EXCEL CROP CARE LIMITED C O N T E N T S - BSE

SCHEDULE 'U' (Contd.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
EXCEL CROP CARE LIMITED
SCHEDULE FORMING PART OF THE CONSOLIDATED BALANCE SHEET AND THE CONSOLIDATED PROFIT AND LOSS ACCOUNT
10. Details of Employee Benefits:
I. Defined Benefit Plans - Gratuity:
The Group has a defined benefit gratuity plan. Every employee who has completed five years or more of
service gets gratuity on retirement at 15 days of last drawn salary for each completed year of service. If
an employee completes more than 25 years of service then instead of 15 days, he/she will get gratuity on
retirement at 22 days of last drawn salary. The aforesaid liability is provided for on the basis of an actuarial
valuation made at the end of the financial year. The scheme is funded with insurance companies in the form
of qualifying insurance policies in the case of Excel Crop Care Limited.
(a) The amounts recognised in the statement of Profit and Loss Account are as follows:
Defined Benefit Plan Current Year
85
(` in lacs)
Previous Year
(` in lacs)
Current Service cost 1,28.66 1,04.04
Interest cost on benefit obligation 1,60.13 1,26.38
Expected return on plan assets (1,66.40) (1,29.70)
Net actuarial (gain)/loss recognised during the year 3,15.48 3,09.21
Amount included under the head personnel expenses in Schedule ‘R’ Manufacturing and Other Expenses. 4,37.87 4,09.93
Actual return on plan assets 1,85.79 1,45.00
(b) The amounts recognised in the Balance Sheet are as follows:
As at 31st As at 31st
March, 2011 March, 2010
(` in lacs) (` in lacs)
Present value of funded obligation 24,59.00 20,66.06
Less: Fair value of plan assets 22,26.17 16,58.38
Net Liability included under the head Provision for Gratuity, in Schedule ‘N’-Provisions 2,32.83 4,07.68
(c) Changes in the present value of the defined benefit obligation representing reconciliation of opening and
closing balance thereof are as follows:
As at 31st
March, 2011
(` in lacs)
As at 31st
March, 2010
(` in lacs)
Opening defined benefit obligation 20,66.06 16,30.76
Interest cost 1,60.13 1,26.38
Current service cost 1,28.66 1,04.04
Benefits paid (2,31.76) (1,62.69)
Actuarial (gains)/loss on obligation 3,35.91 3,67.57
Closing defined benefit obligation 24,59.00 20,66.06
(d) Changes in the fair value of plan assets are as follows:
As at 31st
March, 2011
(` in lacs)
As at 31st
March, 2010
(` in lacs)
Opening fair value of plan assets 16,58.38 14,11.97
Expected return 1,66.40 1,29.70
Contributions made by employer during the year 6,12.72 2,21.04
Benefits paid (2,31.76) (1,62.69)
Actuarial gains 20.43 58.36
Closing fair value of plan assets 22,26.17 16,58.38
Current Year Previous Year
(` in lacs) (` in lacs)
(e) Expected contribution to defined benefit plan for the year:
The major categories of plan assets as a percentage of fair value of total plan assets are as follows:
2,32.83 4,07.68
Insurer Managed Funds (Life Insurance Corporation of India) 95.46% 100.00%
Insurer Managed Funds (Kotak Mahindra Old Mutual Life Insurance Limited) 4.54% —
The overall expected rate of return on assets is determined based on the market prices prevailing on that
date, applicable to the period over which the obligation is to be settled. There has been significant change
in the expected rate of return on assets due to the improved stock market scenario.
100.00% 100.00%