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Indo National Ltd

BSE Code : 504058 | NSE Symbol : NIPPOBATRY | ISIN:INE567A01028| SECTOR : Dry cells |

NSE BSE
 
SMC down arrow

450.90

-29.00 (-6.04%) Volume 280564

26-Nov-2021 EOD

Prev. Close

479.90

Open Price

478.90

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

450.90(615)

 

Today’s High/Low 478.90 - 442.65

52 wk High/Low 641.20 - 293.03

Key Stats

MARKET CAP (RS CR) 337.54
P/E 11.89
BOOK VALUE (RS) 322.1469333
DIV (%) 250
MARKET LOT 1
EPS (TTM) 37.86
PRICE/BOOK 1.39703332075767
DIV YIELD.(%) 2.78
FACE VALUE (RS) 5
DELIVERABLES (%) 67
4

News & Announcements

25-Nov-2021

Kranti Industries Ltd leads gainers in 'B' group

17-Nov-2021

Indo National Ltd - Indo-National Limited - Press Release

15-Nov-2021

Indo National Ltd - Indo-National Limited - Related Party Transactions

13-Nov-2021

Indo National consolidated net profit declines 26.05% in the September 2021 quarter

30-Oct-2021

Indo National to convene board meeting

14-Aug-2021

Indo National to consider stock split

13-Aug-2021

Indo National to convene AGM

27-Jul-2021

Indo National to convene board meeting

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Eveready Industries India Ltd 531508 EVEREADY
Galvani Batteries Ltd 532063
HBL Power Systems Ltd 517271 HBLPOWER
Panasonic Energy India Company Ltd 504093 LAKHNNATNL

Share Holding

Category No. of shares Percentage
Total Foreign 46250 0.62
Total Institutions 0 0.00
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 317406 4.23
Total Promoters 4901366 65.35
Total Public & others 2234978 29.80
Total 7500000 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Indo National Ltd

Promoted by S R Jiwarajka and Matsushita Electrical Company, Japan, in 1972, Indo National (INL) was incorporated as a public limited company. It manufactures Nippo brand dry cell batteries. Matsushita holds 40% of INL's equity. The Indian partner is Obul Reddy. The company has already diversified into the sale of flashlights under the Nippo brand. INL's R&D department has developed batteries for India's defence forces. It has obtained governments permission to manufacture 20,000 sets of tape-recorder-cum-transistors. INL recently added two types of high-performance batteries to its existing brands--UM-3 Premium Gold and UM-1 Mega Super. The UM-3 is meant for walkmans and cameras. The UM-3 has 50% more power compared to the company's Nippo brand and has a longer shelf life of 24 months. The UM-1 mega cells find application in toys and cassette recorders. The company has obtained ISO 9001 certification from TUV CERT certification body of Rheinisch-Westfalischer TUV e.v., for design development, production and sales of Dry Cell Batteries. It is also planning to import alkaline and lithium batteries under the Panasonic brand for marketing in the country. During 2001-02 the Paper Seperator project was completed successfully at a cost of Rs.3.36 crores which was met out of internal accruals. This is an important component in the manufacture of UM-3 batteries.

Indo National Ltd Chairman Speech

Chairman

NOTICE is hereby given that the FORTIETH ANNUAL GENERAL MEETING of INDO NATIONAL LIMITED will be held at Sri P Obul Reddy Hall, Vani Mahal, No.103, G.N. Chetty Road, T.Nagar, Chennai- 600 017, on Friday, the 27th day of September, 2013 at 10.15 A.M to transact the following business:

ORDINARY BUSINESS:

1. To receive, consider and adopt the Directors' Report, Audited Balance Sheet of the Company as at March 31, 2013 and the Statement of Profit and Loss for the year ended that date together with the report of the Auditors' thereon.

2. To declare a Dividend.

3. To appoint a Director in the place of Mr. V.R. Gupte, who retires by rotation under Article 147 of the Articles of Association of the Company and as per applicable provisions of the Companies Act 1956, and who, being eligible offers himself for re-appointment.

4. To appoint a Director in the place of Dr. S.A Dave, who retires by rotation under Article 147 of the Articles of Association of the Company and as per applicable provisions of the Companies Act 1956, and who, being eligible offers himself for re-appointment.

5. To appoint M/s. P. Srinivasan & Co., Chartered Accountants, Chennai as Statutory Auditors of the Company to hold office from the conclusion of this meeting until the conclusion of the next Annual General Meeting and to authorize the Audit Committee and Board of Directors to fix their remuneration.

SPECIAL BUSINESS:

6. To consider and if thought fit, to pass with or without modification, the following resolution as an ORDINARY RESOLUTION:

RESOLVED THAT, Mr. M. Subramanyam who was appointed as Additional Director of the Company with effect from 31st July 2012 under Section 260 of the Companies Act, 1956 and who holds office up to the date of this Annual General Meeting be and is hereby appointed as Director of the Company and shall be liable to retire by rotation.

7. To consider and if thought fit, to pass with or without modification, the following resolution as an ORDINARY RESOLUTION:

Resolved that Mr. S. Obul Reddy who was appointed as Director u/s.262 of the Companies Act, 1956, to fill the casual vacancy on the Board occasioned due to the resignation of Mr. K. Kudara, who ceases to hold office under the provisions of the said section and is eligible for reappointment and in respect of whom the Company has received a notice in writing u/s. 257 of the Companies Act, 1956, from a member signifying his intention to propose him as a candidate for the office of a Director of the Company, be liable to retire by rotation.

8. To consider and if thought fit, to pass with or without modification, the following resolution as an ORDINARY RESOLUTION:

Resolved that Mr. P.Aditya Reddy who was appointed as Director u/s.262 of the Companies Act, 1956, to fill the casual vacancy on the Board occasioned due to the resignation of Mr. H. Sugimura, who ceases to hold office under the provisions of the said section and is eligible for reappointment and in respect of whom the Company has received a notice in writing u/s. 257 of the Companies Act, 1956, from a member signifying his intention to propose him as a candidate for the office of a Director of the Company, who is liable to retire by rotation.

For and on behalf of the Board of Directors
For Indo National Limited
Place: Chennai Justice S. Natarajan
Date : 17th May, 2013 Chairman
   

Indo National Ltd Company History

Promoted by S R Jiwarajka and Matsushita Electrical Company, Japan, in 1972, Indo National (INL) was incorporated as a public limited company. It manufactures Nippo brand dry cell batteries. Matsushita holds 40% of INL's equity. The Indian partner is Obul Reddy. The company has already diversified into the sale of flashlights under the Nippo brand. INL's R&D department has developed batteries for India's defence forces. It has obtained governments permission to manufacture 20,000 sets of tape-recorder-cum-transistors. INL recently added two types of high-performance batteries to its existing brands--UM-3 Premium Gold and UM-1 Mega Super. The UM-3 is meant for walkmans and cameras. The UM-3 has 50% more power compared to the company's Nippo brand and has a longer shelf life of 24 months. The UM-1 mega cells find application in toys and cassette recorders. The company has obtained ISO 9001 certification from TUV CERT certification body of Rheinisch-Westfalischer TUV e.v., for design development, production and sales of Dry Cell Batteries. It is also planning to import alkaline and lithium batteries under the Panasonic brand for marketing in the country. During 2001-02 the Paper Seperator project was completed successfully at a cost of Rs.3.36 crores which was met out of internal accruals. This is an important component in the manufacture of UM-3 batteries.

Indo National Ltd Directors Reports

Your Directors have pleasure in presenting the Forty Seventh Annual Report of your Company together with the Audited Balance Sheet as at March 31, 2020, the Statement of Profit & Loss for the year ended that date and the Auditors' Report thereon.

FINANCIAL RESULTS:

The profit after tax for the year under review is at Rs.48.63 Lakhs as against Rs. 1905.98 Lakhs in the previous year. The financial results for the year 2019-20 as compared with the previous year are summarized as under.

2019-20 2018-19
(Rs. in Lakhs) (Rs. in Lakhs)
Profit Before Exceptional Item 3,023.18 2,796.62
Exceptional Item-Bad debts written off 2,922.55 -
Profit Before Tax and Depreciation 658.49 3,382.14
Less : Depreciation for the year 557.86 585.52
Profit before Tax 100.63 2,796.62
Provision for Tax including Deferred Tax 52.00 890.64
Profit after Tax 48.63 1,905.98
Other Comprehensive Income (OCI) (26.75) 2.64
Add : Surplus in P&L Account
brought forward 1,173.54 1,369.08
Total 1,195.42 3,277.70
Less : APPROPRIATION
General Reserve - 1,200.00
Payment of Dividend and Tax 904.16 904.16
Surplus in P&L A/c carried forward 291.26 1,173.54
Total 1,195.42 3,277.70

REVIEW OF PERFORMANCE DRY CELL BATTERIES:

The decision of Government of India to have mandatory BIS certification for selling dry cell batteries in India has started getting traction in the second half of the financial year by way of small reduction in cheap imports. We notice continuation of growth of AAA batteries whereas small dip in AA batteries usage. Your Company's production quantity had increased from 525 million pieces to 535 million pieces. The sales quantity decreased from 538 million pieces to 534 million pieces. In terms of value, your Company had registered a turnover of Rs.329.73 crores as against Rs.316.94 crores in the previous year.

Government of India's call on Aatmanirbhar Bharat along with full impact of BIS certification initiative should help organized players to have improved business opportunity.

NON- BATTERY CATEGORY:

Your company is able to sustain the growth in LED & Mosquito Bat categories with an increase in sales volumes during the year, compared to last year, by 65% & 135% reflecting the acceptability of the product by consumer. The growth trend is reflected even in Electrical accessories category as well. However in case of flash lights, the volumes are short of last year volumes by 6%. Along with efforts of the company in improving the reach by covering additional channels and anticipating the drop in cheap imports from neighbouring countries, your company is confident of continuing the growth trajectory in non- battery categories.

In terms of Sales value the contribution from Non-Battery category has increased from 19% in financial year 2018-19 to 27% in financial year 2019-20.

NEW PRODUCTS:

DORCO, a South Korean company with 65 years of track record in manufacturing and marketing world class Razors & Blades with presence of over 130 countries has chosen your company to be the exclusive national distributor to distribute their products. The channel alignment & reach of your company has made DORCO to associate with Indo National Ltd. The agreement is for distributing DORCO branded Razors & Blades in General Trade and Modern Trade. Your company is happy to share that it has launched few SKUs on a pilot basis in some locations and in the coming year, we expect this would be another category supporting both the topline & bottom line.

EXCEPTIONAL ITEM:

Exceptional item amounting to Rs.2922.55 lakhs in standalone financial results for the quarter and year ended March 31, 2020 represents Bad Debts written-off in respect of the debts due from one of the Authorised wholesale distributors (AWD) of the Company. Your Company has focussed on protecting the business which was managed by this AWD and also pursuing to recover the outstanding.

Corporate insolvency Resolution process under insolvency and Bankruptcy Code was initiated by NCLT against the AWD by a third party and probably due to Covid, the IBC process is also getting delayed. While company will continue to pursue all available legal options to recover the outstanding amount, as a prudent measure, the Board has approved the writing off of Rs.2,922.55 lakhs as bad debts and upon realization, if any, of the dues, the same would be appropriately accounted in the books of account of the Company.

ENGAGING ROHIT SHARMA:

Your Company has engaged Indian International Cricketer, Rohit Sharma to endorse its Batteries, Flash lights & Mosquito Bats. Rohit personifies Nippo's traits such as Energy- Dependability- Power-Consistency and Elegance. This initiative helps in your company's plans to further strengthen the Brand- Nippo.

COVID IMPACT:

The Manufacturing facilities, sales & distribution locations and all offices of the Company were closed from March 23, 2020 following the countrywide lockdown due to COVID-19. The Company has since obtained necessary permissions and restarted its manufacturing facilities from 6th May 2020. Similarly, offices started operating partially from 18th May 2020. Based on current assessment of the impact of COVID-19 on the operations of the Company and ongoing discussions with customers, vendors and service providers, the Company is confident of obtaining regular supply of raw materials and components, resuming supply chain logistics and serving customers.

The Company has considered the possible effects of COVID-19 on the carrying amounts of Property, Plant and Equipment, Investments, Inventories, Trade Receivable and Other Current Assets. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of this pandemic, the company, as at the date of approval of the financial results, has used external and internal sources of information/ indicators to estimate the future performance of the Company. Based on current estimates, the Company expects the carrying amount of these assets to be recovered in full.

In the case of inventory, management has performed the physical verification at a date subsequent to the year end and reconciled the same with the last done verification in the month of February 2020. No material discrepancies were noticed on such verifications.

The Company has exercised due care and various efforts in determining its significant accounting judgements and estimates while preparing its financial statements including internal controls over financial reporting. As per the current assessment of the company, there is likely to be no material impact on the carrying values of trade receivables, inventories and other financial/non-financial assets as at the reporting date. As the situation is fluid and uncertain, those in relation to the spread of virus leading to partial/ full lockdown norms in different parts of the country and its economic impact, situation needs to be closely monitored on a regular basis to assess the future impact of COVID on business.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THE REPORT:

There are no material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of this Report.

DIVIDEND:

Your Directors recommends a dividend of Rs.5/-per share (50%) for the year 2019-20. This Dividend, if approved, will be paid to the Shareholders whose names appear on the Register of Members as on 28th September, 2020. The Company intends to pay the dividend on 8th October, 2020.

TRANSFER TO RESERVES:

During the year under review, your Company has not transferred any amount to General Reserves.

SHARE CAPITAL:

During the year under review, the Company has neither issued any shares with differential voting rights nor issued sweat equity shares. Further, the Company did not grant any stock options during the year under review.

FIXED DEPOSITS:

The Company has not accepted any deposits from the public.

CREDIT RATING:

The rating provided by CRISIL Ltd. for the credit facilities of Rs.70 Crores availed by the Company from banks are as follows :

Long Term Rating CRISIL A / Stable (Reaffirmed)
Short Term Rating CRISIL A1 (Reaffirmed)

During the Financial Year 2019-20, there are no changes in the rating.

SUBSIDIARIES, CONSOLIDATED FINANCIAL STATEMENTS:

Your Directors have pleasure in attaching the consolidated financial statements pursuant to section 129(3) of the Companies Act 2013 and SEBI (LODR) Regulations 2015. The consolidated financial statements have been prepared by the Company in accordance with the Accounting Standards prescribed by the ICAI in this regard. The Audited Consolidated Financial Statements together with Auditor's Report form part of the Annual Report. The Auditor's Report does not contain any qualification, reservation or adverse remarks.

Your Company's subsidiary, M/s. Kineco Ltd., registered a consolidated turnover for the year 2019-20 amounts to Rs.178.44 crores as against Rs.126.28 crores in the Previous year 2018-19. Total comprehensive income for the year amounts to Rs.12.61crores as against Rs.10.16 crores in the previous year. The total comprehensive income attributable to owners of the company for the year amounts to Rs.7.36 crores as against Rs.4.24 crores in the previous year.

Pursuant to the provisions of Section 129(3) of the Act read with Rule 5 of the Companies (Accounts) Rules, 2014, a statement containing salient features of the financial statements of the Company's subsidiaries, Associates and Joint Ventures in Form AOC-1 is attached to the financial statements of the company. Pursuant to the provisions of Section 136 of the Act, the financial statements of the company consolidated financial statements along with relevant documents and separate audited financial statements in respect of the subsidiaries are available on the website of the company.

MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT:

Management's Discussion and Analysis Report for the year under review, as stipulated under SEBI (LODR) Regulations 2015 is presented in a separate section forming part of the Annual Report.

DIRECTORS' RESPONSIBILITY STATEMENT:

Your Directors state that: a) in the preparation of the annual accounts for the year ended March 31, 2020, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same; b) they have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2020 and of the profit of the Company for the year ended on that date; c) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) they have prepared the annual accounts on a ‘going concern' basis; e) they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

CORPORATE GOVERNANCE:

A separate report on Corporate Governance along with Auditors' Certificate on its compliance is attached as Annexure - "B" to this report.

RELATED PARTY TRANSACTIONS:

As per the requirements of the Companies Act, 2013 and SEBI (LODR) Regulations 2015, your Company has formulated a Policy on Related Party Transactions which is also available on Company's website at www.nippobatteries.com.

The Policy intends to ensure that proper reporting approval and disclosure processes are in place for all transactions between the Company and Related Parties. This Policy specifically deals with the review and approval of Material Related Party Transactions keeping in mind the potential or actual conflicts of interest that may arise because of entering into these transactions.

All Related Party Transactions are placed before the Audit Committee as well as Board for review and approval. Prior omnibus approval is obtained for Related Party Transactions on a quarterly basis for transactions which are of repetitive nature and / or entered in the Ordinary Course of Business and are at Arm's Length.

There were no contract / arrangement / transactions entered in to during the year ended March 31, 2020 which were not at arm's length basis. All the material related party transitions exceeding ten percent of the Annual Standalone / Consolidated turnover as per the last audited financial statement/ other related party transactions were entered during the year by the company are disclosed in accordance with section 134 (3) (h) of the Companies Act, 2013, in form AOC 2 as per Annexure -"C" of this report.

CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE:

The CSR committee comprises Mr.N.Ramesh Rajan, Chairman, Mr. M. Sankara Reddy, and Mr. P. Aditya Reddy as other members.

The Board has laid out the Company's policy on corporate social responsibility (CSR), and the CSR activities of the Company are carried out as per the instructions of the committee. The Committee also monitors the implementation of the framework of the CSR Policy and recommending the amount to be spent on CSR activities. During the year, the Company had spent 2% of its average net profits for the three immediately preceding financial years on CSR activities.

The financial data / Annual Report pertaining to the Company's CSR activities for the financial year 2019-2020 is presented in the prescribed format in Annexure-"D"to the Board Report.

The CSR Policy is available on our website www.nippobatteries.com.

RISK MANAGEMENT:

The Board has constituted a Risk Management Committee which has been entrusted with the responsibility to assist the Board in overseeing that all the risks that the organization faces such as strategic, financial, credit, market, legal, regulatory, reputational and other risks have been identified and assessed and there is an adequate risk management infrastructure in place capable of addressing those risks. The Company regularly updates to committee on the principal risks and uncertainties that can impact its ability to achieve its strategic objectives.

DIRECTORS / KMP:

In accordance with the Articles of Association of the Company Mr. P. Dwaraknath Reddy will retire by rotation at this ensuing Annual General Meeting. He being eligible, offer himself for re-appointment. In accordance with the Articles of Association of the Company Mr. R.P. Khaitan will retire by rotation at this ensuing Annual General Meeting. He being eligible, offer himself for re-appointment.

In accordance with the Articles of Association of the Company Mr. P. Aditya Reddy will retire by rotation at this ensuing Annual General Meeting. He being eligible, offer himself for re-appointment. Mr. S. Obul Reddy had resigned from the Board of your Company effective from the closing business hours of 13th February 2020. The Board of Directors places on record their appreciation for the valuable contribution made by Mr. S. Obul Reddy.

The Nomination and Remuneration Committee recommended the induction of Mr.M.Sankara Reddy as Director of the Board and the Board approved the appointment of Mr. M. Sankara Reddy, advisor of the Company, as Director of the Company with effect from 01st April 2020.

In the opinion of the Board, Mr. N. Ramesh Rajan and Mrs. Lakshmmi Subramanian Independent Directors of the company possess integrity, expertise and experience (including the proficiency).

RELATIONSHIP BETWEEN DIRECTORS INTER-SE:

The details of inter-se relationship between Directors are given in the Corporate Governance Report. Information about all the Directors proposed to be re-appointed is furnished in the Explanatory Statement under Section 102 of the Companies Act, 2013 under the heading "Information about the Directors proposed to be re-appointed" attached to the Notice of the ensuing Annual General Meeting for your consideration

DECLARATION BY INDEPENDENT DIRECTORS:

The Company has received declarations from all the Independent Directors of the Company confirming that they meet with the criteria of independence as prescribed both under sub-section (6) of Section 149 of the Companies Act, 2013 and SEBI (LODR) Regulations 2015.

PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEES AND DIRECTORS:

As per Companies Act, 2013 and SEBI (LODR) Regulations 2015 mandates that the Board shall monitor and review the Board evaluation framework and a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors. Schedule IV of the Companies Act, 2013 states that the performance evaluation of independent directors shall be done by the entire Board of Directors, excluding the director being evaluated. The Board subsequently evaluated its own performance, the working of its Committees and Independent Directors without participation of the relevant Director(s).

TRAINING OF INDEPENDENT DIRECTORS:

To familiarize the strategy, operations and functions of our Company, the executive directors make presentations/ orientation programme to non –executive independent directors about the company's strategy, operations, product and service offerings, markets, organization structure, finance, human resources, production facilities and quality and risk management. The appointment letters of Independent Directors has been placed on the Company's website at www.nippobatteries.com.

MEETING OF INDEPENDENT DIRECTORS:

The Independent Directors of the Company had met during the year on 12th February, 2020 to review the performance of non- Independent Directors and the Board as a whole, review the performance of the Chairperson of the Company and had accessed the quality, quantity and timeliness of flow of information between the company management and the Board.

MEETINGS OF THE BOARD:

Six meetings of the Board of directors were held during the year. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

COMMITTEES OF THE BOARD:

The Board of Directors has the following Committees:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders' Relationship Committee

4. Corporate Social Responsibility Committee.

5. Risk Management committee

The details of the Committees along with their composition, number of meetings and attendance at the meetings are provided in the Corporate Governance Report.

PERSONNEL:

Your Directors wish to place on record their appreciation for the dedication and hard work put in by the employees at all levels for the overall growth of your Company. Relations with the employees at Factory, Head office / Depots and other Branches were cordial during the year. In terms of the provisions of Section 197(12) of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the information required in respect of employees of the Company, will be provided upon request. As per section 136(1) of the Companies Act, 2013 the report and accounts are being sent to the members and others entitled thereto. Any member interested in inspecting or obtaining copy of the statement of particulars of employees being forms part of the Report may contact the Company Secretary at Registered Office during working hours and any member interested in obtaining such information may write to the company secretary and the same will be furnished on request.

REMUNERATION POLICY OF THE COMPANY:

The Company's policy on directors' appointment and remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the Corporate Governance report, which forms part of the Board's Report. The objective of the Remuneration Policy is to attract, motivate and retain qualified and expert individuals that the Company needs in order to achieve its strategic and operational objectives.

PARTICULARS OF LOAN, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT 2013:

The particulars of loans, guarantees and investments under section 186 of the Act read with the Companies (Meetings of Board and its powers) Rules,2014 for the financial year 2019-20 are given in the notes to the financial statements.

STATUTORY AUDITORS:

M/s G. Balu Associates (Firm Registration No. 000376S) have been appointed as the Statutory Auditors of the Company for a period of 5 years, to hold office from the conclusion of Forty Fourth Annual General Meeting till the conclusion of the Forty Ninth Annual General Meeting of the Company. Further the auditors have confirmed their eligibility under Section 144 of the Companies Act, 2013 and the rules made there under. The Auditor's Report along with Notes to Accounts is self-explanatory and therefore does not call for any further explanations / comments. The Auditor's Report does not contain any qualifications, reservation and or adverse remarks. Pursuant to provisions of section 143 (12) of the Companies Act, 2013, the Statutory Auditors have not reported any incident of fraud to the Audit Committee during the year under review.

COST AUDITOR:

In terms of Section 148 of the Companies Act, 2013 read with Companies (Cost records and audits) Rules, 2014 the Company has appointed Mr. P. Raju Iyer, Practicing Cost Accountant, as the Cost Auditor of the Company for conducting the audit of cost records of the Company for the financial year ending 31st March 2021 subject to ratification of remuneration payable to him by the members of the Company at the ensuing Annual General Meeting of the Company. The Company hereby confirms that maintenance of Cost Accounts and Records as specified by the Central Government under section 148(1) of the Companies Act, 2013.

SECRETARIAL AUDITOR:

As required under Section 204 of the Companies Act, 2013 and Rules thereunder the Board has appointed M.Damodaran & Associates LLP, Practising Company Secretaries as Secretarial Auditor of the company to conduct Secretarial Audit for the financial year 2019-20. The Secretarial Audit Report for the financial year ended March 31, 2020 is annexed herewith marked as Annexure – "F" to this Report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

WHISTLE BLOWER POLICY/VIGIL MECHANISIM:

The Company has adopted a whistle blower policy / Vigil mechanism that cover directors and employees of the Company to bring to the attention of the management any issues which is to be in violation or in conflict with the fundamental business principles of the Company. The Company is committed to adhere to the highest standards of ethical, moral and legal conduct of business operations and in order to maintain these standards, the Company encourages its employees who have genuine concerns about suspected misconduct to come forward and express those concerns without fear of punishment or unfair treatment.

No one may take any adverse action against any employee for complaining about, reporting, or participating or assisting in the investigation of, a reasonably suspected violation of any law, this Policy, or the Company's Code of Conduct and Ethics.

All the employees have been given access to the Audit Committee. The Company Secretary is the designated officer for effective implementation of the policy and dealing with the complaints registered under the policy.

The Whistle Blower Policy is available on the website of the Company www.nippobatteries.com.

INTERNAL CONTROL SYSTEM AND INTERNAL FINANCIAL CONTROL AND THEIR ADEQUACY:

The Company has a proper and adequate internal control system to ensure that all the assets of the Company are safeguarded and protected against any loss and that all the transactions are properly authorised and recorded.

The Company has an established Internal Financial Control to cover internal controls over financial reporting and operating controls etc., The framework is reviewed regularly by the management and tested by internal audit team and presented to the Audit Committee. Based on the periodical testing, the framework is strengthened, from time to time, to ensure adequacy and effectiveness of Internal Financial Controls of the Company.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE, ETC:

Your Company has always been in the forefront of energy conservation. Several measures to conserve energy and to reduce the costs associated with it have been taken. The details regarding conservation of energy, foreign exchange, technology absorption including R & D efforts as required under Section 134 (3) (m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014 are given in Annexure "A" to this Report. The Company has an in-house Research Development Department, where the main areas of focus are, Energy Conservation, Process upgradation and Environment Preservation. The Ministry of Science and Technology, Department of Scientific and Industrial Research, Government of India has recognized in-house R&D facilities of the Company.

EXTRACT OF ANNUAL RETURN:

The extract of Annual Return of the Company is annexed herewith as Annexure –"E" to this report and is also available on Company's website at www.nippobatteries.com.

STATEMENT PURSUANT TO SEBI (LODR) REGULATIONS 2015:

The Company's Securities are listed with Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The Company has paid the Annual Listing fees to all the Stock Exchanges.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS:

There are no other significant and material orders passed by the regulators or courts or tribunals impacting the going concern status of the Company during the year except cartelisation of Zinc carbon dry cell battery case pending before Hon. National Company Law Appellate Tribunal, New Delhi. (NCLAT).

DISCLOSURE UNDER THE SEXUAL HARASMENT OF WOMAN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

The company has in place an anti-sexual Harassment Policy as required under prevention of Sexual Harassment of Woman at workplace (Prohibition, Prevention and Redressal) Act 2013 and constituted an Internal Complaints Committee (ICC).Your Directors further states that during the year under review, there were no cases filed pursuant to the Sexual Harassment of Woman at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF):

As per Section 124(6) of the Act read with the IEPF Rules as amended, all the shares in respect of which dividend has remained unpaid / unclaimed for seven consecutive years or more have been transferred to IEPF Account.

GENERAL:

During the year under review

1. The Company had not issued equity shares with differential voting rights as to dividend, voting right or otherwise.

2. There was no change in the key managerial personnel of the Company.

3. The Company is in compliance with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

4. Neither the Managing Director nor the Whole time Directors of the company receive any remuneration or commission from any of its subsidiaries.

ACKNOWLEDGEMENT:

Your Directors thank the Central and State Governments and the Banks for their continued help and support.

Your Directors also thank the Authorised Wholesale Dealers, Stockiest and Retailers for their excellent support under difficult conditions and the Consumers for their continued patronage of your Company's products. Your Directors are especially thankful to the esteemed Shareholders for their continued encouragement and support.

For and on behalf of the Board of Directors For Indo National Ltd

Place: Chennai P. Dwaraknath Reddy
Date : 24th August, 2020 Managing Director
(DIN:00277929

Annexure "A" to Directors' Report

Information required under Section 134(m) of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014 and forming part of the Directors' Report for the year ended March 31, 2020.

A. Conservation of Energy

Efforts are being made to control Energy cost wherever possible even though Energy cost forms only negligible proportion of total cost of manufacture of batteries. Energy conservation activities initiated earlier years based on Energy Audit has been continued during 2019 - 2020.

B. Technology Absorption

Research and Development (R & D)

(1) Specific areas in which R & D activities are carried out by the Company: a) New Products Development b) Finding alternate source of materials c) Import Substitution d) Development of improved designs e) Development of new products to suit consumer requirements (2) Benefits derived as a result of the above R & D activities: a) Efficiency in usage of raw materials b) Cost Reduction c) Improvement in product quality d) Automatic and accurate testing of batteries e) Foreign exchange savings due to indigenisation efforts (3) Future plan of action: To continue indigenisation efforts and to further strengthen R & D activities for the purpose of cost reduction and quality improvements and for developing new products depending on market requirements.

(4) Expenditure on R & D (Rs. in Lakhs)
a) Recurring 40.27
b) Total R & D expenditure as a percentage of total turnover 0.12%

Technology absorption, adaptation, and innovation

1. Efforts in brief, made towards technology absorption, adaptation and innovation: Installation of sophisticated instrument for R & D, testing and process control measures. Technology has been fully absorbed and adapted for all types of Dry cell batteries.

2. Benefits derived as a result of the efforts, e.g: product improvement, cost reduction, product quality maintenance and import substitution etc.,

(a) Improvement of designs.

(b) Import Substitution.

(c) Cost Reduction.

(d) Product Quality Maintenance & Improvement.

(e) New products development.

3. Imported Technology: Not Applicable

(Imported during the last 5 years reckoned from the beginning of the financial year)

(a) Technology imported.

(b) Year of Import,

(c) Has Technology been fully absorbed

C. Foreign Exchange Earnings and Outgo:

(1) Activities relating to Exports; we have taken initiatives to increase exports and developing of new export markets for products and services. At present no Exports are being made. However, continuous efforts are being made to procure Export orders.

(2) Total Foreign Exchange used and earned: Total expenditure on Foreign Currency used on imports of raw materials, components, capital goods, spare parts, travel and others amounts to Rs.2775.87 Lakhs as against Rs.2472.63 Lakhs for the previous year.

For and on behalf of the Board of Directors For Indo National Ltd

Place: Chennai P. Dwaraknath Reddy
Date : 24th August, 2020 Managing Director
(DIN:00277929)

   

Indo National Ltd Company Background

N Ramesh RajanP Dwarakanth Reddy
Incorporation Year1972
Registered OfficeLakshmi Bhavan IVth Floor,No 609 Mount Road
Chennai,Tamil Nadu-600006
Telephone,Managing Director
Fax
Company SecretaryJ Srinivasan
AuditorG Balu Associates LLP
Face Value5
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarCameo Corporate Services Ltd
Subramanian Building,1ST Floor No 1,Club House Road,Chennai - 600002

Indo National Ltd Company Management

Director NameDirector DesignationYear
P Dwarakanth Reddy Managing Director 2021
R P Khaitan Joint Managing Director 2021
J Srinivasan Company Secretary 2021
Aditya Reddy Joint Managing Director 2021
N Ramesh Rajan Chairman & Independent Directo 2021
Lakshmmi Subramanian Independent Director 2021
M Sankara Reddy Director 2021

Indo National Ltd Listing Information

Listing Information
BSE_FMCG
BSESMALLCA
BSEALLCAP

Indo National Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Dry Cell Batteries No 000202.1196
Dry Cell Batteries-Traded No 00052.0155
Others-Traded NA 00042.2072
Torches-Traded No 00020.6064
Fluorescent Lamps-Compact NA 0000
Flashing lights NA 0000
Other Operating Revenue NA 0000
Power Uni0000

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