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WPIL

BSE: 505872|ISIN: INE765D01014|SECTOR: Pumps
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Mar 15
Notes to Accounts Year End : Mar '16

Cost of Product Warranties including provisions are included under the head “Miscellaneous Expenses”, which includes cost of raw materials and components for free replacement of spares and other overheads.

(c) The Company has issued Ordinary Shares having a face value of Rs 10/- each. Each holder of Ordinary Shares is entitled to one vote per share. The Company declares dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting.

(d) In the event of liquidation of the Company, the holders of Ordinary Shares will be entitled to receive any of the remaining assets of the Company after distribution of all preferential amounts. The distribution will be in the proportion to the number of Ordinary Shares held by the shareholders.

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, 2016 amounts to Rs. 2,99,61,705/- ( 2015 - Rs. 2,78,45,752/- ). A total sum of Rs. 5,67,69,560/- (NIL amount 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. 1,04,19,521/- have been incurred against earlier provisions and Rs. 1,12,00,000/- have been provided.

f) Research and Development Expenses

Research and Development Expenses relating to revenue nature aggregating to Rs. 100.66 lacs (2015 - Rs. 71.03 lacs) have been charged to respective heads of accounts in the Statement of Profit and Loss and relating to capital nature aggregating to Rs. 60.02 lacs (2015 - Rs. 10.75 lacs) under different heads in Fixed Assets in the Balance Sheet.

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 48,23,453/

- Amount spent by the Company : Rs. 5,00,000/-

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 customer, i.e domestic and export sales.

- 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.

s) Previous year''s figures have been rearranged / regrouped wherever found necessary.

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