Atul Ltd 2011-12

Atul Ltd | Annual Report 2011-12 Notes to financial statements NOTE 27.11 LOANS AND ADVANCES IN THE NATURE OF LOANS ( ` cr) Particulars Amount outstanding as at March 31, 2012 Maximum balance during the year (i) Subsidiary company: Ameer Trading Corporation Ltd 7.69 12.42 (ii) Associate company: Amal Ltd 14.88 14.88 (iii) Loan to other: Atul club 1.42 1.42 Notes: (a) No repayment schedule for (iii) (b) Loans given to employees as per the policy of the Company are not considered. NOTE 27.12 EMPLOYEE BENEFITS (a) Defined benefit plans: Expenses recognised for the year ended on March 31, 2012 (included in Note 24) ( ` cr) Particulars 2011-12 Gratuity funded 2010-11 Gratuity funded 1 Current service cost 1.49 1.40 2 Interest cost 2.83 2.36 3 Expected return on plan assets (2.78) (2.46) 4 Employer contribution (receipt) - - 5 Actuarial losses | (gains) 1.64 3.28 Expenses recognised in Statement of Profit and Loss 3.18 4.58 Net assets | (liabilities) recognised in the Balance Sheet as at March 31, 2012 1 Present value of defined benefit obligation 36.20 34.26 2 Fair value of plan assets 36.86 33.48 3 Funded status {surplus | (deficits)} 0.66 (0.78) Net assets | (liabilities) 0.66 (0.78) Reconciliation of net assets | (liabilities) recognised in the Balance Sheet as at March 31, 2012 1 Net assets | (liabilities) at the beginning of the year (0.50) (2.14) 2 Employer expenses 3.17 4.58 3 Employer contribution (3.33) (1.65) Net assets | (liabilities) at the end of the year (0.66) 0.79 Actual return on plan assets 0.98 3.00 Actuarial assumptions 1 Discount rates 8.50% 8.25% 2 Expected rate of return on plan assets 8.60% 8.00% 3 Expected rate of salary increase 6.50% 6.50% 4 Mortality post-retirement LIC (1994-96) LIC (1994-96) Major category of plan assets as a percentage of total plan 1 Unit linked insurance plan of various private insurance companies approved by IRDA 89.55% 90.95% 2 In approved Government securities 10.45% 9.05%