for the year ended March 31, 2023
Your Directors have pleasure in presenting the Fiftieth Annual Report of your Company
together with the Audited Balance Sheet as at March 31, 2023, 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.100.31 Lakhs as against
Rs.778.25 Lakhs in the previous year. The financial results for the year 2022-23 as
compared with the previous year are summarized as under.
|
2022-23 |
2021-22 |
|
(Rs. in Lakhs) |
(Rs. in Lakhs) |
Profit before Tax and Depreciation |
1,157.91 |
1,632.87 |
Less : Depreciation for the year |
1,007.60 |
572.62 |
Profit before Tax |
150.31 |
1,060.25 |
Provision for Tax including Deferred Tax |
50.00 |
282.00 |
Profit after Tax |
100.31 |
778.25 |
Other Comprehensive Income (OCI) |
79.00 |
(34.00) |
Total Comprehensive income for the period |
179.31 |
744.25 |
Add : Surplus in P&L Account brought forward |
710.64 |
903.89 |
Total |
889.95 |
1,648.14 |
Less : APPROPRIATION |
|
|
General Reserve |
- |
- |
Payment of Dividend |
375.00 |
937.50 |
Surplus in P&L A/c carried forward |
514.95 |
710.64 |
Total |
889.95 |
1,648.14 |
REVIEW OF PERFORMANCE DRY CELL BATTERIES:
This category has seen a flattish trend in value and declines in volume. Your company
managed a 3% value growth backed by price increases. The input costs have been on a higher
side although the year which had an impact on margins. There is a continuous erosion of
battery-operated torches due to cheaper grey market options, this had major impact on
battery consumption.
It has been observed consumption in urban markets are moving up due to urbanization and
usage of
multiple gadgets. Your company has worked out focused plans to strengthen urban
distribution to grow faster in our core.
NON- BATTERY CATEGORIES:
Technology shift in the flashlight category from battery operated torches to
rechargeable torches is happening at a rapid pace. Your companys growth of 26% in the RC
torches segment reflects this significant shift. The rechargeable segment is currently
dominated by unbranded players due to cheap imports. Keeping in mind the growing RC
Torches market and its future potential, your company has planned to launch a wide range
of rechargeable torches at various consumer price- points to increase and solidify the
portfolio in this segment.
Your company has also achieved a 39% growth in the Mosquito-bats category with
significant contribution from the newly launched economy priced mosquito swatter. Your
company will continuously scale-up in this category with new range extensions and channel
plans.
Your company sees huge opportunity in the LED category as space to grow is very large.
We are happy to share your company has delivered a robust 30% growth in LED and 31% growth
in Electrical Accessories. Your company will continue to leverage its tradition trade
distribution and building exclusive LED channel networks to grow aggressively in the LED
category.
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 (100%) for the year 2022-23.
This Dividend, if approved, will be paid to the Shareholders whose names appear on the
Register of Members as on 27th September, 2023. The Company intends to pay the
dividend on
6th October, 2023. The above dividend declared by the Company is in
accordance with dividend distribution policy of the Company.
DIVIDEND DISTRIBUTION POLICY
Pursuant to Regulation 43A of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 [SEBI Listing Regulations], the
Board of Directors of the Company had formulated a Dividend Distribution Policy (the
Policy). The Policy is available on the Companys website https://www.nippo.in/html/pdf/
Dividend%20Distribution%20Policy.pdf
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.85 Crores availed by
the Company from banks are as follows :
Long Term Rating |
: CRISIL A / Stable (Reaffirmed) CRISIL A - / Negative (Downgraded
from CRISIL A / Stable) |
Short Term Rating |
: CRISIL A1 (Reaffirmed) (Downgraded from CRISIL A1 |
During the Financial Year 2022-23, there was a change in the rating as mentioned above.
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 Auditors Report form part
of the Annual Report. The Auditors Report does not contain any qualification, reservation
or adverse remarks.
Your Companys subsidiary, M/s. Kineco Ltd., registered a consolidated turnover for the
year 2022-23 amounts to Rs.167.22 crs. as against Rs.201.65 crs. in the previous year
2021-22. Total comprehensive income for the year amounts to (Rs.8.53) crs. as against
Rs.6.21 crs. in the previous year. The total comprehensive income attributable to owners
of the company for the year amounts to (Rs.11.62) crs. as against Rs.2.69 crs. 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 Companys 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.
MANAGEMENTS DISCUSSION AND ANALYSIS REPORT:
Managements 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 31,2023, 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, 2023 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 Companys website at www.nippo.in
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 Arms Length.
There were no contract / arrangement / transactions entered in to during the year ended
March 31, 2023 which were not at arms length basis.
All the material related party transitions exceeding Rupees Ten Billion or 10% 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.
PAditya Reddy as other members.
The Board has laid out the Companys 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 Companys CSR activities for the
financial year 2022-23 is presented in the prescribed format in Annexure-"D" to
the Board Report.
The CSR Policy is available on our website www.nippo.in
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.
The Company has developed and implemented a risk management policy for the Company
including identification therein of elements of risk, if any, which in the opinion of the
Board may threaten the existence of the Company.
INDO NATIONAL LIMITED
DIRECTORS / KMP:
In accordance with the Articles of Association of the Company Mr. PDwaraknath 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.
In accordance with the Articles of Association of the Company Mr. M.Sankara Reddy will
retire by rotation at this ensuing Annual General Meeting. He being eligible, offer
himself for re-appointment.
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).
KEY MANAGERIAL PERSONNEL (KMP)
Pursuant to the provisions of Section 203 of the Companies Act, 2013, the Key
Managerial Personnel of the Company are Mr. P Dwaraknath Reddy, Managing Director, Mr. P
Aditya Reddy, Joint Managing Director, Mr. C.R. Sivaramakrishnan , Chief Financial Officer
and Mr. J.Srinivasan G. M -Finance & Company Secretary. There has been no change in
the Key Managerial Personnel during the year.
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 companys 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 Companys website at www.nippo.in
MEETING OF INDEPENDENT DIRECTORS:
The Independent Directors of the Company had met during the year on 1 0th
February, 2023 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:
Five 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.
BUSINESS RESPONSIBILITY REPORT:
Business Responsibility Report as per Regulation 34 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, detailing the various initiatives taken by
the Company on the environment, social and governance aspects of business, forms part of
this Annual Report is appended on Annexure-H to this 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 is
appended in Annexure-G to this report. 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.
NOMINATION AND REMUNERATION POLICY OF THE COMPANY:
The Companys policy on directors appointment and remuneration and other matters
provided in
Section 1 78(3) of the Act has been disclosed in the Corporate Governance report, which
forms part of the Boards 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
2022-23 are given in the notes to the financial statements.
STATUTORY AUDITORS:
M/s G. Balu Associates (Firm Registration No. 000376S) have been re-appointed as the
Statutory Auditors of the Company for a period of 5 years, to hold office from the
conclusion of 49th Annual General Meeting till the conclusion 54th 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 Auditors Report along with
Notes to Accounts is self-explanatory and therefore does not call for any further
explanations / comments. The Auditors 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 2024 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, Practising Company Secretaries as Secretarial
Auditor of the company to conduct Secretarial Audit for the financial year 2022-23. The
Secretarial Audit Report for the financial year ended March 31, 2023 is annexed herewith
marked as Annexure - "F" to this Report. The Secretarial Audit Report of M/s.
Kineco Ltd (Material unlisted subsidiary) for the financial year ended 31st
March 2023, is annexed herewith marked as - Annexure - F1 to this Report. The Secretarial
Audit Reports does not contain any qualification, reservation or adverse remark.
REPORTING OF FRAUDS BY AUDITORS:
During the year under review, neither the statutory auditors nor the secretarial
auditor has reported to the Audit Committee, under Section 143 (12) of the Companies Act,
2013, any instances of fraud committed against the Company by its officers or employees.
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 Companys 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.nippo.in
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 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 Annual Return as required under Section 92 and Section 134 of the Companies Act,
2013 read with Rule 12 of the Companies (Management and
Administration) Rules, 2014 is available on the Companys website: www.nippo.in weblink
: http:/ /www.nippo.in/html/pdf/ANN.RETURN_2023.pdf
STATEMENT PURSUANT TO SEBI (LODR) REGULATIONS 2015:
The Companys 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 Companies Act, 2013 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. The Company is in compliance with the applicable Secretarial Standards issued by the
Institute of Company Secretaries of India.
3. Neither the Managing Director nor the Joint Managing Director of the company
receives any remuneration or commission from any of its subsidiaries
4 Application made or any proceeding pending under the insolvency and bankruptcy code,
2016 during the year - Nil.
5. Major things happened during the year which made the impact on the overall workings
of the company & the major actions taken by the company in that respect - Nil.
6. The details of difference between amount of the valuation done at the time of one
time settlement and the valuation done while taking loan from the banks or financial
institutions along with the reasons thereof - Nil.
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, Distributors and Retailers
for their excellent support under difficult conditions and the Consumers for their
continued patronage of your Companys 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
P Dwaraknath Reddy |
PAditya Reddy |
Managing Director |
Joint Managing Director |
(DIN:00277929) |
(DIN:00482051) |
Place : Chennai |
|
Date : 11th August, 2023 |
|
Annexure "A" to Boards 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, 2023.
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 2022-23.
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 58.23
b) Total R & D expenditure as a percentage of total turnover 0.14%
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.3,354.26 Lakhs as against
Rs.5,796.89 Lakhs for the previous year. Total Foreign Exchange earned during the year
amounts to Rs.161.35 Lakhs as against Rs. 24.47 Lakhs for the previous year.
For and on behalf of the Board of Directors For Indo National Ltd
P Dwaraknath Reddy |
PAditya Reddy |
Managing Director |
Joint Managing Director |
(DIN:00277929) |
(DIN:00482051) |
Place : Chennai |
|
Date : 11th August, 2023 |
|
+91-9892691696
