Page 155 - FBL AR 2019-20

CORPORATE STATUTORY FINANCIAL
OVERVIEW STATEMENTS STATEMENTS

Notes to the Standalone financial statements for the year ended March 31, 2020

44 Leases (contd.)
General description of significant leasing agreements
(i) Refundable interest free deposits have been given under lease agreements.
(ii) Some of the agreements provide for early termination by either party with a specified notice period / renewal with conditions
Since Ind AS 116 has become applicable w.e.f. April 01, 2019, disclosure of comparative information is not applicable.
(B) Assets given on operating lease
The Company has entered into operating lease agreement for sublease of property in Worli, Mumbai with original lease period expiring
on December 31, 2022.
The Company has also entered into various operating lease agreements for its properties in Thane with original lease periods expiring
on April 2021. These agreements have a non-cancellable period at the beginning of the period for 3 years and have rent escalation
provisions of 5% every year or 15% after 3 years.
( H in Lakhs )
Particulars March 31, 2020 March 31, 2019
a) Rent income recognised in the Standalone statement of profit and loss for the year 1,378.20 1,230.11
[Includes rentals on sub-lease of H227.18 lakhs (March 31, 2019 H192.01 lakhs)]
b) Future minimum lease income under the non-cancellable leases in the aggregate and for
each of the following periods:
i) Not later than one year 368.33 905.43
ii) Later than one year and not later than five years 4.36 372.69
iii) More than five years - -
45 Employee benefits

The Company operates following employee benefit plans
(I) Defined contribution plans: Provident fund, superannuation fund, employee state insurance scheme (ESIC) and labour welfare fund.
(II) Defined benefit plan: Gratuity (funded)
(III) Other long term benefit plan: Compensated absences (unfunded)
I) Defined contribution plan
The Company operates defined contribution retirement benefit plans for all qualifying employees of the Company. The contribution to
defined contribution plan, recognised as expenses in the Standalone statement of profit and loss for the year is as under (Refer note 36).
( H in Lakhs )
March 31, 2020 March 31, 2019
Employer's contribution to provident fund 206.84 169.94
Employer's contribution to superannuation fund 1.63 1.58
Employer's contribution to ESIC and Employees Deposit Linked Insurance (EDLI) 11.98 9.08
Employer's contribution to labour welfare fund 0.09 0.04

II) Defined benefit plan
The Company operates a defined benefit plan, viz., gratuity.

In respect of Gratuity, a defined benefit plan, contributions are made to LIC’s Recognised Group Gratuity Fund Scheme. It is governed
by the Payment of Gratuity Act, 1972. Under the Gratuity Act, employees are entitled to specific benefit at the time of retirement or
termination of the employment on completion of five years or death while in employment. The level of benefit provided depends on the
member’s length of service and salary at the time of retirement/termination. Provision for Gratuity is based on actuarial valuation done
by an independent actuary as at the year end. Each year, the Company reviews the level of funding in the gratuity fund.

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