Page 157 - Kolte Patil AR 2019-20
P. 157

Notes forming part of the standalone financial statements

            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
                                                                                  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
                                                                                  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
   152   153   154   155   156   157   158   159   160   161   162