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Panasonic Appliances India Company Ltd. Notes to Accounts, Panasonic Appliances India Company Ltd. Company
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Notes to Accounts of Panasonic Appliances India Company Ltd.

Mar 31, 2015

1 Segment Reporting

The company is principally engaged in the business of Household Appliances. There are no separate reportable Segments as per Accounting Standard - 17 - "Segment Reporting".

2 There are no amounts due and outstanding to be credited to the Investor Education and Protection Fund as on March 31, 2015.

3 In the opinion of the Board, none of the assets have a value lower on realization in the ordinary course of business than the amount at which they are stated in the Balance Sheet.

4 The Company has revised its policy of providing depreciation on its fixed assets effective April 1, 2014. Depreciation is now provided based on Schedule II of Companies Act 2013 on a straight line basis (SLM) for all assets as against the existing policy of providing on written down value (WDV) basis for some class of assets and straight line basis for other assets. As a result of these changes, the depreciation impact for the year ended March 31, 2015 is not material. The effect relating to change in method of depeciation from WDV to SLM for the specified assets retrospectively for the periods prior to April 1, 2014 resulted in net credit of Rs. 14,28,693, which has been recognised as an "Exceptional item' in the statement of profit and loss. In case of Assets whose useful lives is 'NIL' as on 31st March, 2014 in terms of Schedule II, the carrying value amounting to Rs. 42,50,318 has been adjusted with the opening balance of retained earnings.

5 The disputed customs duty of Rs. 3,013,811 pertains to the concessional customs duty availed under EPCG scheme during the year 1995. The company has fulfilled export obligation and obtained export obligation discharge certificate (EODC) from Director General of Foreign Trade (DGFT). The claim has arisen due to non-receipt of EODC by the customs department. The company has preferred an appeal before Customs, Excise and Service Tax Appellate Tribunal (CESTAT), which remanded the matter back to the Commissioner of Customs (Appeals) for reconsideration and pending for disposal.

6 The previous year's figures have been re-grouped, reclassified wherever necessary so as to make them comparable with the current year's figures.


Mar 31, 2014

Share Capital

The Company has only one class of shares i.e. equity shares having a par value of Rs.10/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to shareholding.

During the year, the company has issued 2,89,000 Equity shares of Rs. 10/- each at a premium of Rs. 115/- per share to Panasonic Corporation, Japan on conversion of 2,89,000 Zero Coupon Compulsory Convertible Debentures on January 30, 2014

Notes on Secured Long Term Borrowings

Fixed Loans availed from a Bank for funding Jar Cooker Project and Capacity Expansion were initially secured by hypothecation of all present and future Plant and Machinery of the company. However these charges were revoked during 2013 -14.

Deferred Tax Liabilities (Net)

Deferred Tax asset on carried forward business loss and business depreciation amounting to Rs. 8,39,68,374 has not been recognised in the books of account as a matter of prudence as no virtual certainity exist on realisation of asset as on the balance sheet date. This will be reviewed on at the end of the balance sheet date every year and adjustments required, if any, would be carried out accordingly.

Contingent Liabilities and Commitments

(i) Contingent Liabilities

Claims against the Company not acknowledged as debt

Disputed Sales Tax 19,428,508 220,582 Disputed Service Tax 7,605,651 7,605,651 Disputed Customs Duty 3,013,811 3,013,811 Guarantees issued by the Banks 9,121,500 8,621,500

(ii) Capital and Other Commitements

(a) Capital Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for 1,584,165 2,554,502

(b) Other commitments Nil Nil

Segment Reporting

The company is principally engaged in the business of Household Appliances. There are no separate reportable Segments as per Accounting Standard - 17 - "Segment Reporting".

There are no amounts due and outstanding to be credited to Investor Education and Protection Fund as on March 31, 2014.

In the opinion of the Board, none of the assets have a value lower on realization in the ordinary course of business than the amount at which they are stated in the Balance Sheet.

The Company''s refund claim of Special Additional Duty amounting to Rs. 56,56,601 which was rejected earlier has been upheld by the appellate authorities and the same has been remanded back to the Assessing Officer for processing the necessary refund. The company expects to recover the full value of refund claim and no provision is considered necessary as on March 31, 2014.

The disputed customs duty of Rs. 3,013,811 pertains to the concessional customs duty availed under EPCG scheme during the year 1995. The company has fulfilled export obligation and obtained export obligation discharge certificate (EODC) from Director General of Foreign Trade (DGFT). The claim has arisen due to non-receipt of EODC by Customs Department. Since the appeal filed by the Company before Commissioner of Customs (Appeals) was rejected, the Company has preferred an appeal before Customs, Excise and Service Tax Appellate Tribunal (CESTAT) which is pending for disposal.

The previous year''s figures have been re-grouped, reclassified wherever necessary so as to make them comparable with the current year''s figures.


Mar 31, 2013

1 The Company had undertaken a Scheme of Arrangement ("the Scheme") under Section 391 of the Companies Act, 1956 ("the Act") read with Sections 78,100 to 104 of the Act. The Scheme was sanctioned by the Hon''ble High Court of Judicature at Madras ("the Court") vide its order dated 26th November 2013. The said Order of the Court had been filed with the Registrar of Companies on 30th November 2013. Pursuant to the Scheme, an amount of Rs. 13,50,00,000 (Rupees Thirteen Crores Fifty Lakhs) out of the Securities Premium is utilized and adjusted against the accumulated loss of Rs. 18,59,30,400/- (Rupees Eighteen Crores Fifty Nine Lakhs Thirty Thousand Four Hundred Only) in the Profit and Loss account of the Company as on 01st January 2013 leaving a balance ofRs. 3,87,21,600/- (Rupees Three Crores Eighty Seven Lakhs Twenty One Thousand Six Hundred Only) and Rs. 5,09,39,400/- (Rupees Five Crores Nine Lakhs Thirty Nine Thousand Four Hundred Only) in the Securities Premium Account and in the Profit and Loss account respectively as on 01st January 2013. The amount of Rs. 13,50,00,000 (Rupees Thirteen Crores Fifty Lakhs) of accumulated loss adjusted and set off as per the Scheme consist of Rs. 9,50,00,000 (Rupees Nine Crore Fifty Lakhs Only) of unabsorbed losses and Rs. 4,00,00,000 (Rupees Four Crores Only) of unabsorbed depreciation. The salient features of the Scheme are as follows:

- The Appointed date of the Scheme .i.e. the date from which the Scheme shall become operative is 01.01.2013.

- There is no change in the shareholding pattern of the Company and neither is there any allotment of consideration either by shares or cash.

- The Order of the Court confirms the reduction without imposing a condition on the Company to add to its name the words "and reduced".

The Company has presented the impact of the Scheme in the Note No. 3: ''Reserves and Surplus'', since such presentation is relevant to the understanding of the effect of the Scheme on the financial position. However, this does not have any impact on the Net Reserves and Surplus position as on the date of adjustment on 01st January 2013 and as on 31st March 2013.

2 The company''s refund claim of Special Additional Duty amounting to Rs. 56,56,601 which was rejected earlier has been upheld by the appellate authorities and the same has been remanded back to the Assessing Officer for processing the necessary refund. The company expects to recover the full value of refund claim and no provision is considered necessary as on 31st March 2013.

3 The disputed customs duty of Rs. 3,013,811 pertains to the concessional customs duty availed under EPCG scheme during the year 1995. The company has fulfilled export obligation and obtained export obligation discharge certificate (EODC) from Director General of Foreign Trade (DGFT). The claim has arisen due to delay in submission of EODC to Customs Department . The company has already submitted EODC to customs department and preferred an Appeal to set aside the duty demand.

4 The previous year''s figures have been re-grouped, reclassified wherever necessary so as to make them comparable with the current year''s figures.


Mar 31, 2012

1.1 The Company has only one class of shares i.e. equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to shareholding.

2.1 Notes on Secured Long Term Borrowings

Fixed Loans availed from a Bank for funding Jar Cooker Project and Capacity Expansion are secured by hypothecation of all present and future Plant and Machinery of the company.

2.2 None of the above loans have been guaranteed by any Directors or others.

2.3 There has been no default as on Balance Sheet date in repayment of loans and payment of interest.

3.1 Deferred Tax asset on carried forward business loss amouting to Rs. 4,13,38,110 has not been recognised in the books of account as a matter of prudence as no virtual certainity exist on realisation of asset as on the balance sheet date. This will be reviewed on at the end of the balance sheet date every year and adjustments required, if any, would be carried out accordingly.

4.1 The Cash Credit and Bill Discounting facilities from a

Bank are secured by first charge on inventories and book debts.

4.2 None of the above loans have been guaranteed by any Directors or others.

5.1 Warranty Claims to be settled within a period of one year is estimated based on the provision made and claims expected to be serviced during the period.

6.1 Advertisement and sales promotion expenses is net of amount reimbursed by collaborator/ associate companies amounting to Rs. 37,188,029 (Rs. 42,877,675).

7 Contingent Liabilities and Commitments

(i) Contingent Liabilities

Service Tax liability Nil 2,100,041

Income Tax demands

Assessment Year 2004-05 Nil 296,348

Assessment Year 2003-04 Nil 3,946,091

Sales tax -West Bengal 220,582 220,582

Guarantees issued by the Banks 8,621,500 9,121,500

Claims against the company not acknowledged as debts 8,420,494 -

(ii) Capital and Other Commitements

(a) Capital Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for 13,954,780 16,448,818

(b) Other commitments Nil Nil

8 Related Party Disclosures:

Related parties and their relationship

Holding Company Panasonic Corporation - Japan

Fellow Subsidiaries

Panasonic India Pvt Ltd Panasonic Home Appliances Thailand Co.,Ltd

Panasonic Latin America Panasonic Trading S Pte Ltd. Singapore

Panasonic Mktg-Middle East Panasonic Electric Works (Asia Pacific) Pte.Ltd.,- Singapore

Panasonic Singapore (RSG) Panasonic Logistics (Hong Kong) Company Ltd

Panasonic Gulf FZE (Dubai) Panasonic (Export Division)- Singapore

Panasonic Peruana S.A - Peru Panasonic Centroamericana -SA C-RICA

Panasonic Logistics Asia Pacific Panasonic Asia Pacific PTE Ltd

Panasonic Corporation Appliances Company Panasonic Manufacturing Malaysia Berhad

Panasonic Taiwan Co.Ltd. Panasonic Trading Malaysia SDN BHD

Key Management personnel Mr. H. Aso

9 Segment Reporting

The company is principally engaged in the business of Household Appliances. There are no separate reportable Segments as per Accounting Standard - 17 - "Segment Reporting".

10 There are no amounts due and outstanding to be credited to the Investor Education and Protection Fund as on 31st March 2012.

11 In the opinion of the Board, none of the assets have a value lower on realization in the ordinary course of business than the amount at which they are stated in the Balance Sheet.

12 The company's refund claim of Special Additional Duty amounting to Rs. 56,56,601 has been rejected by the Deputy Commissioner of Customs (Refund). The company is in process of preferring an appeal before the appellate authorities for the refund claim and has been advised by the legal counsel that there is fair chance of succeding in the appeal. The company expects to recover the full value of refund receivable and no provision is considered necessary as on 31st March, 2012.

13 Consequent to the notification revising the Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31st March, 2012 are prepared as prescribed in Revised Schedule VI. Accordingly, the financial statements for the year ended 31st March, 2011, which are presented as per pre-revised schedule - VI, have also been reclassified to conform to this year's classification.


Mar 31, 2010

1. Contingent Liabilities

1.1 The company has received a Demand from Service Tax cell of Central Excise Department regarding Service Tax Liability of Rs.21,00,041 ( Previous year Rs. 21,00,041/-)payable on Royalty as per the order of Deputy Commissioner (Appeals). The Company has preferred an appeal against the order with the Appellate authorities and the matter is pending for the issuance of final orders. The Company has been advised by the Legal counsel that the said sum is recoverable from the collaborator as per the terms of Technical Assistance Agreement.

1.2 Income tax demands in dispute for the assessment year 2004-05 is Rs. 2,96,348/- (previous year Rs.11,73,215). The company has preferred an appeal against the order of CIT (Appeals) and the appeal is pending before Income Tax Appellate Tribunal.

1.3 The company has received demand notice for Rs.2,20,582/- from Sales Tax Department, West Bengal, for the Assessment years 2001-02 and 2002-03. The Company has preferred an appeal against demand and the appeal is pending before Assistant Commissioner of Sales Tax( Appeal), Kolkata.

1.4 The company has received demand notice for Rs.1,43,817/- from Sales Tax Department, Mumbai, for the Assessment years 2002-03 and 2003-04 and the company has preferred an appeal against demand and the ap- peal is pending before commissioner of Sales Tax (Mumbai)

2. Secured Loans

2.1 Fixed Loans availed from a Bank for funding the Jar cooker Project is secured by hypothecation of all present and future movable Plant and machinery of the company.

2.2 Mid term loan availed from a Bank for funding the New Mixie Project is secured by Hypothecation of all present and future current assets of the company.

2.3 The Cash Credit and Bill Discounting facilities from Banks are secured by a first charge on inventories and book debts. However, the Company does not have any amount outstanding as on 31st March,2010.

3. Advertisement and Sales Promotion Expenses is net of amount reimbursed by the Collaborator/Associate Companies amounting to Rs. 2,40,55,358/-. (Previous Year Rs.1,52,87,886/-).

4. Warranty Claims

The following is the Reconciliation of the changes in the warranty liability for the Financial year 2009-10

2009-10 2008-09

Rs. Rs.

Opening Balance 20,85,607 55,23,796

Add : Additions during the Year 43,21,460 33,19,588

64,07,067 88,43,384

Less : Settled during the year 33,83,315 31,05,055

Less : Written Back * NIL 36,52,722

Closing Balance 30,23,752 20,85,607

*Amount written back represents the provision no longer required written back from the provision made for replacement of Chutney Cup for the New Model Mixie in an earlier year.

5. Amounts due to Micro, Small and Medium Enterprises

Principle amount due to Micro and Small enterprises under" The Micro, Small and Medium Enterprises development Act, 2006" amount to Rs. 75,067/-. No Interest is paid to such enterprises for the year ended 31st Mar 2010. This information as required to be disclosed has been determined to the extent such parties have been identified on the basis of information available with the company.

6. Related Party Disclosures

Holding Company Panasonic Corporation - Osaka

(formerly Matsushita Electric Industrial Company Limited, Japan)

Fellow Subsidiaries Panasonic Home Appliances Thailand Co.,Ltd

Panasonic Trading S Pte Ltd. Singapore Panasonic Electric Works (Asia Pacific) Pte.Ltd.,- Singapore Panasonic Logistics (Hong Kong) Company Ltd Panasonic (Export Division)- Singapore Panasonic Centroamericana -SA C-RICA Panasonic Asia Pacific PTE Ltd Panasonic Manufacturing Malaysia Berhad Panasonic India Pvt Ltd Panasonic Latin America Panasonic Mktg-Middle East Panasonic Singapore (RSG)

Panasonic Gulf FZE (Dubai) Panasonic Peruana S.A - Peru Associates Nil

Note: For the purpose of this statement, Bank balances of Rs.995,607 (previous year Rs. 712,306) in unclaimed dividend account are not included in cash and cash equivalents as they are adjusted against unclaimed dividend payable since the obligations of the company are met from unclaimed dividends deposited into separate bank account in accordance with Sec.205A of the Companies Act, 1956.

 
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