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:
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