Page 219 - Kolte Patil AR 2019-20

Year ended March 31, 2020
(1,126)
389
(737)
-
-
-
(737)
Year ended March 31, 2020
980
48
67
111
1
(5)
(10)
(2)
(64)
1,126
Year ended March 31, 2020
398
26
32
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:
Particulars
(H in Lakhs) Year ended
March 31, 2019
Present value of funded defined benefit obligation (981)
Fair value of plan assets 398
Funded status (583)
Restrictions on asset recognized -
Others -
Reclassified to prepaid assets -
Net liability arising from defined benefit obligation (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:
Particulars
(H in Lakhs) Year ended
March 31, 2019
Present value of benefit obligation at the beginning of the year 895
Current service cost 153
Interest cost 62
Past service cost 142
Re-measurements on obligation [Actuarial (gain) / Loss] :
Actuarial (gains)/ losses arising from changes in demographic assumption (53)
Actuarial (gains)/ losses arising from changes in financial assumption 46
Actuarial (gains)/ losses arising from changes in experience adjustment (37)
Benefits paid (86)
Present value of defined benefit obligation at the end of year 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:
Particulars
(H in Lakhs) Year ended
March 31, 2019
Fair value of plan assets at the beginning of the year 353
Interest income 27
Contributions from the employer 109
Annual Report 2019-20 | 217