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Notes to Accounts of India Motor Parts & Accessories Ltd.

Mar 31, 2015

1) General

i) Segment Reporting

The company operates only in one business segment. viz. "Sale and Distribution of Automotive spares".

ii) Related Party Disclosure

1. Related parties:

a. Associates:

T V Sundram Iyengar & Sons Private Limited.

Transenergy Limited

b. Relative of Key Management Personnel:

Sri. S. Narayanan, who was Chairman, until 17.12.2014 (Father of Sri. N. Krishnan, Managing Director)

c. Key Management Personnel:

Sri. N. krishnan, Managing Director.

Sri. S. Ramasubramanian, Chief Financial Officer.

Sri. S. Kalyanaraman, Company Secretary.

2. The disclosure of related party transactions during the year and balances as on 31/03/2015 are as follows.


Mar 31, 2014

1. Profit and Loss Statement

i) Employee benefits:

Defined Contribution Plans:

During the year, the Company has recognized the following amounts in the Profit and Loss Statement, which are included in Employees benefits expenses in Note : 23

The present value of obligation towards compensated absences and entitlement of leave, as per actuarial certifcate, as on 31-03-2014 is Rs.18.93 lakhs (previous year Rs.22.51 Lakhs) and is provided for in the books of accounts.

2) General

i) Segment Reporting

The company operates only in one business segment. viz. "Sale and Distribution of Automotive spares".

ii) Related Party Disclosure

1. Related parties:

a. Associates: T V Sundram Iyengar & Sons Ltd.,

b. Relative of Key Management Personnel: Sri. S. Narayanan, Chairman. (Father of Sri. N. Krishnan, Managing Director)

c. Key Management Personnel: Sri. N. krishnan, Managing Director.

iii) Disclosures required under the "Micro" Small and Medium Enterprises Act, 2006"

Particulars 2013-2014 2012-2013

a) Principal amount due to Suppliers under the Act Nil Nil

b) Interest accrued and due to Suppliers under the Act, on the above amount Nil Nil

c) Payment made to Suppliers (Other than interest) beyond the apionted day during the year Nil Nil

d) Interest paid to Suppliers under the Act (Other than Section 16) Nil Nil

e) Interest paid to Suppliers under the Act (Section 16) Nil Nil

f) Interest due and payable to suppliers under the Act, for payments already made Nil Nil

g) Interest accrued and remaining unpaid at the end of the year to Suppliers under the Act Nil Nil

This information has been given in respect of such vendors to the extent they could be identified as "Micro, Small and Medium Enterprises" on the basis of information available with the Company on which the Auditors have relied upon.


Mar 31, 2013

1) General

i) Segment Reporting:

The company operates only in one business segment. viz. "Sale and Distribution of Automotive spares”.

ii) Related Party Disclosures

1. Related parties:

a. Associates:

T V Sundram Iyengar & Sons Ltd.,

b. Relative of Key Management Personnel:

Sri. S. Narayanan, Chairman. (Father of Sri. N. Krishnan, Managing Director)

c. Key Management Personnel:

Sri. N. Krishnan, Managing Director.

Rs. In Lakhs v) Expenditure in foreign currency -Travelling & Subscription 0.66 0.22

vi) Contingent Liability not provided for

- Tax Liability under dispute at various forums of appeal - paid in earlier years Nil 274.82

- Based on the Order of the ITAT, liability has been created for necessary tax provision.

- The matter is further contested at the High Court

vii) Previous year''s fgures have been re-grouped wherever necessary, to make them comparable.


Mar 31, 2012

1. Balance Sheet

Liability provided for but contested in appeal - ESI Contribution Rs.19.16 Lakhs (Previous year Rs.19.16 lakhs).

2) General

i) Segment Reporting:

The company operates only in one business segment, viz. "Sale and Distribution of Automotive spares".

ii) Related Party Disclosures 1. Related parties:

a. Associates:

T V Sundram Iyengar & Sons Ltd.,

b. Key Management Personnel:

Sri. N. Krishnan, Managing Director.

iii) There are no dues to micro enterprises and small enterprises in terms of section 16 of the Micro, Small & Medium Enterprises Development Act, 2006, based on the information available with the Company.

vi) Contingent Liability not provided for

- Tax Liability under dispute at various forums of appeal

- paid in earlier years 274.82 274.82

vii) The revised schedule VI is effective from the financial year commencing on or after 1st April 2011, and accordingly the Balance Sheet and Profit and Loss Statement for the year ended 31st March 2012 comply with the requirements.

viii) Previous year's figures have been re-grouped wherever necessary, to make them comparable.

a. Terms / Rights attached to equity shares

The Company has only one class of shares - equity having a par value of Rs.10/- per share.

The Company declares and pays dividend in Indian Rupees. Interim Dividend is declared and paid as recommended by the Board of Directors.

Final Dividend is subject to the approval of the shareholders in the Annual General Meeting.

The Board of Directors, in May 2012 declared and paid an interim dividend of Rs.19 /- (190%) per equity share for the year ended 31st March, 2012, amounting to Rs. 918.58 Lakhs including Dividend Distribution Tax amounting to Rs.128.22 Lakhs.


Mar 31, 2011

1. Balance Sheet

i) Balance with Scheduled Banks include:

(a) Guarantee Deposits of Rs.2.65 lakhs (previous year Rs.2.65 lakhs).

(b) Unclaimed Dividend Bank Account Balance of Rs.44.42 Lakhs (previous year Rs.56.35 lakhs).

ii) Liability provided for but contested in appeal - ESI Contribution Rs.19.16 Lakhs (Previous year Rs.19.16 lakhs).

The present value of obligation towards compensated absences and entitlement of sick leave, as per actuarial certificate, as on 31-03-2011 is Rs.22.17 lakhs (previous year Rs.23.38 Lakhs) and is provided for in the books of accounts.

iv) Computation of Net Profit in accordance with Section 198 read with sections 349 and 350 of the Companies Act, 1956 for the purpose of managerial remuneration. Net Profit as per Accounts

2) General

i) Segment Reporting:

The company operates only in one business segment. viz. "Sale and Distribution of Automotive spares".

ii) Related Party Disclosures 1. Related parties:

a. Associates:

T V Sundram Iyengar & Sons Ltd.,

b. Key Management Personnel:

Sri. N. Krishnan, Managing Director.

iii) There are no dues to micro enterprises and small enterprises in terms of section 16 of the Micro, Small & Medium Enterprises Development Act, 2006, based on the information available with the Company.

vi) Contingent Liability not provided for

- Tax Liability under dispute at various forums of appeal Rs. in Lakhs 274.82 278.49

vii) Previous year's figures have been re-grouped wherever necessary, to make them comparable.


Mar 31, 2010

1. Balance Sheet

i) Balance with Scheduled Banks include:

(a) Guarantee Deposits of Rs.2.65 lakhs (previous year Rs.2.54 lakhs).

(b) Unclaimed Dividend Bank Account Balance of Rs.56.35 Lakhs (previous year Rs.32.82 lakhs).

ii) Liability provided for but contested in appeal - ESI Contribution Rs.19.16 Lakhs (previous year Rs.19.16 lakhs).

2) General

i) Segment Reporting:

The company operates only in one business segment. viz. "Sale and Distribution of Automotive spares".

ii) Related Party Disclosures

1.Related parties:

a. Associates:

T V Sundram Iyengar & Sons Ltd.,

b. Key Management Personnel:

Sri. N. Krishnan, Managing Director.

 
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