Page 157 - Kolte Patil AR 2019-20

Notes forming part of the standalone financial statements

NOTE 35 - EMPLOYEE BENEFITS
The details of employee benefits as required under Ind AS 19 ‘Employee Benefits’ is given below:
(A) Defined Contribution Plan:

The Company contributes to provident fund and employee state insurance scheme which are defined contribution plans.
Amount recognized as an expense in the Statement of Profit and Loss in respect of Defined Contribution Plans to Provident fund is H235
Lakhs (Previous Year – H225 Lakhs) and Employee State Insurance Scheme is H5 Lakhs (Previous Year – H7 Lakhs).
(B) Defined benefit plan:

Gratuity is a defined benefit plan covering eligible employees. The plan provides for a lump sum payment to vested employees on retirement,
death while in employment or termination of employment of an amount equivalent to 15 days salary for each completed year of service.
Vesting occurs on completion of five years of service.
Disclosure as required under Ind AS 19 on “Employee Benefits” in respect of defined benefit plan is as under:

i. The amount included in the balance sheet arising from the entity’s obligation in respect of its defined benefit plans is as follows:
(H in Lakhs)

As at As at
Particulars
March 31, 2020 March 31, 2019
Present value of funded defined benefit obligation (780) (725)
Fair value of plan assets 223 249
Funded status (557) (476)
Restrictions on asset recognized - -
Others - -
Net liability arising from defined benefit obligation (557) (476)

ii. Movement in the present value of defined obligation (DBO) during the year representing reconciliation of opening and closing
balances thereof are as follows:
(H in Lakhs)
Year ended Year ended
Particulars
March 31, 2020 March 31, 2019
Present value of benefit obligation at the beginning of the year 725 631
Current service cost 111 107
Past service cost - -
Interest cost 47 48
Transfer in/(out) (27) 1
Re-measurements on obligation (Actuarial (gain) / loss) :
Actuarial (gains)/ losses arising from changes in demographic assumption (3) (36)
Actuarial (gains)/ losses arising from changes in financial assumption (13) 47
Actuarial (gains)/ losses arising from changes in experience adjustment (3) (28)
Benefits paid (57) (44)
Present value of Defined Benefit Obligation as at end of the year. 780 726

Annual Report 2019-20 | 155