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16. Bonds / Undertakings given by the Company under
concessional duty / exemption schemes to government
authorities (net of obligations fulfilled) aggregate
Rs. 2,045.47 Lac as at the close of the year (31.03.2010
Rs. 5,874.44 Lac).
17. In accordance with Accounting Standard (AS)
15 - “Employee Benefits”, an amount of Rs. 126.42 Lac
(Previous Year Rs. 99.53 Lac) as contribution towards
defined contribution plans is recognised as expense in the
Profit and Loss Account.
The disclosures in respect of the Defined Benefit Gratuity
Plan (to the extent of information made available by LIC) are
given below:
Particulars
Change in present value of obligation:
2010-11 2009-10
(Rs. in Lac) (Rs. in Lac)
Obligation at beginning of the year 177.99) 110.91)
Current Service Cost 28.23) 44.07)
Interest Cost 15.17) 10.96)
Actuarial (gain)/loss (23.46) 20.14)
Benefits paid (40.97) (8.09)
Obligation at the end of the year
Change in Plan assets (Managed by LIC):
Fair value of Plan Assets at beginning
156.96) 177.99)
of the year 144.85) 121.08)
Expected return on plan assets 11.96) 9.08)
Actuarial gain / (loss) 1.39) 2.26)
Contributions 37.80) 20.52)
Benefits paid (40.97) (8.09)
Fair Value of plan assets at end of the year
Break up of categories of plan assets
155.03) 144.85)
Government Securities 53%
Bonds, Corporate Debt and NCD
Equity Investment in A Group Shares
43%
(Predominantly) 4%
Reconciliation of present value of the obligation and the fair value
of plan assets and amounts recognized in the balance sheet:
Present value of obligation at the
end of the year
Fair Value of plan assets at the
156.96) 177.99)
end of the year
Net (Asset) / Liability recognized
155.03) 144.85)
in the balance sheet
Gratuity cost recognised for the year:
1.93) 33.14)
Current Service Cost 28.23) 44.07)
Interest Cost 15.17) 10.96)
Expected return on plan assets (11.96) (9.08)
Actuarial (gain) / loss (24.85) 17.88)
Net gratuity cost 6.59) 63.83)
EVEREST KANTO CYLINDER LIMITED
18. Loans and advances in the nature of loans
(Rs. in Lac)
EKC International FZE* 1,445.24
EKC Industries
3,560.13 3,560.13 8,355.80
(Tianjin) Co. Ltd.*
Calcutta Compressions
& Liquefaction
3,594.07 3,751.04 3,633.52 4,101.19
Engineering Limited # 846.73 846.73 377.91 377.91
Ackruti City Limited $ 2010-11 2009-10 2008-09 2007-08
(Rs. in Lac) (Rs. in Lac) (Rs. in Lac) (Rs. in Lac)
Assumptions:
Discount Rate
Rate of growth in
8.15% 7.75% 8% 8%
salary levels* 6% 6% 4% 4%
Mortality LIC LIC LIC LIC
(1994-96) (1994-96) (1994-96) (1994-96)
Expected Rate of
Return on Assets 7.50% 7.50% 7.50% 7.50%
Withdrawal Rate 3% to 7.50% 3% to 7.50% 3% to 7.50% 3% to 7.50%
Present Value of Obligations 156.96) 177.99) 110.91 96.69)
Fair Value of Plan Assets 155.03) 144.85) 121.08 93.67)
Surplus / (Deficit) in the Plan
Experience Adjustments
(1.93) (33.14) 10.17 (3.02)
- On Plan Liabilities (20.09) (11.63) 5.38 –)
- On Plan Assets 1.39) 2.26) – –)
* The estimate of future salary increases considered in actuarial
valuation takes into account inflation, seniority, promotion and
other relevant factors.
Name of
Company
Maximum
As at
As at
balance
31.03.2011
31.03.2010
2010-2011
Maximum
balance
2009-2010
2,000.00 2,000.00 200.00 500.00
* Wholly owned subsidiaries
# Subsidiary with Majority Stake
$ Company in which a director is interested.
Shareholding by loanees - Nil
19. Bank Balances in current accounts with Non - Scheduled Banks
(Rs. in Lac)
Name of Bank
As at
31.03.2011
Maximum
balance
2010 - 2011
As at
31.03.2010
Maximum
balance
2009 - 2010
National Bank of
Fujairah, UAE
0.55 1.59 1.59 4.40
Standard Chartered
Bank, UAE
– 0.52 0.52 2.18
Standard Chartered
Bank, UAE
– 0.03 0.03 122.67
Citibank NA,
London
– 20.85 20.85 533.20
Schedules forming part of Financial Statements Annual Report 2010-11
42