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WPIL
BSE: 505872|ISIN: INE765D01014|SECTOR: Pumps
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« Mar 12
Notes to Accounts Year End : Mar '13
a) 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, 2013 amounts to Rs. 2,30,97,562/- (2012 – Rs.
 2,19,47,713/-). A total sum of Rs. 5,13,38,560/- (including Rs.
 34,32,000/- 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.
 
 b) 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.
 1,18,16,421/- have been incurred against earlier provisions, and Rs.
 91,25,000/- have been provided.
 
 c) Research and Development Expenses
 
 Research and Deveopement Expenses relating to revenue nature
 aggregating to Rs. 74.32 lacs (2012 - Rs. 66.97 lacs) have been charged
 to respective heads of accounts in the Statement of Profit and Loss,
 and relating to capital nature aggregating to Rs. 3.78 lacs (2012 - Rs.
 Nil) have been capitalised under different heads in Fixed Assets in the
 Balance Sheet.
 
 d) Disclosure on Joint Venture Entity :
 
 a) Details of Joint Venture :
 
 – Name of Joint Venture Entity : Clyde Pump India Private Limited
 
 – Country of Incorporation : India
 
 – Proportion of Ownership Interest : 40%
 
 e) 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 (Sterling)
 
 – WPIL International Ltd. - Singapore (WPIL-Sing.) – Mody Industries
 (F.C.) Private Limited (Mody)
 
 iii) Stepdown Subsidiaries – Mathers Foundry Limited, Manchester, U.K.
 (Mathers)
 
 – WPIL SA Holding Pty Limited
 
 – APE Pumps Pty Limited
 
 – Mather & Platt (SA) Pty Limited
 
 – PSV Services Pty Limited
 
 – PSV Properties 2 Pty Limited
 
 – PSV Zambia Limited (Zambia)
 
 – Global Pumps Services (FZE)
 
 iv) Key Management Personnel and their relatives
 
 – Mr. P. Agarwal : Managing Director
 
 – Mr. V. N. Agarwal : Director, Father of Mr. P. Agarwal
 
 – Mr. K. K. Ganeriwala : Executive Director
 
 v) Companies over which key management personnel or relatives are able
 to exercise control/significant influence control/significant influence
 
 – Bengal Steel Industries Limited (Bengal Steel)
 
 – Hindusthan Udyog Limited (HUL)
 
 – WPIL (Thailand) Company Ltd. (WPIL-Thy.)
Source : Dion Global Solutions Limited
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