of independence as prescribed under sub-section (6) of Section 149 ofthe Companies Act 2013 in respect of their position as an "IndependentDirector" of Goa Carbon Limited.

Meetings of the Board of Directors

A minimum of four Board meetings are held annually. Additional Board meetings areconvened by giving appropriate notice to address the Company's specific needs. In case ofbusiness exigencies or urgency of matters resolutions are passed by circulation.

During the year under review seven Board meetings were held the details of which aregiven in the Corporate Governance Report which forms part of this Annual Report.

The intervening gap between two consecutive meetings was within the period prescribedunder the Companies Act 2013 and the Listing Regulations.

Audit Committee

The Audit Committee comprises of Mr. Dara P. Mehta who serves as the Chairman of theCommittee and Mr. Keki M. Elavia and Mr. Raman Madhok as the other members. The terms ofreference etc. of the Audit Committee is provided in Corporate Governance Report whichforms part of this Annual Report.

All the recommendations made by the Audit Committee during the financial year underreview were accepted by the Board.

Nomination and Remuneration Committee

The composition terms of reference etc. of the Nomination and Remuneration Committeeis provided in Corporate Governance Report which forms part of this Annual Report. TheCommittee has formulated a Nomination and Remuneration Policy and the same has beenuploaded on the website of the Company at

Board Evaluation

Pursuant to the provisions of the Companies Act 2013 and regulation 17(10) of theListing Regulations the Board has carried out the annual performance evaluation of itsown performance the Directors individually as well as the evaluation of the working ofits Statutory Committees. A structured questionnaire was prepared after taking intoconsideration inputs received from the Directors covering various aspects of the Board'sfunctioning such as adequacy of the composition of the Board and its Committees Boardculture execution and performance of specific duties obligations and governance.

A separate exercise was carried out to evaluate the performance of individual Directorsincluding the Chairman of the Board who were evaluated on parameters such as level ofengagement and contribution independence of judgement safeguarding the interest of theminority shareholders etc. The performance evaluation of the Independent Directors wascarried out by the entire Board. The performance evaluation of the Chairman and the NonIndependent Directors was carried out by the Independent Directors. Based on thesecriteria the performance of the Board various Board Committees Chairman and IndividualDirectors (including Independent Directors) was found to be satisfactory.

Internal Control System

The Board has laid down Internal Financial Controls within the meaning of theexplanation to Section 134 (5) (e) ("IFC") of the Companies Act 2013. The Boardbelieves the Company has sound IFC commensurate with the nature and size of its business.Business is however dynamic. The Board is seized of the fact that

IFC are not static and are in fact a fluid set of tools which evolve over time as thebusiness technology and fraud environment changes in response to competition industrypractices legislation regulation and current economic conditions. There will thereforebe gaps in the IFC as Business evolves. The Company has a process in place to continuouslyidentify such gaps and implement newer and or improved controls wherever the effect ofsuch gaps would have a material effect on the Company's operations.

Statutory Auditors

M/s. Deloitte Haskins & Sells Chartered Accountants Statutory Auditors of theCompany hold office till the conclusion of the ensuing Annual General Meeting (AGM) andtheir term (transition period) of 3 years is expiring at the ensuing AGM.

Accordingly as per the requirements of Section 139(2) of the Companies Act 2013(‘the Act') M/s. BSR & Co. LLP Chartered Accountants (Registration No.101248W/W-100022) are proposed to be appointed as auditors for a period of 5 yearscommencing from the conclusion of the 49th AGM till the conclusion of the 54th

AGM subject to ratification by shareholders every year as may be applicable in placeof M/s. Deloitte Haskins & Sells Chartered Accountants. M/s. BSR & Co.LLP Chartered Accountants have consented to the said appointment and confirmed thattheir appointment if made would be within the limits specified under Section 141(3)(g)of the Act. They have further confirmed that they are not disqualified to be appointed asstatutory auditors in terms of the provisions of the proviso to Section 139(1) Section141(2) and Section 141(3) of the Act and the provisions of the Companies (Audit andAuditors) Rules 2014. The Audit Committee and the Board of Directors recommend theappointment of M/s. BSR & Co. LLP Chartered Accountants as statutory auditors of theCompany from the conclusion of the 49th AGM till the conclusion of the 54thAGM to the shareholders.

Statutory Auditors' Observations

The notes on financial statements referred to in the Auditors' Report areself-explanatory and therefore do not call for any further explanations or comments.

There are no qualifications reservations or adverse remarks or disclaimer made in theAuditors' Report which requires any clarification or explanation.

Cost Audit

The maintenance of cost records is not applicable to the Company as per the amendedCompanies (Cost Records and Audit) Rules 2014 prescribed by the Central Government underSection 148(1) of the Companies Act 2013.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the rulesthereunder the Board of Directors of the Company has appointed CS Sadashiv V. ShetPracticing Company Secretary to conduct the Secretarial Audit. The Secretarial AuditReport for the financial year ended 31st March 2017 forms a part of thisAnnual Report. The same is self explanatory and requires no comments.

Vigil Mechanism/Whistle Blower Policy

The Company has established a Vigil Mechanism/ and Whistle blower Policy for theemployees to report their genuine concerns or grievances and the same has been posted onthe Company's website www.

The Audit Committee of the Company oversees the Vigil Mechanism.

Risk Management

Goa Carbon follows well-established and detailed risk assessment and minimisationprocedures which are periodically reviewed by the Board. The Company has in place abusiness risk management framework for identifying risks and opportunities that may have abearing on the organization's objectives assessing them in terms of likelihood andmagnitude of impact and determining a response strategy.

The Senior Management assists the Board in its oversight of the Company's management ofkey risks including strategic and operational risks as well as the guidelines policiesand processes for monitoring and mitigating such risks under the aegis of the overallbusiness risk management framework.

Particulars of loans guarantees or investments

The details of loans guarantees and investments covered under the provisions ofSection 186 of the Companies Act 2013 are given in the notes to financial statements.

Related Party Transactions

All transactions entered with Related Parties for the year under review were on arm'slength basis and in the ordinary course of business and as such provisions of Section 188of the Companies Act 2013 are not attracted. Thus disclosure in Form AOC-2 is notrequired. Further there are no material related party transactions during the year underreview with the Promoters Directors or Key Managerial Personnel. All Related PartyTransactions are placed before the Audit Committee as also to the Board for approval. Asrequired under regulation 23(1) of the Listing Regulations the Company has formulated apolicy on dealing with Related Party Transactions. The Policy has been uploaded on thewebsite of the Company and can be accessed at: Policy_GOA%20CARBON%20LIMITED.pdf

Significant and material orders passed by the Regulators or Courts

There were no significant material orders passed by the Regulators/Courts/Tribunalswhich would impact the going concern status of the Company and its future operations.

Particulars of employees and related disclosures

In terms of the provisions of Section 197(12) of the Companies Act 2013 read withRules 5(2) and 5(3) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 a statement of the particulars of the employee(s) drawingremuneration in excess of the limits set out in the said rules are provided in theAnnexure – I to this Report.

Disclosures pertaining to remuneration and other details as required under Section197(12) of the Companies Act 2013 read with Rule 5(1) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 are provided in the Annexure – IIto this Report.

Energy Conservation Technology Absorption and Foreign Exchange Earnings and outgo

The particulars relating to energy conservation technology absorption foreignexchange earnings and outgo required to be disclosed by Section 134 (3)(m) of theCompanies Act 2013 read with Rule 8(3) of the Companies (Accounts) Rules 2014 areprovided in the Annexure – III to this Report.

Corporate Social Responsibility (CSR)

Pursuant to Section 135 of the Companies Act 2013 read with rules made there underyour Directors have constituted the Corporate Social Responsibility (CSR) Committee. TheCSR Committee comprises of Mr. Shrinivas V. Dempo who serves as Chairman of the Committeeand Mr. Raman Madhok and Mr. Jagmohan J. Chhabra as other members.

The said Committee has been entrusted with the responsibility and recommending to theBoard a Corporate Social Responsibility Policy (CSR Policy) indicating the activities tobe undertaken by the Company monitoring the implementation of the framework of the CSRPolicy and recommending the amount to be spent on CSR activities. The CSR policy of theCompany has been posted on the website of the Company The prescribed CSRexpenditure required to be spent for FY 2016-17 as per the Companies Act 2013 (‘the

Act') is Nil in view of net profit of the Company being negative under Section 198 ofthe Act. However to keep the spirit of CSR alive the Company has continued its CSRinitiatives for the FY 2016-17.

The Annual Report on CSR activities is provided in the Annexure – IV to thisReport.

Extract of Annual Return

The details forming part of the extract of the Annual Return in Form MGT-9 as requiredunder Section 92 of the Companies Act 2013 is included in this Report as Annexure –V and forms an integral part of this Report.

Transfer of unclaimed dividend to Investor Education and Protection Fund

During the year under review pursuant to Section 124 of the Companies Act 2013 yourCompany transferred an amount of Rs. 475260/- (Rupees Four Lakhs Seventy Five ThousandTwo Hundred Sixty only) to the Investor Education and Protection Fund (IEPF) being theunclaimed dividend for the financial year ended 31 st March 2009.

Pursuant to the provisions of the Investor Education and Protection Fund (Uploading ofinformation regarding unpaid and unclaimed amounts lying with companies) Rules 2012 yourCompany has uploaded the details of unpaid and unclaimed amounts lying with the Company ason 6th July 2016 (date of last Annual General Meeting) on the Company'swebsite www. as also on the website of the Ministry of Corporate Affairs'.

Pursuant to the provisions of Section 124 and 125 of the Companies Act 2013 and theInvestor Education and Protection Fund Authority (Accounting Audit Transfer and Refund)Rules 2016 ("Rules") all shares on which dividend has not been paid or claimedfor seven consecutive years or more shall be transferred to the DEMAT Account of the IEPFAuthority after complying with the procedure laid down under the Rules.

Disclosures under the Sexual Harassment of Women at Workplace (Prevention Prohibitionand Redressal) Act 2013

In accordance with the provisions of the Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013 and the rules made there under theCompany has formulated an internal Policy on Sexual Harassment at Workplace (PreventionProhibition and Redressal).

The policy aims at educating employees on conduct that constitutes sexual harassmentways and means to prevent occurrence of any such incident and the mechanism for dealingwith such incident in the unlikely event of its occurrence. The ICC is responsible forredressal of complaints related to sexual harassment of women at the workplace inaccordance with procedures regulations and guidelines provided in the Policy.

During the year under review there were no complaints referred to the ICC.

Corporate Governance

It has been the endeavour of your Company to follow and implement best practices incorporate governance in letter and spirit. The following forms part of this AnnualReport: (i) Declaration regarding compliance of Code of Conduct by Board Members andSenior Management Personnel; (ii) Management Discussion and Analysis; (iii) Report onCorporate Governance and; regarding(iv) Auditors' complianceCertificate of conditions ofcorporate governance.

Appreciation and Acknowledgement

Your Directors would like to express their appreciation for the assistance andco-operation received from the Government authorities banks customers businessassociates and members during the year under review. Your Directors also wish to place onrecord their deep sense of appreciation for the committed services by the executivesstaff and workers of the Company.

For and on behalf of the Board of Directors

Shrinivas V. Dempo


DIN: 00043413
Panaji Goa
11th April 2017


Particulars of Employees pursuant to Section 197 of the Companies Act 2013 read withthe Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 formingpart of the Directors' Report for the year ended 31st March 2017.

Sr. No. Name of the Employee Designation/ Nature of duties Remuneration ( Rs. in lacs) Qualifications Experi- ence in years Date of Com- mencement of employment Age (in yrs) Last Employ- ment held Percentage of equity shares held in the Company Name of Director or Manager who is a relative
(A) Employed throughout the financial year:
1. Chhabra Jagmohan J. Executive Director* 90.61 B.E. (Mechanical) Masters Degree in Marketing Management Management Education Programme. 33 01.04.2010 55 CEO TSG Limited (Subsidiary of Frigoglass Group Athens Greece) Nil None

(B) Employed for part of the financial year:


(C) Employed throughout the financial year or part thereof and exceeded that drawn bythe managing director or whole-time director or manager and holds by himself or along withhis spouse and dependent children not less than two per cent of the equity shares of thecompany:


* Appointed as Whole-time Director with designation Executive Director and the natureof his employment was contractual. Other terms and conditions are as per agreement.


Remuneration as shown above includes Salary Allowances Company's Contribution toProvident Fund Leave Travel Assistance and expenditure by the Company on accommodationmedical and other facilities as per agreement. In addition the director is entitled toGratuity and is also covered under the Group Personal Accident Insurance Policy.

For and on behalf of the Board of Directors
Shrinivas V. Dempo


DIN: 00043413
Panaji Goa
11th April 2017


Details pertaining to remuneration as required under Section 197(12) of the CompaniesAct 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014

i) The percentage increase in remuneration of each Director Chief Financial Officerand Company Secretary during the financial year 2016-17 ratio of the remuneration of eachDirector to the median remuneration of the employees of the Company for the financial year2016-17 and the comparison of remuneration of each Key Managerial Personnel (KMP) againstthe performance of the Company are as under:

Sr. No. Name of Director/KMP and Designation Remuneration of Director/KMP for financial year 2016-17 % increase in Remuneration in the financial year 2016-17 Ratio of remuneration of each Director to median remuneration of employees
( lakhs)
1. Jagmohan J. Chhabra 90.61 0% 20:1
Executive Director
2. P. S. Mantri 45.35 0% Not applicable
Company Secretary
3. K. Balaraman 42.09 1% Not applicable
Sr. GM (Finance) & CFO

Note: For this purpose sitting fees paid to the directors have not been consideredas remuneration.

ii) The median remuneration of employees of the Company during the financial year wasRs. 4.55 lakhs.

iii) In the financial year there was an increase of 19% in the median remuneration ofemployees.

iv) There were 216 employees on the rolls of the Company as on 31st March2017.

v) Relationship between average increase in remuneration and company performance: TheNet Profit before tax for the financial year ended 31 st March 2017 was Rs.1564.44 lakhs whereas the average increase in average remuneration was 19%.

vi) Comparison of remuneration of the Key Managerial Personnel(s) against theperformance of the Company: In the year under review the increment is 0%. The Net Profitof the Company before tax isRs. 1564.44 lakhs.

vii) a) Variations in the market capitalisation of the Company: The marketcapitalisation as on 31st March 2017 was Rs. 106.98 Crores as against Rs.68.17 Crores in 2015-16. b) Price Earnings ratio of the Company was 11.30:1 as at 31stMarch 2017 as against Nil as at 31st March 2016. c) Percent increase overdecrease in the market quotations of the shares of the company as compared to the rate atwhich the company came out with the last public offer in the year: Since there was nopublic offer in last 5 years the relevant details are not applicable.

viii) Average percentage increase made in the salaries of employees other than themanagerial personnel in the last financial year i.e. 2016-17 was 16% whereas the increasein the managerial remuneration for the same financial year was 0%.

ix) The key parameters for the variable component of remuneration availed by thedirectors: The Executive Director is entitled to a Performance Linked Bonus/Incentive of1% of the net profit per annum subject to a maximum of Rs. 6.00 lakhs as per the terms ofappointment. The Executive Director is eligible to a Performance Bonus of Rs. 6.00 lakhsfor the year under review. None of the other directors are paid any remuneration exceptsitting fees for attending meetings.

x) The ratio of the remuneration of the highest paid director to that of the employeeswho are not directors but receive remuneration in excess of the highest paid directorduring the year – Not Applicable; and

xi) It is hereby affirmed that the remuneration paid is as per the Remuneration Policyfor Directors Key Managerial Personnel and other Employees.

For and on behalf of the Board of Directors
Shrinivas V. Dempo
Panaji Goa


11th April 2017 DIN: 00043413

Particulars with respect to conservation of energy etc. as per Companies (Accounts)Rules 2014

(A) Conservation of Energy
Goa Plant Bilaspur Plant Paradeep Plant
(i) the steps taken or impact on conservation of energy Total electrical units consumed during the year was 715268 kwh units as against 870900 kwh units of the previous year. Consumption of electrical energy per metric ton of Calcined Petroleum Coke (CPC) produced during the year was 18.64 kwh/MT of CPC as against 17.16 kwh/MT of previous year. This is due to de- crease in production run days from 250 days to 190 days for the full year as compared to the previous year. A strict control on routinely maintaining power factor enabled the Company to get maximum rebate of Rs. 191268/-. Electrical Energy consumption during the year has decreased to 16.80 kwh/MT as compared to 19.58 Kwh/MT of previous year. This has decreased due to higher production running days. A vigilant control on periodically maintained power factor enabled the Company to minimize power consumption. Furnace Oil consumption per MT of CPC has decreased from 2.32 litres/MT to 1.45 litres/MT for heating & cooling of the Kiln and also Furnace Oil used for processing has de- creased from 2.87 litres/MT to 1.97 litres/MT due to increase in CPC production during the year. The specific Electrical Energy consumption for the financial year 2016-17 was 31.82 Kwh/ MT. In comparison with the previous financial year 2015-16 the specific energy consumption is more by 1.67 Kwh/MT of CPC produced. The reason for this increase in specific energy consumption is that for the en- tire Financial Year 2016-17 average kiln operation was higher compared to the financial year 2015-16 and average production per day was less as we were forced to operate the kiln to meet the customers demand without taking shut-down.
Furnace Oil consumption during the year was 58890 litres (including heating & cooling of Kiln) as against 139085 litres of previous year. Furnace Oil consumption per ton of CPC during the year was 1.53 litres/MT as against 2.74 litres/ MT in the previous year due to better process control. In addition 34610 litres of Furnace Oil was used for dedusting of CPC to suppress dust emis- sions during sieving & packing The average production per day was 331.25 MT during the year as compared to 358.5 MT of the previous year. The power cost per MT of CPC has decreased by Rs. 0.71/MT com- pared to previous year. The consumption of Furnace oil for production was nil as in the previous year.
(ii) the steps taken by the company for utilising alternate sources of energy. 1) Replaced 20% HPSV Light Fittings to reduce Lighting unit consumption. 1) Installed energy efficient luminaries.
2) Conditioned monitoring of equipments & strict monitoring for efficient usage of equipment is being continued in all sections. 2) Initiation to install energy efficient motors.
3) Energy efficient 15 HP Wessman Blower was used in place of 25 HP Blower during low furnace oil consumption for kiln burner.
4) RPC unloading crusher was bypassed during less coarser material thereby saving of 40 HP electrical load.
(iii) the capital investment on energy conservation equipments


(B) Technology Absorption
(i) the efforts made to- wards technology ab- sorption. The Company has been continuously making efforts to achieve reduction in energy consumption and higher product recovery with consistent reviews of all processes and operations and consequent improvement actions like recently installed bag filters. The Company is also making all round efforts to improve on the efficiency of the production of CPC quality by experimenting various specifications of raw materials and its blends.
(ii) the benefits derived like product improvement cost reduction product development or import substitution.
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)-
(a) the details of tech- nology imported;
(b) the year of import;
(c) whether the technology has been fully absorbed; Not Applicable
(d) if not fully absorbed areas where absorption has not taken place and the reasons thereof; and
(iv) the expenditure incurred on Research and Development.
(C) Foreign Exchange
Earnings and Outgo
The Foreign Exchange earned in terms of actual in- flows during the year and the Foreign Exchange outgo dur- ing the year in terms of actual outflows. Foreign Exchange used for importing raw material interest on foreign currency loans and travel expenses of employees for official work etc. were equivalent toRs. 18792.17 lakhs.
Foreign Exchange earned during the year 2016-17 was Nil.