SENSEX NIFTY India | Notes to Account > Pumps > Notes to Account from WPIL - BSE: 505872, NSE: N.A


BSE: 505872|ISIN: INE765D01014|SECTOR: Pumps
Jan 13, 16:00
-12.2 (-3.09%)
VOLUME 23,771
WPIL is not listed on NSE
« Mar 14
Notes to Accounts Year End : Mar '15
Note A - Represents vehicle loans repayable as under :
 i) Rs. 2,67,728/- in 7 equal monthly instalments of Rs. 39,727/- ending
 on 20.10.2015.
 ii) Rs. 1,54,480/- in 7 equal monthly instalments of Rs. 23,000/-
 ending on 20.10.2015.
 iii) Rs. 3,06,461/- in 24 equal monthly instalments of Rs. 14,233/-
 ending on 01.03.2017.
 Note B - Repayable fully on 20.10.2015.
 In compliance with the Accounting Standard 22 on Accounting for
 Taxes on Income issued by the Institute of Chartered Accountants of
 India, the Company has adjusted the Deferred Tax Assets (net) of Rs.
 62,63,416/- for the year in the Statement of Profit and Loss. The
 Deferred Tax Liabilities (net) comprises of :
 d) Accrued liability on account of Gratuity payable to the employees of
 the Company on retirement at future dates as per actuarial valuation as
 at 31st March, 2015 amounts to Rs. 2,78,45,752/- (2014 - Rs.
 2,41,63,431/-). A total sum of Rs. 5,67,69,560/- (including Rs.
 51,66,000/- during the current year) has been charged in the Financial
 Statements and paid to LICI by way of premium under Group Gratuity
 Scheme for its employees to cover current as well as past liability.
 e) Warranty costs are accrued at the time the products are sold. Based
 on past experience, the provision is discharged over the contractual
 warranty period from the date of sale. During the year, Rs.
 1,14,13,820/- have been incurred against earlier provisions and Rs.
 1,00,28,000/- have been provided.
 f) Research and Development Expenses
 Research and Deveopement Expenses relating to revenue nature
 aggregating to Rs. 71.03 lacs (2014 - Rs. 77.38 lacs) have been charged
 to respective heads of accounts in the Statement of Profit and Loss,
 and relating to capital nature aggregating to Rs. 10.75 lacs (2014 -
 Nil) under different heads in Fixed Assets in the Balance Sheet.
 i) Related Party Transactions :
 Related Party disclosures as required under Accounting Standard - 18 on
 Related Party Disclosures issued by the Institute of Chartered
 Accountants of India, as certified by the management, are given below :
 A. Relationship
 i) Joint Venture        - Clyde Pump India Private Limited (Clyde)
 ii) Subsidiaries        - Sterling Pumps Pty Limited - Australia 
                         - WPIL International Pte Ltd. - Singapore 
                         - Mody Industries (F.C) Private Limited (Mody)
 iii) Stepdown 
 Subsidiaries            - Mathers Foundry Limited, U.K. (Mathers)
                         - WPIL SA Holdings Pty Limited
                         - APE Pumps Pty Limited (APE Pumps)
                         - Mather & Platt (SA) Pty Limited
                         - PSV Zambia Limited (Zambia)
                         - Global Pumps Services (FZE)
 iv) Key Management 
 Personnel               - Mr. P. Agarwal : Managing Director
 and their relatives     - Mr. V. N. Agarwal : Director, Father of 
                                               Mr. P.Agarwal
                         - Mrs. Ritu Agarwal : Director, Wife of 
                                               Mr. P. Agarwal
                         - Mr. K. K. Ganeriwala : Executive Director
                         - Mr. U. Chakravarty : General Manager (Finance) 
                                                 and Company Secretary
 v) Companies over 
 which Key               - Bengal Steel Industries Limited (Bengal Steel)
 Management Personnel or - Hindusthan Udyog Limited (HUL)
 relatives are able to 
 exercise                - Macneil Electricals Limited (MEL)
 influence               - Neptune Exports Limited (Neptune)
                         - WPIL (Thailand) Company Ltd. (WPIL-Thy.)
 k) Disclosure pertaining to Corporate Social Responsibility
 expenditures as per section 135 of the Companies Act, 2013 : - Gross
 amount required to be spent by the Company during the year : Rs.
 55,27,311/- Amount spent by the Company : NIL Notes :
 — The Company is primarily engaged in the business of design,
 development, manufacture, marketing, installation and servicing of
 vertical and horizontal pumps of various sizes required for lift
 irrigation/major irrigation schemes, thermal /nuclear power plants etc.
 and accordingly there are no business segment. The primary segment is
 geographical based on location of customers, i.e. domestic and export
 — The segment wise revenue and assets figures relate to amounts
 directly identifiable to each of the segments. The operating facilities
 of the Company are situated in India and are common for production of
 both domestic and export market.
Source : Dion Global Solutions Limited
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