Atul Ltd 2014-15

Atul Ltd | Annual Report 2014-15 NOTE 28.11 EMPLOYEE BENEFITS (continued) ( ` cr) Particulars 2014-15 2013-14 Gratuity Gratuity 5 Actuarial assumptions: a) Discount rate 7.99% 9.29% b) Rate of return on plan assets 7.99% 8.70% c) Salary escalation rate 7.75% 7.00% 6 Net asset | liability recognised in the Balance Sheet Defined benefit obligation 44.44 41.79 Plan assets 44.44 41.79 Deficit | (Surplus) – – Experience adjustments in plan liabilities (1.66) 2.18 Experience adjustments in plan assets (1.90) 0.06 Experience adjustments ( ` cr) Particulars 2014-15 2013-14 2012-13 2011-12 2010-11 Experience adjustments on: 1 (Gain) | Loss on plan liabilities (1.66) 0.40 1.35 (0.01) 3.82 2 (Gain) | Loss on plan assets (1.90) (0.06) (0.29) 1.80 0.53 The Company expects to contribute ` 2.10 cr to Gratuity Fund in the year 2015-16. b) Defined contribution plan: Amount of ` 8.48 cr (Previous year: ` 8.53 cr) is recognised as expense and included in the Note 25 ‘Contribution to Provident and Other funds’. c) Provident Fund liability: In case of certain employees, the Provident Fund contribution is made to a trust administered by the Company. In terms of the guidance note issued by The Institute of Actuaries of India, the actuary has provided a valuation of Provident Fund liability based on the assumptions listed below and determined that there is no shortfall as at March 31, 2015. The assumptions used in determining the present value of obligation of the interest rate guarantee under deterministic approach are: Particulars 2014-15 2013-14 1 Mortality rate Indian Assured Lives Mortality (2006-08) Ultimate Indian Assured Lives Mortality (2006-08) Ultimate 2 Withdrawal rates 5% p.a. for all age groups 5% p.a. for all age groups 3 Rate of discount 7.80% 9.29% 4 Expected rate of interest 7.99% 8.98% 5 Retirement age 60 years 60 years 6 Guaranteed rate of interest 8.75% 8.50% ( ` cr) Expenses recognised for the year ended on March 31, 2015 (included in Note 25) As at March 31, 2015 As at March 31, 2014 1 Defined Benefit Obligation – 7.44 2 Fund – 7.44 3 Net liability – – 4 Charge to the Statement of Profit and Loss during the year – – Notes to the Financial Statements