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Panasonic Carbon India Company Ltd.

BSE: 508941 Sector: Engineering
NSE: PANCARBON ISIN Code: INE013E01017
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NSE 05:30 | 01 Jan Panasonic Carbon India Company Ltd
OPEN 445.55
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VOLUME 2217
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P/E 11.07
Mkt Cap.(Rs cr) 210
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Sell Price 0.00
Sell Qty 0.00
OPEN 445.55
CLOSE 447.90
VOLUME 2217
52-Week high 644.00
52-Week low 393.25
P/E 11.07
Mkt Cap.(Rs cr) 210
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Panasonic Carbon India Company Ltd. (PANCARBON) - Director Report

Company director report

Your Directors have pleasure in presenting to you their 39thAnnual Reporttogether with the Audited Accounts of the Company for the year ended 31stMarch 2021 and the Auditors' Report thereon.

1. FINANCIAL RESULTS:

The summarized working results for the year ended 31st March 2021 ascompared with the earlier year are as under:

Rs. in Lakhs

Particulars 2020-21 2019-20
Gross income 5683.52 5347.83
Profit before depreciation and tax 2644.84 2386.68
Provision for depreciation 104.82 124.13
Net Profit after depreciation but before tax 2540.02 2262.55
Provision for tax 650.09 567.07
Net Profit after tax 1889.93 1695.48
Other comprehensive income (Net of tax) (8.64) (28.05)
Total comprehensive income for the year 1881.29 1667.43
Balance of profit brought forward from previous year 498.22 659.49
Balance available for appropriation 2379.51 2326.92
Less : Transfer to General Reserve 1250.00 1250.00
Less : Dividend paid during the year for FY 2019-20 480.00 480.00
Less: Tax on above dividend - (98.70)
Surplus carried to Balance Sheet 649.51 498.22

2. DIVIDEND :

Your Directors recommend a dividend of Rs.12/- per share (i.e.) 120%. The same is inline with the financial strategy and policy of the Company. As per the present provisionof the Income Tax Act there would be no liability of dividend distribution tax on thedividend.

This dividend if approved by you at the ensuing 39thAnnual General Meetingwill be paid to the Shareholders whose names appear in the Register of Members as on 8thSeptember 2021(Record date for payment of dividend to the shareholders).

The dividend when approved will entail payment to all the shareholders of theCompany. It will be tax free income in the hands of recipients if the amount of GrossDividend does not exceed Rs.5000/-

Applicable tax will be deducted if the Gross Dividend payable exceeds Rs..5000/-

3. TRANSFER TO RESERVE

The Board of Directors of your company have decided to transfer an amount of Rs. 12.50Crores to the Reserves for the year under review.

4. MANAGEMENT DISCUSSION AND ANALYSIS:

INDUSTRY AND BUSINESS OVERVIEW OPERATIONAL AND FINANCIAL PERFORMANCE:

Our Company sold 2728 mln pieces of Carbon Rod as against 2518 mln pieces which is108% Sales of last year.

The Domestic Sales Quantity and Value were 1110 mln pieces and Rs.17.09 croresrespectively in the year under review as compared to last year's quantity of 959 Mln Pcsand value of Rs.14.57 Crores which works out to 115% of the Sales by quantity and 117% byvalue of last year.

The Export Sales Quantity and value were 1618 Mln. Pcs. and Rs.31.05 Croresrespectively in the year under review as compared to last year's quantity of 1559 Mln.Pcs. and value of Rs.29.33 Crores which works out to 103% by quantity and 106% by value.Your Company could stabilize the exports to Panasonic Group Battery Factories in PolandPeru Thailand Indonesia Brazil Costa Rica China and other African customers onregular basis. In view of the outbreak of COVID-19 Pandemic we could not get the ordersmuch from outside the Country.

Your Company reduced the impact of the cost increase through Energy and fuel usagereduction and improving overall yield and productivity. By implementing various costreduction measures and due to the impact of reduction of price in material and fuel theprofitability compared to previous year increased substantially by Rs. 277.47 lakhs.

OUTLOOK ON OPPORTUNITIES AND THREATS RISKS AND CONCERNS:

The Company has developed skills to In-house design and fabricate special purposemachines/ equipment required for Carbon rod manufacturing. Introducing low costautomations to lift and transfer the materials to reduce operator fatigue to improveworking conditions and to improve productivity.YourCompanyisalsohopefulofimprovingitsDomestic and Export sales by improving itscompetitive power compared to Chinese and Indonesia manufacturers by continually puttingefforts in developing cost effective new grade carbon rods. Further by manufacturingconsistent quality and timely supply your Company is confident of at least maintainingthe domestic and export sales at the current year's level in the coming years.

The Directors assure that all steps are being taken by the Company to achieve greatergrowth in the coming years in proportion to the growth of the Dry Battery Industry bygiving due consideration to the adverse conditions if any in the Dry Battery Industry.There are no materially significant threats risks or concerns to the Company.

5. SEGMENT-WISE PERFORMANCE:

The Company operates in only one Segment (i.e.) Carbon Rod as a component of Dry CellBatteries. By value while domestic sales contributed 35.5% and export sales constitutedthe remaining 64.5% out of the total sales.

6. FINANCIAL ARRANGEMENTS AND DEPOSITS:

Your Company continues to be free from debts – both on Long Term and on WorkingCapital requirements. The surplus funds available with the Company are being invested withBanks in fixed deposits at regular intervals in line with the policy of the Company. Thisis reflected in increased deposits. Your Company had not accepted any Public Depositsunder Chapter V of the Companies Act 2013 (Act).

Your Company has not accepted any deposits within the meaning of Section 73 of theCompanies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014

Your Company disclose the following details as per regulation 52 of SEBI (LODR)Regulation 2015 amended on 7th May 2019.

(i) Debtors Turnover : 30.9 days
(ii) Inventory Turnover : 14.2 days
(iii) Interest Coverage Ratio : NA
(iv) Current Ratio : 19.3
(v) Debt Equity Ratio : 0.05
(vi) Operating Profit Margin (%) : 38.8%
(vii) Net Profit Margin (%) : 52.5%
(viii) Interest for Debentures /Deposits : Not Applicable
(ix) Due date for payment of interest or Principal of Debentures : Not Applicable

7. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Directors had laid down internal financial controls to be followed by the Companyand such policies and procedures are being adopted by the Company for ensuring the orderlyand efficient conduct of its business including adherence to Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information. The Audit Committee evaluates the internal financialcontrol system periodically. A firm of experienced Chartered Accountants had carriedInternal Audit throughout the year. Whenever it is required the systems and proceduresare upgraded.

The details in respect of internal financial control and their adequacy are included inthe Management Discussion and Analysis which is a part of this report.

8. HUMAN RESOURCE DEVELOPMENT:

The relationship with Employees continues to be cordial. The Company always considersits human resources as its most valuable assets. Imparting adequate and specializedtraining to its employees is an ongoing exercise in the Company.

9. STATEMENT PURSUANT TO LISTING AGREEMENTS:

The Company's Securities are listed with BSE Ltd. The company confirms that it has paidthe Annual Listing Fees to the said stock exchange for the financial year 2020-21 in timeand there were no arrears.

10. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO;

In compliance with section 134(3)(m) of the Act read with rule 8 of the Companies(Accounts) Rules 2014 the prescribed particulars of conservation of energy foreignexchange and technology absorption including R&D have been attached as Annexure-1 herewith.

11. CODE OF CORPORATE GOVERNANCE:

Pursuant to the Regulation 34(3) of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 detailed report on Corporate Governance as updated withthe particulars of this financial year is annexed to this report as Annexure-2 togetherwith Report of the Auditors on the compliance with the said Code.

12. EXPORT HOUSE STATUS:

The Company had obtained ONE STAR EXPORT HOUSE Certificate from Government of IndiaMinistry of Commerce and Directorate General of Foreign Trade (DGFT) in recognition ofgood Export performance. The Company continues to enjoy the Export House Certificatestatus.

13. AEO-T1 Status:

Your Company has been accredited the Authorized Economic Operator (AEO-T1) status byCentral Board of Indirect Taxes and Customs Ministry of Finance Government of India.

14. ENVIRONMENT:

Your Company has consistently emphasized and worked towards sustainable use ofnatural resources. In order to promote the Environment Awareness for everybody andeverywhere with an objective to create awareness and boost the PCIN brand image on aglobal basis your company had observed the June month as "Environment month".The Company actively makes effort to increase awareness among the employees about thecovid-19 .

The following Specific measures taken to prevent spreading of Covid-19 in our Factory: a.Thermal Screening and Hand Sanitization at Main entrance of the factory b. Display Boardsarranged for Awareness on Covid 19 at Main Gate. c. Social Distance at Work place d.Periodical Sanitization of Factory Premises Environment improvement activities carriedduring Environment month and created Energy saving awareness to factory Employees andtheir family members Eco relay activity - This year we were unable to conductcommunity - oriented environmental programs due to covid-19 pandemic to avoid physicalgathering.

15. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

A. Composition of the Board of Directors and Key Managerial Personnel:

The Board of Directors of the Company as on 31st March 2021 consisted ofMr.R. Senthilkumar (DIN: 02170079) Managing Director and Independent Non-ExecutiveDirectors Mr.S. Kalyanaraman (DIN: 08317984) and Mrs. Jayashree Chandrasekaran (DIN:07055905) and Dr. Paul Jayakar (DIN: 00692350) and Non- Executive PromoterDirector Mr. Hideyuki Okunaga (DIN : 06792183) and Mr. Tadasuke Hosoya (DIN: 08232012)..The composition of the Board of Directors is in compliance with Section 149 of theCompanies Act 2013. Pursuant to the provisions of Section 203 of the Companies Act 2013Mr. R. Senthil Kumar Managing Director & CEO Mr. Vinayagam Sume Chief FinancialOfficer and Ms. P.Maheswari Company Secretary of the Company are the Whole Time KeyManagerial Personnel (KMP) of the Company as on date of this report. The remuneration andother details of KMP for the FY 2020-21 are provided in Extract of the Annual Return whichforms part of this Directors' report.

B. Changes in Directors and Key Managerial Personnel

The term of office of Mrs.Jayashree Chandrasekaran (DIN: 07055905) an Independent Non-Executive Woman Director of the Company had come to an end on 31stMarch 2021.

At the Board Meeting held on 4th February 2021 Mrs Rajashree Santhanam (DIN: 07162071 ) was appointed as an Additional Independent Women Director of the Company interms of section 161 of the Companies Act 2013 and Articles of Association of the Companyand accordingly her appointment is placed for approval of the shareholders.

The Board recommends passing of the Resolution set out at item No.4 of the Noticeconvening the Meeting.

The tenure of Mr. R. Senthil Kumar Managing Director of the Company expires on 31stMarch 2021.On the recommendation of our Collaborators M/s. Panasonic Corporation

Japan he was again re-appointed as Managing Director of the Company for further periodof one year with effect from 1st April 2021 to 31st March2022 and the same was approved by the Board of Directors of the Company at their meetingheld on 4th February 2021 and accordingly his appointment is placed forapproval of the shareholders.

The Board of Directors at their meeting held on 28th June 2021 also revisedhis remuneration with effect from 1st April 2021 subject to your approval. Therevised remuneration as detailed in resolution is now placed before you for yourconsideration and approval under item no.5. The Board recommends passing of the Resolutionset out at item No.5 of the Notice convening the Meeting in this regard.

16. MEETINGS OF THE BOARD:

Four meetings of the Board were held during the year under review. For details ofmeetings of the Board please refer to the Corporate Governance Report which is a part ofthis report. The intervening gap between the Meetings was within the period as prescribedunder the Companies Act 2013 and notification dated19th March 2020 aspermitted Ministry of Corporate Affairs Government of India

17. PERFORMANCE EVALUATION:

The Board of Directors have carried out an annual evaluation of its own performanceBoard committees and Individual Directors pursuant to the provisions of the Act and SEBIListing Regulations. The performance of the board was evaluated by the board after seekinginputs from all the directors on the basis of criteria such as the board composition andstructure effectiveness of board processes information and functioning etc.

The performance of the committees was evaluated by the board after seeking inputs fromthe committee members on the basis of criteria such as the composition of committeeseffectiveness of committee meetings etc. The above criteria are based on the GuidanceNote on Board Evaluation issued by the Securities and Exchange Board of India on January5 2017.

In the Board meeting that followed the meeting of the Independent Directors and meetingof Nomination and Remuneration Committee the performance of the board its committeesand Individual Directors was also discussed. Performance evaluation of IndependentDirectors was done by the entire board excluding the independent director beingevaluated.

18. POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS

The Board has on the recommendation of the Nomination and Remuneration Committee frameda policy for selection and appointment of Directors Senior Management personnel KeyManagerial Personnel and fixing their remuneration.

The objective and broad framework of the Remuneration Policy is to consider anddetermine the remuneration based on the fundamental principles of payment forperformance for potential and for growth. The Remuneration Policy reflects on certainguiding principles of the Company such as aligning remuneration with the longer terminterest of the Company and its Shareholders. It also ensures the effective recognition ofperformance and encourages a focus on achieving superior operational results.

The Nomination and Remuneration Committee recommends the remuneration of executiveDirectors which is approved by the Board of Directors subject to the approval ofShareholders where ever necessary. The level and composition of remuneration shall bereasonable and sufficient to attract retain and motivate the Directors and Key managerialpersonnel of the quality required to run the Company successfully.

The Company's policy on directors' appointment and remuneration and other mattersprovided in Section 178(3) of the Companies Act 2013 has been disclosed in the CorporateGovernance Report which is a part of this report and is also available onwww.panasoniccarbon.co.in

19. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirements u/s 134(5) of the Companies Act 2013 with respect toDirectors' Responsibility Statement your Directors confirm that they have:

1. Followed in the preparation of financial Statements the applicable AccountingStandards and given proper explanation relating to material departures if any;

2. Selected such accounting policies and applied them consistently and made judgmentsand estimates that are reasonable and prudent so as to give a true and fair view of thestate of affairs of the Company at the end of the Financial Year and of the Profit andLoss Account of the Company for that period;

3. Taken proper and sufficient care for the maintenance of adequate accounting recordsin accordance with the provisions of the Act so as to safeguard the assets of the Companyand to prevent and detect fraud and other irregularities;

4. Prepared the Annual Accounts on a Going Concern basis;

5. Laid down internal financial controls in the Company that are adequate and wereoperating effectively; and

6. Devised proper systems to ensure compliance with the provisions of all applicablelaws and these are adequate and are operating effectively.

20. CORPORATE SOCIAL RESPONSIBILITY:

As part of its initiatives under "Corporate Social Responsibility (CSR) theCompany has undertaken projects in the areas of Education Health Care Drinking WaterRural Development and Sanitation. These projects are largely in accordance with Section135 read with Schedule VII of the Companies Act 2013 (Act).. The brief outline of the CSRPolicy and the CSR initiatives undertaken by the Company during the financial year underreview are provided in the Annual Report on Corporate Social Responsibility Activities2020-21 in Annexure-3 forming part of this report. The Policy adopted by theCompany can be viewed at website of the Company. (www. panasoniccarbon.co.in)

21. AUDIT COMMITTEE:

The details pertaining to the composition of the audit committee are included in theCorporate Governance Report which is a part of this report

22. GREEN INITIATIVE:

During the year 2020-21 we continued the sustainability initiative with the aim ofgoing green and minimizing our impact on the environment. Like the previous year thisyear too we are publishing only the statutory disclosures in the print version of theAnnual Report. Additional information is available on our websitewww.panasoniccarbon.co.in Electronic copies of the Annual Report 2020-21 and Notice of the39th AGM are sent to all members whose email addresses are registered with theCompany / Depository Participant(s).

As per the SEBI Circular vide SEBI/HO/CFD/CMD1/CIR/ P/2020/79 dated 12thMay 2021 the requirements of sending physical Annual Report to those Shareholders whohave not registered their email addresses as per the Regulations 36 (1) (b) and (c) of theSEBI (LODR) are dispensed with for listed entities who conduct their AGMs during thecalendar year 2021 (i.e. till December 31 2021). However for members who have notregistered their email addresses those Members requiring physical copies can send arequest to the Company Secretary Panasonic Carbon India Co. Limited.

The Company is providing remote e-voting facility to all members to enable them to casttheir votes electronically on all resolutions set forth in the Notice. This is pursuant tosection 108 of the Companies Act 2013 and Rule 20 of the Companies (Management andAdministration) Rules 2014. The instructions for remote e-voting and Video conferencee-voting procedures are provided in the Notice.

23. EXTRACT OF ANNUAL RETURN:

As per the requirements of Section 134 (3)(a) read with Section 92(3) of the Act andRules framed thereunder the extract of the annual return for FY 2020-21 is given in Annexure-4in the prescribed Form No.MGT-9 which is a part of this report. The same is availableon www.panasoniccarbon.co.in.

24. SECRETARIAL AUDIT:

Pursuant to the provisions of Section 204 (1) of the Companies Act 2013 and TheCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 the Companyhas appointed a firm of Company Secretaries in Practice to undertake the SecretarialAudit of the Company. The Secretarial Audit Report is annexed to this report as

Annexure - 5.

There are no qualifications or adverse remarks in the Secretarial Auditors' Reportwhich require any clarification/ explanation.

25. PARTICULARS OF EMPLOYEES:

The information required pursuant to section 197(12) read with Rule 5(1)of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 andCompanies (Particulars of Employees) Rules 1975 in respect of employees of the companyand Directors is furnished in Annexure - 6.

26. DISCLOSURE UNDER THE SEXUAL HARASMENT OF WOMAN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013

The Company has in place an anti-Sexual Harassment Policy in line with the requirementof the Prevention of Sexual Harassment of Women at Workplace (Prohibition Prevention andRedressal) Act 2013. Internal complaints committee (ICC) has been set up to redresscomplaints received regarding sexual harassment. All employees (permanent contractualtemporary and trainees) are covered under this policy.

The Company has not received any complaint of Sexual harassment during the year 2020-21under review.

27. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THECOMPANIES ACT 2013

There were no loans guarantees or investments made by the Company under Section 186 ofthe Companies Act 2013 during the year under review and hence the said provision is notapplicable.

28. RELATED PARTY TRANSACTIONS:

All related party transactions or arrangements entered in to by the company during thefinancial year were on an arm's length basis and were in the ordinary course of business.In Compliance with the provisions of the Act and Regulation 23(2) of the SEBI Regulations2015 all related party transactions had been placed before the Audit Committee for priorapproval.

Pursuant to Section 134(3) of the Act read with Rule 8(2) of the Companies (Accounts)Rules 2014 information pertaining to related parties are given in Form AOC-2 as Annexure-7of the report.

29. WHISTLE BLOWER POLICY/VIGIL MECHANISIM:

In compliance with provisions of Section 177 of the Act read with SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 the Board of Directors of theCompany has constituted Vigil Mechanism/Whistle Blower Policy for Directors employees andvendors of the Company. The Whistle Blower Policy enables the Directors employees andvendors to report concerns about unethical behavior actual or suspected fraud orviolation of the Code of Conduct or ethics Policy thereby ensuring that the activities ofthe Company are conducted in a fair and transparent manner. The said policy is availableat the Company 's website at www.panasoniccarbon. co.in We further affirm that no employeehas been denied access to the audit committee during the year 2020- 21.

30. STATUTORY AUDITORS:

M/s. BSR & Co. LLP Chartered Accountants (Firm Registration No.101248W/W-100022)allotted by the Institute of Chartered Accountants of India (ICAI) were appointed as theStatutory Auditors of the Company at the 35th Annual General Meeting of theCompany held on 8th August 2017 to hold office for a term of five years tillthe conclusion of 40th Annual General Meeting of the Company. The Board wasauthorized to fix such remuneration as may be recommended by the Audit Committee inconsultation with the Auditors.

Accordingly no resolution is being proposed for ratification of appointment ofstatutory auditors at the ensuing AGM and the remuneration for the financial year 2020-21is as per notes to the financial statement 29 (i).

There are no qualifications or adverse remarks in the Auditors' Report which requireany clarification/ explanation. The Notes to financial statements are self-explanatoryand needs no further explanation.

31. COST AUDITORS:

In terms of Section 148 of the Companies Act 2013 read with Companies (Cost Recordsand Audits) rules 2014 as amended Carbon Rods manufactured by your Company are notcovered under the ambit of mandatory cost audit.

32. INDEPENDENT DIRECTORS:

Pursuant to the provisions of Section 149 of the Act the Independent directors havesubmitted declarations that each of them meet the criteria of independence as provided inSection 149(6) of the Act along with Rules framed thereunder and Regulation 16(1) (b) ofthe Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulations 2015 ("SEBI Listing Regulations"). There has been nochange in the circumstances affecting their status as independent directors of theCompany. Whenever new Non-executive and Independent Directors are inducted in the Boardthey are introduced to our Company 's culture through appropriate orientation session andthey are also introduced to our organization structure our business constitution boardprocedures our major risks and management strategy.

The Independent Directors of the Company had met during the year on 15thMarch 2021 to review the performance of Non- Independent Directors and the Board as awhole. They had assessed the quality quantity and timeliness of flow of informationbetween the Company management and the Board.

During the year under review the non-executive Directors of the Company had nopecuniary relationship or transactions with the Company other than sitting feesCommission and reimbursement of expenses incurred by them for the purpose of attendingmeetings of the Board/Committee of the Company.

33. RISK MANAGEMENT:

As per Regulation 21 of SEBI (LODR) Regulations 2015 amendments regulation witheffect from 10/01/2020 the provisions of this regulation shall be applicable to top 100listed entities determined on the basis of market capitalization as at the end of theimmediate previous financial year. Hence it is not applicable to us since we are notfalling under the category of top 100 listed entities.

However in the Board of Directors' Meeting discussed about the elements of risk indifferent areas of operations and to develop various suitable actions associated tomitigate the risks.

34. SHARES: a. BUY BACK OF SECURITIES

The Company has not bought back any of its securities during the financial year2020-21.

b. SWEAT EQUITY

The Company has not issued any Sweat Equity Shares during the financial year 2020-21.

c. BONUS SHARES

No Bonus Shares were issued during the financial year 2020-21.

d. EMPLOYEES STOCK OPTION PLAN

The Company has not provided any Stock Option Scheme to the employees during thefinancial year 2020-21.

35. INFORMATION ABOUT HOLDING / SUBSIDIARY/ JV/ ASSOCIATE COMPANY:

Your Company continues to be the subsidiary of M/s. Panasonic Corporation Japan andthe Company does not have any Subsidiary Joint Venture or Associate Company

36. OTHER DISCLOSURES: a) No material changes and commitments affecting thefinancial position of the Company have occurred between the end of the financial year ofthe Company to which the financial statements relate and the date of the report. b) Therewas no change in the nature of business during FY 2020-21 c) No significant materialorders were passed by the regulators or court during the financial year which would haveimpacted the going concern status of the Company's operation in the future. d) There is nosuch fraud required to be reported under section 143(12) of the Companies Act2013.

e) The Company has devised proper systems to ensure compliance with the provisions ofall applicable Secretarial Standards issued by the Institute of Company Secretaries ofIndia and that such systems are adequate and operating effectively.

37. CAUTIONARY STATEMENT:

The cautionary Statement in this Report more particularly those which relate toManagement Discussion and Analysis as explained in the Directors Report describing theCompany's business overview projections operational performances estimates andexpectations may constitute ‘forward looking statements' within the meaning ofapplicable laws and regulations. Actual results might differ materially from those eitherexpressed or implied in the statement depending on the circumstances.

38. ACKNOWLEDGEMENT:

Your Directors wish to record their sincere appreciation for the support co-operationguidance and assistance provided by the Foreign Collaborators M/s. Panasonic CorporationJapan. Your Directors thank the valued Customers for their patronage the Suppliers fortheir timely and quality supply the Shareholders for the confidence reposed and theBankers State and Central Governments for extending their invaluable support.

Your Directors place on record their appreciation of the dedicated services of theemployees of the Company at all levels for the growth of the Company. Your Directors areespecially thankful to the esteemed Shareholders for their continued encouragement andsupport

By Order of the Board of Directors

For Panasonic Carbon India Co. Limited

S.KALYANARAMAN R. SENTHIL KUMAR
DIRECTOR MANAGING DIRECTOR
DIN : 08317984 DIN: 02170079
Place: Chennai
Date: 28 th June 2021

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