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Notes to Accounts of WPIL Ltd.

Mar 31, 2014

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Mar 31, 2013

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.)


Mar 31, 2012

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.

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

(b) In the event of liquidation of the company, the holder 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.

Note A - "Others" represent Term Loan comprising of two loans amounting to Rs. 15 crores each, repayable as under :

i) Term Loan of Rs. 15 crores repayable in three equal installments of Rs. 5 crores each on 20.10.2013, 20.10.2014 and 20.10.2015.

ii) Term Loan of Rs. 15 crores repayable in two equal installments of Rs. 7.50 crores each on 20.06.2013 and 20.09.2013.

5 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 Liability (net) of Rs. 45.59,217/- for the year has been recognized in the Profit and Loss Account. The Deferred Tax Liability (net) comprises of:

As required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 and to the extent such parties are identified on the basis of information available with the Company, there are no Micro enterprises or Small Scale enterprises to whom the Company owes any due which are outstanding as at 31st March, 2012; (2011 - Rs Nil).

c) 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, 2012 amounts to Rs. 2,19,47,713/- ( 2011 - Rs. 2.15,05,000/- ). A total sum of Rs. 4,79,06,560/- (including Rs. 35.00,000/- 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.

d) 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. 72.50.892/- have been adjusted against the earlier provisions and Rs. 89,25,000/- have been provided afresh.

e) Research and Development Expenses

Research and Development Expenses relating to revenue nature aggregating to Rs. 66.97 lacs (2011- Rs. 59.80 lacs) have been charged to respective heads of accounts in the Statement of Profit and Loss, and relating to capital nature aggregating to Rs. Nil (2011- Rs. 28.17 lacs) have been debited to different heads in Fixed Assets in the Balance Sheet.

f) Segment Reporting :

The Company is 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 is no business segment. The provisions of reporting of geographical segments based on location of customers, i.e. domestic and export as per Accounting Standard 17 does not apply, and hence not reported here.

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


Mar 31, 2011

1. Contingent liabilities not provided for in the Accounts in respect of the following :

i) Sales Tax matters under dispute 1,85,41,301 6,75,70,262

ii) Excise Duty matters under dispute 1,85,700 1,85,700

iii) Bank Guarantee outstanding 41,77,91,130 29,64,38,369

2. Land and Buildings were revalued in 1980 and Plant & Machinery were revalued in 1984 and the surplus on revaluation was transferred to Revaluation Reserve Account. Depreciation for the year ended 31st March, 2011 on the amounts added on revaluation amounting to Rs. 2,22,598/- (2010 - Rs. 2,23,979/-) has been credited to the Profit and Loss Account by transfer from Revaluation Reserve Account.

3. There are no Micro enterprises or Small Scale enterprises to whom the Company owes any due which are outstanding as at 31st March, 2011 (2010 - Rs. Nil).

The above information, as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties are identified on the basis of information available with the Company.

4. 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, 2011 amounts to Rs. 2,15,05,000/- (2010 - Rs. 2,13,07,000/-). A total sum of Rs. 4,48,06,560/- (including Rs. 76,57,000/- during the current year) has been charged in the accounts and paid to LICI by way of premium under Group Gratuity Scheme for its employees to cover current as well as past liability.

5. 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.

6. Revenue Expenses aggregating to Rs.59.80 lacs (2010 - Rs. 46.26 lacs) incurred on Research & Development activities have been charged to respective heads of accounts in the Profit and Loss Account.

7. Figures for the previous year have been rearranged/regrouped wherever found necessary.


Mar 31, 2010

Year ended Year ended 31st March, 2010 31st March. 2009 Rs. Rs. 1. Contingent liabilities not provided for in the Accounts in respect of the following : i) Sales Tax matters under dispute 6,75,70,262 7.25,35.982 ii) Excise Duty matters under dispute 1,85,700 19.93,402 iii) Bank Guarantee outstanding 29,64,38,369 20,02,11.561

2. Land and Buildings were revalued in 1980 and Plant & Machinery were revalued in 1984 and the surplus on revaluation was transferred to Revaluation Reserve Account. Depreciation for the year ended 31st March, 2010 on the amounts added on revaluation amounting to Rs. 2.23,979/- (2009 - Rs. 2,25,532/-) has been credited to the Profit and Loss Account by transfer from Revaluation Reserve Account.

3. There are no Micro enterprises or Small Scale enterprises to whom the Company owes any due which are outstanding as at 31st March, 2010 (2009 - Rs. Nil).

The above information, as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties are identified on the basis of information available with the Company.

4. 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, 2010 amounts to Rs. 2,13,07,000/- (2009 - Rs. 2,00,01,000/-). A total sum of Rs. 3,71.49,560/- (including Rs. 41,72,000/- during the current year) has been charged in the accounts and paid to LICI by way of premium under Group Gratuity Scheme for its employees to cover current as well as past liability.

5. 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.

6. Revenue Expenses aggregating to Rs. 46.26 lacs (2009-Rs. 42.32 lacs) incurred on Research & Development activities have been chargedto respective heads of accounts in the Profit and Loss Account.

7. 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) Associates - Hindusthan Udyog Ltd. - Clyde Pumps India Private Limited ii) Key Management Personnel - Mr. P. Agarwal : Managing Director and their relatives - Mr. V. N. Agarwal : Director; Father of Mr. P. Agarwal - Mr. K. K. Ganeriwal : Executive Director

iii) Companies over which key management personnel or their relatives are able to exercise control/significant influence : -Bengal Steel Industries Ltd.

8. Figures for the previous year have been rearranged/regrouped wherever necessary.

 
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