Notes:
1 In Financial year 2016-17 remuneration includes related to Mr. H.R Gupta paid against approval from MCA vide SRN C47011408 Dated 20 March 2015 for Financial Year 2014-15 Rs. 5.04, for Financial Year 2015-16 Rs. 20.16 and to Mr. B.K Gupta paid against approval from MCA vide SRN C47007919 20 March 2015 for Financial Year 2014-15 Rs. 5.04, for Financial Year 2015-16 Rs. 7.59.
2 Valued at year end market price (NSE).
3 As the incremental liabilities of contribution for gratuity and compensated absences are provided on actuarial basis for the Company as a whole, the amounts pertaining to Key Managerial Personnel are not disclosed above.
4 Effect of Ind AS has not been considered. Carrying value Rs. 452.12 (31.03.2017 : Rs 408.24 & 01.04.2016 : Rs.350.81)
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36 Employee Benefits
Refer note 2.13 for accounting policy on Employee Benefits
(a) Defined contribution plans
i. Provident Fund/Employees' Pension Fund ii. Employees' State Insurance
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The Company has recognised following amounts as expense in the Statement of Profit and Loss:
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Particulars
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For the Year ended
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For the Year ended
|
| |
March 31, 2018
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March 31, 2017
|
|
Included in contribution to Provident and Other Funds (refer note 27)
|
|
|
|
Employer's contribution to Provident Fund / Employees' Pension Fund
|
88.23
|
97.49
|
| |
|
|
|
Included In contribution to Provident and Other Funds (refer note 27)
|
|
|
|
Contribution paid In respect of Employees' State Insurance Scheme
|
13.87
|
9.53
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(b) Defined Benefit Plan
Gratuity: The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded.
A. Balance Sheet
The assets, liabilities and surplus/fdeficit) position of the defined benefit plans at the Balance Sheet date were:
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Defined Benefit Plan- Gratuity (Funded)
|
| |
As at
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As at
|
As at
|
| |
31st March, 2018
|
31st March, 2017
|
1st April, 2016
|
|
Present value of obligation
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132.73
|
126.51
|
81.11
|
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Fair value of plan assets
|
131.70
|
99.71
|
67.34
|
|
(Asset/Liabillty recognised In the Balance Sheet
|
1.03
|
26.80
|
13.77
|
|
Net liability-current (Refer Note 17)
|
1.03
|
26.80
|
13.77
|
|
Net liability-non-current (Refer Note 17)
|
-
|
-
|
-
|
| |
1.03
|
26.60
|
13.77
|
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B. Movements in Present Value of Obligation and Fair Value of Plan Assets
|
|
|
|
| |
Plan Assets
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Plan Obligation
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Total
|
|
As at 1st April, 2016
|
67.34
|
81.11
|
13.77
|
|
Current service cost
|
-
|
26.77
|
26.77
|
|
Past service cost
|
-
|
-
|
-
|
|
Interest cost
|
-
|
6.49
|
6.49
|
|
Interest income
|
5.39
|
-
|
(5.39)
|
|
Return on plan assets excluding interest income
|
1.01
|
-
|
(1.01)
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|
Actuarial (gain)/loss arising from
|
-
|
-
|
-
|
|
changes in demographic assumptions
|
|
|
|
|
Actuarial (gain/loss arising from changes in
|
-
|
8.20
|
8.20
|
|
financial assumptions
|
|
|
|
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Actuarial (gain)/loss arising from experience adjustments
|
-
|
4.66
|
4.66
|
|
Employer contributions
|
26.70
|
-
|
(26.70)
|
|
Employee contributions
|
-
|
-
|
-
|
|
Assets acquired/ (settled)
|
-
|
-
|
-
|
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Benefit payments
|
(0.72)
|
(0.72)
|
-
|
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As at 31st March, 2017
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99.71
|
126.51
|
26.80
|
|
As at 1st April, 2017
|
99.71
|
126.51
|
26.80
|
|
Current service cost
|
-
|
25.09
|
25.09
|
|
Past service cost
|
-
|
1.40
|
1.40
|
|
Interest cost
|
-
|
9.30
|
9.30
|
|
Interest Income
|
7.33
|
-
|
(7.33)
|
|
Return on plan assets excluding interest income
|
0.26
|
-
|
(0.26)
|
|
Actuarial (gain)/loss arising from
|
-
|
(5.25)
|
(5.25)
|
|
changes in demographic assumptions
|
|
|
|
|
Actuarial (gain)/loss arising from
|
-
|
(6.04)
|
(6.04)
|
|
changes in financial assumptions
|
|
|
|
|
Actuarial (gain)/loss arising from experience adjustments
|
-
|
-
|
-
|
|
Employer contributions
|
42.67
|
-
|
(42.67)
|
|
Employee contributions
|
-
|
-
|
-
|
|
Assets acquired/(settled)*
|
-
|
-
|
-
|
|
Benefit payments
|
(18.27)
|
(18.27)
|
-
|
|
As at 31st March, 2018
|
131.70
|
132.73
|
1.03
|
|
Defined Benefit Plan- Gratuity (Funded)
|
| |
Year ended
|
Year ended
|
| |
31st March, 2018
|
31st March, 2017
|
|
Expenses recognised In the Statement of
|
|
|
|
Profit and Loss for the year
|
|
|
|
Employee Benefit Expenses :
|
|
|
|
Current service cost
|
25.09
|
26.77
|
|
Past service cost
|
1.40
|
-
|
|
Finance costs :
|
|
|
|
Interest cost
|
9.30
|
6.49
|
|
Interest income
|
(7.33)
|
(5.39)
|
|
Net Impact on profit {before tax)
|
28.46
|
27.87
|
|
Recognised in other comprehensive income for the year
|
|
|
|
Remeasurement of the net defined benefit plans:
|
|
|
|
Actuarial (gain)/loss arising from
|
-
|
-
|
|
Actuarial (gainj/loss arising from changes in financial assumptions
|
(5.25)
|
8.20
|
|
Actuarial (gain)/loss arising from experience adjustments
|
(6.04)
|
4.66
|
|
Return (gain)/loss on plan assets excluding interest income
|
(0.26)
|
(1.01)
|
|
Net impact on other comprehensive Income (before tax)
|
(11.55)
|
11.85
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D. Assets
The fair value of plan assets at the Balance Sheet date for the defined benefit plans for each category are as follows:
|
Defined Benefit Plan- Gratuity (Funded)
|
| |
As at
|
As at
|
As at
|
| |
31st March, 2018
|
31st March, 2017
|
1st April, 2016
|
|
The major categories of plan assets as a percentage of total Insurer managed funds
|
100% |
100% |
100% |
The Trustees have taken policy from Life Insurance Corporation of India (LIC) and pays premium. LIC in turn manages the assets which is within the permissible limits prescribed in the insurance regulations. The Company does not forsee any material risk from these investments.
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