Page 219 - Kolte Patil AR 2019-20
P. 219

Notes forming part of the Consolidated Financial Statements


            (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. Group’s obligation in respect of its defined benefit plans is as follows:
                                                                                                        (H in Lakhs)
                                                                                       Year ended     Year ended
             Particulars
                                                                                    March 31, 2020  March 31, 2019
             Present value of funded defined benefit obligation                            (1,126)          (981)
             Fair value of plan assets                                                       389             398
             Funded status                                                                  (737)           (583)
             Restrictions on asset recognized                                                  -               -
             Others                                                                            -               -
             Reclassified to prepaid assets                                                    -               -
             Net liability arising from defined benefit obligation                          (737)           (583)

            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                980             895
             Current service cost                                                             48             153
             Interest cost                                                                    67              62
             Past service cost                                                               111             142
             Re-measurements on obligation [Actuarial (gain) / Loss] :                         1
             Actuarial (gains)/ losses arising from changes in demographic assumption         (5)            (53)
             Actuarial (gains)/ losses arising from changes in financial assumption          (10)             46
             Actuarial (gains)/ losses arising from changes in experience adjustment          (2)            (37)
             Benefits paid                                                                   (64)            (86)
             Present value of defined benefit obligation at the end of year                 1,126          1,122

            iii. Changes in the fair value of plan assets 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
             Fair value of plan assets at the beginning of the year                          398             353
             Interest income                                                                  26              27
             Contributions from the employer                                                  32             109








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