| 1. Gratuity
The Company has a defined benefit gratuity plan. Under the gratuity plan,
every employee who has completed at least five years of service gets a
gratuity on departure @ 15 days of last drawn salary for each completed
year of service, except for workers at Pune factory being eligible for
gratuity @ 30 days last drawn salary for each completed year of
service. The scheme is funded with an insurance company in the form of
qualifying insurance policy. The following tables summarise the
components of net benefit expense recognised in the statement of proft
and loss and the funded status and amounts recognised in the balance
sheet for the respective plans.
2. Segment information
During the year ended 31st March, 2014, there was a change in the
constitution of the Board of Directors. Based on the change in senior
management and Board of Directors and the objective to have synergies
by selling solutions to have effective increase in market share, the
management believes that the Company deals in only one business segment
because the entity does not have the ability to curtail the individual
business i.e. manufacturing of enclosures and sales of allied traded
products. Additionally, the reporting to the Board of Directors since
1st April, 2013, is at Company level only. The Company believes that it
operates as one business segment with effect from 1st April, 2013 and
accordingly disclosure requirements as per Accounting Standard - 17 on
Segment Reporting are not applicable.
Secondary information is reported geographically.
Geographical segments:
The Company's secondary segments are the geographic distribution of
activities. Revenue and receivables are specified by loca- tion of the
customers while other geographic information is specified by location of
the assets. The following table presents revenue, expenditure and
certain asset information regarding the company's geographical
segments:
3. Name of the related parties and related party relationship Related
party where control exists Ultimate Holding Company Schneider Electric
SA, France Holding Company Schneider Electric South East Asia (HQ) Pte
Limited, Singapore Related parties with whom transactions have taken
place during the year Fellow subsidiaries Schneider Electric IT
Business India Private Limited, India Schneider Electric India Private
Limited, India Schneider Electric Infrastructure Limited, India
Invensys India Private Limited, India Schneider Electric IT
Corporation, USA Schneider Electric Espana SAU, Spain Schneider
Electric IT Logistic Asia Pacifc Pte. Limited, Singapore Schneider
Electric Logistics Asia Pte. Limited, Singapore PT Schneider Electric
Manufacturing Batam , Indonesia Schneider Electric Dc MEA Fzco, U.A.E.
Schneider Electric Japan Inc., Japan APC (Xiamen) Power Infrastructure,
China Sarel Appareillage Electrique, France Schneider Electric IT
Australia P/L, Australia Schneider Electric IT SA (Pty) Ltd, South
Africa Schneider Electric IT Singapore Pte Ltd., Singapore Schneider
Electric Canada Inc, Canada Schneider Electric (China) Co. Ltd, China
Schneider Electric IT France, France Schneider Electric Solar Inverters
USA Inc. , USA Schneider Electric USA Inc., USA Clipsal Manufacturing
(M) SDN BHD, Malasiya Unifair SPA, Italy
Key management personnel
Venkatraman S Managing Director (w.e.f. 13th August, 2013)
Dharni Babu V Manager (ceased to be a manager w.e.f. 13th August, 2013)
Additional related parties as per Companies Act, 2013 with whom
transactions have taken place during the year:
Key management personnel
Damodar Kalavala Chief Officer (CFO) (w.e.f. 21st May, 2015)
Neeraj Garg Chief Officer (CFO) (ceased to be a CFO w.e.f 21st
May, 2015)
Vighneshwar Bhat Company Secretary (w.e.f. 16th April, 2014)
4. As a part of Schneider Electric SA (Ultimate holding Company)
overall pay policy, Schneider Electric SA, has set up a Worldwide
Employee Stock Option Plan (WESOP) scheme to the employees of the group
companies under which the employees are granted Stock Options of
Schneider Electric SA.
The Institute of Chartered Accountants of India has issued a Guidance
Note on Accounting for Employee Share-based payments, which is
applicable to employee share based payment plans, the grant date in
respect of which falls on or after April 1, 2005. The scheme detailed
above is managed and administered by the ultimate parent company for
its own benefit and do not have any settlement obligations on the
Company. Further, the aforesaid scheme pertains to shares of the
ultimate parent company and impact of compensation benefits in respect
of such scheme is assessed and accounted for in the books of the parent
Company. Accordingly, the Company is of the opinion that the same is
not required to be accounted for as per the said Guidance Note.
5. The Company is in the process of completing transfer pricing study
to ascertain whether international transactions with associated
enterprises are in compliance with the transfer pricing norms under the
Indian Income-tax Act, 1961. The Management does not anticipate any
adjustment with regard to the transactions involved.
6. Loss before tax for the year ended 31st March, 2015 includes
adjustments pertaining to earlier years amounting to (Rs.18,591,553)
(31st March, 2014: (Rs.1,631,377)) as below.
7. During the year ended 31st March, 2014, the Company had changed its
name from APW President Systems Limited to Schneider Electric President
Systems Limited vide approval received from Registrar of Companies
dated 4th October, 2013.
8. The previous year's fgures have been re-grouped/rearranged, wherever
necessary to confrm to current years' classifcation
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