Atul Ltd 2017-18

Atul Ltd | Annual Report 2017-18 Note 27.6 Employee benefit obligations Funded schemes a) Defined benefit plans: Gratuity The Company operates a gratuity plan through the ‘Atul Employees Gratuity Trust’. Every employee is entitled to a benefit equivalent to 15 days salary last drawn for each completed year of service in line with the Payment of Gratuity Act, 1972 or Company scheme, whichever is beneficial. The same is payable at the time of separation from the Company or retirement, whichever is earlier. The benefits vest after 5 years of continuous service. Balance Sheet amount (Gratuity) ( ` cr) Particulars Present value of obligation Fair value of plan assets Net amount As at March 31, 2016 47.27 (47.27) – Current service cost 2.52 – 2.52 Interest expense | (income) 3.69 (3.69) – Total amount recognised in profit and loss 6.21 (3.69) 2.52 Remeasurement Return on plan assets, excluding amount included in interest expense | (income) – (1.98) (1.98) (Gain) | Loss from change in financial assumptions 1.11 – 1.11 Experience (gain) | loss (1.61) – (1.61) Total amount recognised in Other Comprehensive Income (0.50) (1.98) (2.48) Employer contributions – (0.04) (0.04) Benefit payments (5.81) 5.81 – As at March 31, 2017 47.17 (47.17) – Current service cost 2.74 – 2.74 Interest expense | (income) 3.41 (3.41) – Total amount recognised in profit and loss 6.15 (3.41) 2.74 Remeasurement Return on plan assets, excluding amount included in interest expense | (income) – 0.06 0.06 (Gain) | Loss from change in financial assumptions (1.17) – (1.17) Experience (gain) | loss (1.62) – (1.62) Total amount recognised in Other Comprehensive Income (2.79) 0.06 (2.73) Employer contributions – (0.01) (0.01) Benefit payments (5.11) 5.11 – As at March 31, 2018 45.42 (45.42) – The net liability disclosed above relates to following funded and unfunded plans: ( ` cr) Particulars As at March 31, 2018 As at March 31, 2017 Present value of funded obligations 45.42 47.17 Fair value of plan assets (45.42) (47.17) Deficit of Gratuity plan – – Notes to the Financial Statements