Note A - Represents vehicle loans repayable as under :
i) Rs. 2,67,728/- in 7 equal monthly instalments of Rs. 39,727/- ending
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.
2 DEFERRED TAX LIABILITIES (Net)
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 :
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)
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
- 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.