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Notes to Accounts of Indo National Ltd.

Mar 31, 2015

1. SHARE CAPITAL

The Company has issued only one class of equity shares having at par value of Rs.10/- each. Each holder of equity share is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the share holders in the Annual General Meeting and is declared on approval.

2. SHORT-TERM BORROWINGS

Secured Loan from a Bank

The aggregate working capital limits of Rs.1,300 (Rs.1,300) sanctioned by Banks are secured against equitable mortgage by deposit of title deed of factory property situtated at Nellore, Andhra Pradesh and hypothecation of imported and indigenous raw materials, components, spares, goods in process and finished goods and the loan of Rs.300 availed from banks against fixed deposits

3. TRADE PAYABLES

There are no outstanding dues to Micro, Small and Medium Enterprises as per the information contained in the vendor list maintained by the Company and to whom the Company had no outstanding dues exceeding forty five days as on 31st March 201 5. The additional disclosures as required under the Micro, Small and Medium Enterprises Development Act, 2006 are not furnished.

4. No Provision has been made for

a) Differential Sales Tax of Rs.111.09 Lakhs (111.09 Lakhs) levied by APGST authorities for the period from April 2001 to March 2005, based on sales turnover of Company's Authorised whoelsale Dealer, treating them as related persons under the amended provisions of the Sales Tax Act. The company has so far paid Rs.110.42 lakhs (Rs.110.42Lakhs) towards the said disputed sales tax "under protest" is included in Loans & Advances.

5. Related party disclosures : Are disclosed as per Accounting Standards 18 Associates :

a) Apollo Hospitals & Enterprises Ltd

b) Apex Agencies

c) Associated Electrical Agencies

d) Kalpatharu Enterprises Pvt. Ltd

e) Radiohms Properties Pvt. Ltd

f) Radiohms Agencies

g) RAL Consumer Products Limited

Key Managerial Personnel Mr. P Dwaraknath Reddy

Mr. R.P Khaitan

Relative of Key Managerial Personnel Mr. P Aditya Reddy

6. There being no indication of impairment of assets determined by the Company, no loss has been recognised on impairment of assets.

7. Effective from 01.04.2014 depreciation on tangible fixed assets has been provided as per the 'Useful life' specified in Part C of Schedule II of the Companies Act, 2013. The carrying amount as on 01.04.2014 is accordingly depreciated over the remaining useful life. Due to this change, the impact on depreciation for the Year ended 31st March, 2015 is higher by Rs.49.93 lakhs. The carrying value of Rs.180.58 Lakhs relating to assets whose useful life is nil as on 31st March 2014 has been adjusted against the opening of retained earnings in terms of Schedule - II of the Act.

8. Figures have been given in lakhs of rupee's . Figures for the previous year (including those within brackets) have been regrouped wherever necessary to conform to those of the current year.


Mar 31, 2014

Other Contingent Liabilities (Rs. Lakhs)

2013-2014 2012-2013

Estimated amount of - 24.00 contracts remaining to be executed on Capital Accounts and not provided for (Net of Advances)

Letters of Credit - -

Bills Discounted 2,806.87 2,837.14 with Bankers and others

Sales Tax disputed 2.15 2.15 in Appeals

Income Tax disputed 23.11 17.51 in Appeals


Mar 31, 2013

1. No Provision has been made for

a) Differential Sales Tax of Rs.111.09 Lakhs (111.09 Lakhs) levied by APGST authorities for the period from April 2001 to March 2005, based on sales turnover of Company''s Authorised whoelsale Dealer, treating them as related persons under the amended provisions of the Sales Tax Act. The company has so far paid Rs.110.42 lakhs (Rs.110.42Lakhs) towards the said disputed sales tax "under protest".

b) Part of Gratuity payable to Managing Director estimated at Rs.37 Lakhs (37 Lakhs).

2. Figures have been given in lakhs of rupee''s. Figures for the previous year (including those within brackets) have been regrouped wherever necessary to conform to those of the current year.


Mar 31, 2012

1. TRADE PAYABLES

There are no outstanding dues to Micro, Small and Medium Enterprises as per the information contained in the vendor list maintained by the Company and to whom the Company had no outstanding dues exceeding forty five days as on 31st March 2012. The additional disclosures has required under the Micro, Small and Medium Enterprises Development Act, 2006 are not furnished.

2. Defined Benefit Plan:

Defined benefit plan as per actuarial valuation as on 31st March, 2012 and recognised in the financial statements in respect of Employee Benefit Scheme: (AS-15)

3. The Company received Show Cause Notices in the year 1996 from the Commissioner of Commercial Taxes for the Years from 1978-79 to 1985-86 and 1987-88 seeking to revise the orders of Sales Tax Appellate Tribunal / Appellate Deputy Commissioner, allowing exemption on stock transfers made to the Depots for the above years in the appeals filed by the Company. The Sales Tax Department also filed Tax Revision Cases for the years from 1978-79 to 1980-81, which were set-aside by the High Court.

For the years 1981-82 to 1985-86 and 1987-88 however, on a reference on the question of Revisional Jurisdiction, to a larger Bench of A.P. High Court, order was passed in October 2001 in favour of the Company, quashing the Revisional Notices issued by the Commissioner of Commercial Taxes.

The Andhra Pradesh Sales Tax authorities filed Special Leave Petitions (SLPs) before the Supreme Court of India for the relevant years. The Supreme Court of India has however dismissed the SLPs filed by the A.P. sales Tax dept while upholding the order of the larger Bench of the A.P High Court. In view of this, no liability is to be provided in the books for sales tax as against of Rs. 20.62 crores shown as disputed and not provided for in the earlier years.

4. No Provision has been made for

a) Differential Sales Tax of Rs.111.09 Lakhs levied by APGST authorities for the period from April 2001 to March 2005, based on sales turnover of Company's Authorised whoelsale Dealer, treating them as related persons under the amended provisions of the Sales Tax Act. The company has so far paid Rs.110.42 lakhs (Rs.110.42Lakhs) towards the said disputed sales tax "under protest".

b) Part of Gratuity payable to Managing Director estimated at Rs.37 Lakhs (37 Lakhs).

5. The unamortised payment of ESS has been charged to the opening balance of surplus.

6. Related party disclosures : Are disclosed as per Accounting Standards 18 Enterprises under Common Control :

a) Panasonic Corporation

b) Panasonic Asia Pacific Pte Ltd

c) Panasonic Carbon India Co. Ltd

d) Panasonic Home Appliances India Co. Ltd

e) Panasonic Energy India Company Limited Associates :

f) Apollo Hospitals & Enterprises Ltd

g) Sindoori Travels

h) Apex Agencies

i) Associated Electrical Agencies

j) P. Obul Reddy & Sons

k) Kalpatharu Enterprises Pvt. Ltd

l) Radiohms Properties Pvt. Ltd

m) Radiohms Agencies

n) Radiohms Agencies Ltd

o) R. P. Electronics

Key Managerial Personnel Mr. P. Dwaraknath Reddy

Mr. R.P. Khaitan

7. Other Contingent Liabilities

Estimated amount of contracts remaining to be executed on

2011 - 2012 2010 - 2011

Capital Account and not provided for (Net of Advances) 37.87 24.00

Letters of Credit 233.89 95.43

Bills Discounted With Bankers 2,375.39 1,191.54

Sales Tax disputed in Appeals 2.15 2.15

Income Tax disputed in Appeals 15.20 33.82

8. The Revised Schedule VI has become effective from 1st April 2011 for the preparation of Financial Statement. This has significantly impacted the disclosure and presentation made in the Financial statement. Figures have been given in lakhs of rupee's. Figures for the previous year (including those within brackets) have been regrouped wherever necessary to conform to those of the current year.

 
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