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Notes to Accounts of Panasonic Carbon India Co. Ltd.

Mar 31, 2015

1. Contingent liabilities & Commitments

Amount in Rs.

Particulars 31st March, 31st March, 2015 2014 (to the extent not provided for)

(i) Contingent liabilities

Income Tax demands in dispute for which the company has preferred appeals to higher authorities and has been legally advised that demands are unsustainable. 14,932,076 14,932,076

(ii) Commitments

a Estimated amount of contracts remaining to be executed on capital account and not provided for - -

b other commitments - -

2. Cost of Research and Development revenue expenditure aggregated to '17,25,860 (Previous Year ' 19,10,335 ) which has been debited to various heads of account in the Profit and Loss Account. There was no Research and Development Capital expenditure during the year as well as in the previous year.

3. Outstanding dues to Micro, Small and Medium Enterprises

There are no Micro and Small Enterprise to whom the Company owes dues, which are outstanding for more than forty five days as at 31st March, 2015. The identification of Micro and Small Enterprises and the information as required to be disclosed under the Micro, Small and Medium Enterprises development Act, 2006 has been deter- mined on the basis of Vendor information available with the Company.

4. Defined Benefit Plan

Defined benefit plan as per actuarial valuation as on 31st March, 2015 and recognised in the financial statements in respect of Employee Benefit Scheme: Disclosure under AS 15 (Revised) Employee Benefit Schemes

5 Related Party Disclosures:

(i) List of Related Parties:

Holding Company

Panasonic Corporation, Japan (PC)

Fellow Subsidiaries under Common Control

a) Panasonic Energy India Co. Ltd., Vadodara & Pithampur (PECIN)

b) Panasonic Energy Tanzania Co. Ltd., Tanzania (PECTZ)

c) Panasonic Peruana S.A.,Peru (PANAPERU)

e) P.T Panasonic Gobel Energy Indonesia,Indonesia (PECGI)

f) Panasonic energy Poland., S.A.Poland (PECPL)

g) Panasonic Asia Pacific Pte. Limited,Singapore (PA)

h) Panasonic Carbon Anyang Co Limited, China (PCAN)

i) Panasonic Centro Americana, S.A., Costarica (PCA)

j) Panasonic Management Thiland Co. Ltd, Thiland (PMT)

k) Panasonic Do Brasil Limitada, Brazil (PANABRAS)

l) Panasonic Energy (Shanghai) Co. Ltd, Shanghai (PECSH)

m) Panasonic India Pvt Ltd, India (PI)

Associates under Common Control

Nil

Key Management Personnel

Mr.R. Senthil Kumar, Managing Director

6. The Outstanding Derivative Instruments as on 31st March, 2015

(i) Derivative instruments that are outstanding as on 31st March, 2015 is Rs. Nil. (Previous year Rs. Nil)

(ii) The Foreign Currency Exposures not hedged by a Derivative Instrument or otherwise as on 31st March, 2015 is Receivables of US$ 462,325/- Rs. 28,876,833/- (Previous Year US$ 393,342/- Rs. 23,553,349/-)

7. For the purpose of providing depreciation on tangible fixed assets effective April 1, 2014, the company has adopted the "useful life" specified in Part C of Schedule II of the Companies Act, 2013. Accordingly, the carrying amount as on April 1, 2014 is depreciated over the remaining useful life. As a result of the change, the impact on depreciation charge for the year ended March 31,2015 is higher by Rs. 2,639,725. In the case of assets whose useful life is NIL as on 31st March, 2014 in terms of Schedule II, the carrying value ( net of deferred tax credit of Rs. 630,297) amounting to Rs. 1,224,062 has been adjusted with the opening balance of retained earnings.

8. In the opinion of management, current assets, loans and advances are approximately of the value stated in the balance sheet if realized in the ordinary course of business.

9. Previous year's figures have been re-grouped and reclassified wherever necessary so as to make them comparable with the current year's figures.


Mar 31, 2014

1. Contingent liabilities & Commitments Amount in Rs

Particulars March 31, March 31, 2014 2013 (to the extent not provided for)

(i) Contingent liabilities

Income Tax demands in dispute for which the company has preferred appeals to higher authorities and has been legally advised 14,932,076 14,932,076 that demands are unsustainable.

(ii) Commitments

a Estimated amount of contracts remaining to be executed on capital account and not provided for - -

b other commitments - -

Cost of Research and Development revenue expenditure aggregated to Rs 19.10 lakhs (Previous Year Rs 15.55 lakhs) which has been debited to various heads of account in the Profit and Loss Account. There was no Research and Development Capital expenditure during the year as well as in the previous year.

Outstanding dues to Micro, Small and Medium Enterprises

There are no Micro and Small Enterprise to whom the Company owes dues, which are outstanding for more than forty five days as at 31st March, 2014. The identification of Micro and Small Enterprises and the information as required to be disclosed under the Micro, Small and Medium Enterprises development Act, 2006 has been determined on the basis of Vendor information available with the Company.

31st March, 2014 31st March, 2013

The disclosure pursuant to the said Act is as under

(i) Principal amount ( along with payment made to suppliers) - -

(ii) Interest paid beyond the appointed day during the year - -

(iii) Interest due and payable for delay in making the payment - -

(iv) Interest accured and remaining unpaid at the end of the year - -

(v) Further interest remaining due and payable in succeeding years - -

2. Defined Benefit Plan

Defined benefit plan as per actuarial valuation as on 31st March, 2014 and recognised in the financial statements in respect of Employee Benefit Scheme: Disclosure under AS-15 (Revised) Employee Benefit Schemes

I. Components of Employee Cost Gratuity Gratuity 2013-14 2012-13 (Rs) (Rs)

Interest cost 1,422,624 1,371,516 Current service cost 757,723 742,423 Expected rate return on plan assets (1,476,729) (1,485,889) Acturial Loss / ( gain ) 1,703,053 (520,472)

Expenses to be recognised in profit and loss statement 2,406,671 107,578

II.Net Asset / (Liability) recognised in Balance Sheet as at 31st March, 2014

2013-14 2012-13 (Rs) (Rs)

Present value of defined benefit obligation 20,108,686 17,782,805 Less : Fair Value of Plan Assets 17,597,660 17,678,450 (Liability) / Asset recognised in the balance sheet (2,511,026) (104,355)

III. Changes in defined benefit obligation Amount in Rs 2013-14 2012-13 (Rs) (Rs) a. Present Value of defined benefit obligation at the beginning of the year 17,782,805 17,143,952 b. Interest cost 1,422,624 1,371,516 c. Current service cost 757,723 742,423 d. Benefits paid (1,557,519) (954,614) e. Actuarial (gains)/losses on obligation 1,703,053 (520,472)

Present value of defined benefit obligation at the end of the year 20,108,686 17,782,805

IV. Changes in fair value of plan assets

2013-14 2012-13 (Rs) (Rs) Fair Value of Plan assets at the beginning of the year 17,678,450 16,157,865 Return on plan assets 1,476,729 1,485,889 Contribution - 989,310 Benefits paid (1,557,519) (954,614) Acturial ( gain ) / Loss on plan assets - - Fair Value of Plan assets as at 31st March, 2014 17,597,660 17,678,450

V. Principle actuarial assumptions at the balance sheet date.

Discount rate 8% 8% Salary growth rate 9% 8% Expected rate of return on plan assets 8% 8% Attrition rate 1-3% 1-3%

3 The company operates in only one segment (i.e) Midget Electrodes as a component of Dry Cell Batteries

4 Related Parties

Holding Company Panasonic Corporation, Japan (PC)

Fellow Subsidiaries under Common Control a) Panasonic Energy India Co. Ltd., Vadodara & Pithambur. (PECIN)

b) Panasonic Energy Tanzania Co. Ltd., Tanzania (PECTZ)

c) Panasonic Peruana, S.A.,Peru (PANAPERU)

d) Panasonic Energy(Thailand) Co.Ltd, Thailand (PECTH)

e) P.T Panasonic Gobel Energy, Indonesia, Indonesia (PECGI

f) Panasonic energy Poland., S.A.Poland (PECPL)

g) Panasonic Asia Pacific Pte. Limited, Singapore (PA)

h) Panasonic Energy Taiwan Co. Ltd., Taiwan

i) Panasonic Carbon Anyang Co Limited, China j) Panasonic Centro Americana, S.A.,Costarica

k) Panasonic India Pvt Ltd, India

l) Panasonic Management , Thailand

Associates under Common Control Nil

Key Management Personnel Mr.R. Senthil Kumar, Managing Director

5. Material Transactions of Sales (i)PECIN Rs 79,817,380 (Rs 7,76,94,760) (ii) PECTZ Rs 30,132,531( Rs 1,55,79,262) (iii) PECGI Rs 40,833,583 ( Rs 3,18,53,974) (iv) PANAPERU Rs 29,732,617 (Rs 2,85,24,486) (v) PECPL Rs 1,49,99,782 ( Rs 5,10,00,762) (vi) Others Rs 29,049,585 (Rs 2,51,71,775)

6. Particulars of earnings per share Current year Previous year Net profit (loss) after tax 68,457,122 65,350,987 Number of equity shares - Basic 4,800,000 4,800,000 Number of equity shares - Diluted 4,800,000 4,800,000 Nominal value of the shares Rs 10 Rs 10 Earnings per share - basic 14.26 13.61 Diluted 14.26 13.61

7. The Outstanding Derivative Instruments as on 31st March, 2014

(i) Derivative instruments that are outstanding as on 31st March, 2014 is '' Nil. (Previous year '' Nil)

(ii) The Foreign Currency Exposures not hedged by a Derivative Instrument or otherwise as on 31st March, 2014 is Receivables of US$ 393,342/- Rs 2,35,53,349/- (Previous Year US$ 2,90,84/- Rs 1,57,11,634/-)

8. In the opinion of management, current assets, loans and advances are approximately of the value stated in the balance sheet if realized in the ordinary course of business.

9. Previous year''s figure have been re-grouped and reclassified wherever necessary so as to make them comparable with the current year''s figure.


Mar 31, 2013

1.1 The Board of Directors in their meeting on 26th April, 2013 proposed a final dividend of Rs. 7 /- per equity share (70%). The proposal is subject to approval of shareholders at the Annual General Meeting to be held on 25th July, 2013.

Amount in Rs. Particulars 31st March, 2013 31st March, 2012

2 Contingent liabilities & Commitments

(to the extend not provided for)

(i) Contingent liabilities

Income Tax demands in dispute for which the company has preferred appeals to higher authorities and has been legally advised that demands are unsustainable.

14,932,076 14,932,076

(ii) Commitments

a Estimated amount of contracts remaining to be executed on capital account and not provided for - -

b other commitments - -

3 Cost of Research and Development revenue expenditure aggregated to Rs. 15.55 lakhs (Previous Year Rs. 15.10 lakhs) which has been debited to various heads of account in the Profit and Loss Statement. There was no Research and Development Capital expenditure during the year as well as in the previous year.

4 Outstanding dues to Micro, Small and Medium Enterprises

There are no Micro and Small Enterprise to whom the Company owes dues, which are outstanding for more than forty five days as at 31st March, 2013. The identification of Micro and Small Enterprises and the information as required to be disclosed under the Micro, Small and Medium Enterprises development Act, 2006 has been determined on the basis of Vendor information available with the Company.

5 The Outstanding Derivative Instruments as on 31st March, 2013

(i) Derivative instruments that are outstanding as on 31st March, 2013 is Rs. Nil. (Previous year Rs. Nil). (ii) The Foreign Currency Exposures not hedged by a Derivative Instrument or otherwise as on 31st March, 2013 is receivables of US$ 2,90,848/- Rs. 1,57,11,634/- (Previous Year US$ 2,38,731/- Rs. 1,21,41,537/-),

6 In the opinion of management, current assets, loans and advances are approximately of the value stated in the balance sheet if realized in the ordinary course of business.

7 Previous year''s figures have been re-grouped and reclassified wherever necessary so as to make them comparable with the current year''s figures.


Mar 31, 2012

1.1 The Board of Directors in their meeting on 25th May, 2012 proposed a final dividend of Rs7/- per equity share. The proposal is subject to approval of shareholders at the Annual General Meeting to be held on 31st July, 2012.

Particulars 31st March, 2012 31st March, 2011

2 Contingent liabilities & Commitments Amount in Rs (to the extend not provided for)

(i) Contingent liabilities

Income Tax demands in dispute for which the company has preferred appeals to higher authorities and has been legally advised that demands are unsustainable. 1,49,32,076 1,49,32,076

(ii) Commitments

a Estimated amount of contracts remaining to be executed on capital account and not provided for - -

b other commitments - -

3 Cost of Research and Development revenue expenditure aggregated to Rs 15.10 lakhs (Previous YearRs 15.54 lakhs) which has been debited to various heads of account in the Profit and Loss Account. There was no Research and Development Capital expenditure during the year as well as in the previous year.

4 The company operates in only one segment (i.e) Carbon Rods as a component of Dry Cell Batteries

5 The Outstanding Derivative Instruments as on 31st March, 2012

(i) Derivative instruments that are outstanding as on 31st March, 2012 is Rs Nil. (Previous year Rs Nil)

(ii) The Foreign Currency Exposures not hedged by a Derivative Instrument or otherwise as on 31st March, 2012 is Receivables of US$2,38,731/- Rs 1,21,41,837/-(Previous Year US$ 117,350/- Rs 52,21,936/-)

6 Exceptional Item represent Volutantary Separation Scheme (VSS) compensation paid to employees opted for VSS amounts to Rs 73,56,351.

7 In the opinion of management, current assets, loans and advances are approximately of the value stated in the balance sheet if realized in the ordinary course of business.

8 The financial statements for the year ended March 31, 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended March 31, 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been re-classified to confirm to this year's classification.


Mar 31, 2011

1. Contingent Liabilities

Income-tax demands in dispute is Rs.1,49,32,076/- (Previous Year Rs.1,49,32,076/-). The Company has preferred Appeals to higher Authorities and has been legally advised that demands are unsustainable.

2. Estimated amount of Contracts remaining to be executed on Capital Account and not provided for Rs.Nil (Previous Year Rs.Nil).

3. Deferred Tax

Timing differences have resulted in net deferred tax debit amounting to Rs. 13,44,268/- (Previous year Deferred Tax credit Rs.25,54,763/-), which is included with the provision for taxation for the year.

4. Cost of Research and Development revenue expenditure aggregated to Rs.15.54 Lakhs (Previous Year Rs. 16.63 Lakhs) which has been debited to various heads of account in the Profit and Loss Account. There was no Research and Development Capital expenditure during the year as well as in the previous year.

5. The Company has provided for a sum of Rs.20,15,936/- towards increments in salary and wages payable to employees effective from September, 2010 pending finalisation of wage agreement with the Union. In the opinion of Management, the amount provided for salary arrears is adequate.

6. Outstanding dues to Micro, Small and Medium Enterprises

There are no Micro and Small Enterprises to whom the Company owes dues, which are outstanding for more than forty five days as at 31st March, 2011. The identification of Micro and Small Enterprises and the information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined on the basis of Vendor information available with the Company.

7. Related Parties

Holding Company Panasonic Corporation, Japan

Fellow Subsidiaries under Common Control a) Panasonic Energy India Co. Ltd., Vadodara & Pithampur

b) Panasonic Energy Tanzania Co. Ltd., Tanzania

c) Panasonic Asia Pacific Pte. Limited, Singapore

d) Panasonic Energy Taiwan Co. Ltd., Taiwan

e) Panasonic Carbon Anyang Co Limited, China

Associates under Common Control Nippo Batteries Co. Ltd., Chennai

Key Management Personnel Mr. R. Senthil Kumar, Managing Director

Mr. Haruo Uchida, Whole Time Director (Finance)

8. The Outstanding Derivative Instruments as on 31st March, 2011

(i) Derivative instruments that are outstanding as on 31st March, 2011 is Rs.Nil (Previous year Rs.Nil).

(ii) The Foreign Currency Exposures not hedged by a Derivative Instrument or otherwise as on 31st March, 2011 is Receivables of US$117350/- Rs.52,21,936/-(Previous Year US$ 52220/-Rs.23,45,990/-)

9. The Company operates in only one Segment (i.e) Carbon Rods as a component of Dry Cell Batteries.

10. Figures of previous year have been re-grouped wherever necessary to conform to those of the current year.

11. Figures have been rounded off to the nearest rupee.


Mar 31, 2010

1. Contingent Liabilities

Income-tax demands in dispute is Rs. 1,49,32,076/- (Previous Year Rs.78,43,168/-). The Company has preferred Appeals to higher Authorities and has been legally advised that demands are unsustainable.

2. Estimated amount of Contracts remaining to be executed on Capital Account and not provided for Rs.Nil (Previous YearRs.90,618/-).

3. Deferred Tax

Timing differences have resulted in net deferred tax credit amounting to Rs.25,54,763/- (Previous year Deferred Tax credit Rs.22,95,278/-), which is included with the provision for taxation for the year.

4. The Company has implemented a "Voluntary Separation Scheme" in the year 2007-08 for its employees and intended to charge off the Compensation of Rs. 1,83,94,985/- over the period of three years effective from 1st April, 2007 as per the Accounting Standard 15 (Revised) "Employee Benefits". Accordingly the remaining one third of the compensation paid amounting to Rs.61,31,663/- has been charged off during the year and the balance to be amortised is Rs.Nil..

5. Cost of Research and Development revenue expenditure aggregated to Rs. 16.63 Lakhs (Previous Year Rs.16.27 Lakhs) which has been debited to various heads of account in the Profit and Loss Account. There was no Research and Development Capital expenditure during the year as well as in the previous year.

6. Related Parties

Holding Company Panasonic Corporation (Formerly Matsushita Electric

Industrial Company Ltd.,) Japan

Fellow Subsidiaries under

a) Panasonic Energy India Co. Ltd., Vadodara & Pithampur Common Control (Formerly Panasonic Battery India Co. Ltd.,)

b) Panasonic Energy Tanzania Co. Ltd., Tanzania (Formerly Panasonic Battery Tanzania Co. Ltd.,)

c) Panasonic Asia Pacific Pte. Limited,Singapore

d) Panasonic Energy Taiwan Co. Ltd., Taiwan (Formerly Panasonic Battery Taiwan Co. Ltd.,)

e) Panasonic Carbon Anyang Co Limited, China

Associates under Common

Control Nippo Batteries Co. Ltd., Chennai

Key Management Personnel

Mr. R. Senthil Kumar,Managing Director

Mr. Haruo Uchida, Whole Time Director (Finance)

7. The Outstanding Derivative Instruments as on 31st March, 2010

(i) Derivative instruments that are outstanding as on 31st March, 2010 is Rs.Nil (Previous year Rs.Nil).

(ii) The Foreign Currency Exposures not hedged by a Derivative Instrument or otherwise as on 31st March, 2010 is Receivables of US$ 52220.16 Rs.23,45,990/- (Previous Year US$ 185471 Rs.94,04,747/-)

8. The Company operates in only one Segment (i.e) Carbon Rods as a component of Dry Cell Batteries.

9. Figures of previous year have been re-grouped wherever necessary to conform to those of the current year

10. Figures have been rounded off to the nearest rupee

 
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