Annual report 2012-2013 - Grasim

NOTES FORMING PART OF THE
FINANCIAL STATEMENTS
Grasim Industries Limited - Annual Report 2012-2013
4.6 RETIREMENT BENEFITS
4.6.1 Defined Benefit Plans as per Actuarial Valuation:
4.6.1.1 Gratuity and Pension:
(i)
` in Crore
Gratuity (Funded) Pension
Current Previous Current Previous
Year Year Year Year
Reconciliation of Present Value of the Obligation:
Opening Defined Benefit Obligation 140.21 122.35 9.16 9.66
Adjustment of:
Current Service Cost 6.76 5.86 - -
Interest Cost 11.60 10.04 0.73 0.75
Actuarial Loss/(Gain) 11.96 10.98 0.76 (0.13)
Benefits Paid (13.76) (9.02) (1.19) (1.12)
Closing Defined Benefit Obligation 156.77 140.21 9.46 9.16
(ii)
(iii)
Reconciliation of Fair Value of the Plan Assets:
Opening Fair Value of Plan Assets 138.98 131.24 - -
Adjustment of:
Expected Return on Plan Assets 9.90 9.60 - -
Actuarial Gain/(Loss) 5.20 (0.14) - -
Contributions by the Employer 16.44 7.30 1.19 1.12
Benefits Paid (13.76) (9.02) (1.19) (1.12)
Closing Fair Value of the Plan Assets 156.76 138.98 - -
Net Liabilities/(Assets) recognised in
the Balance Sheet:
Present Value of the Defined Benefit Obligation
at the end of the period 156.77 140.21 9.46 9.16
Fair Value of Plan Assets 156.76 138.98 - -
Net Liabilities/(Assets) recognised
in the Balance Sheet 0.01 1.23 9.46 9.16
STANDALONE FINANCIAL STATEMENTS
(iv)
(v)
(vi)
Amount recognised in Salary and Wages
under Employee Benefits Expense in the
Statement of Profit and Loss:
Current Service Cost 6.76 5.86 - -
Interest on Defined Benefit Obligations 11.60 10.04 0.73 0.75
Expected Return on Plan Assets (9.90) (9.60) - -
Net Actuarial Loss/(Gain) recognised during the year 6.77 11.12 0.76 (0.13)
Effect of the Limit in Para 59(b) of (AS) 15 - (0.20) - -
Net Cost 15.23 17.22 1.49 0.62
Less: Capitalised as Pre-operative Expenses
Less: in respect of Projects 1.05 0.40 - -
Net Charge to the Statement of Profit and Loss 14.18 16.82 1.49 0.62
Actual Return on Plan Assets:
Expected Return on Plan Assets 9.90 9.60 N.A. N.A.
Actuarial Gain/(Loss) on Plan Assets 5.20 (0.14) N.A. N.A.
Actual Return on Plan Assets 15.10 9.46 N.A. N.A.
Investment details of Plan Assets:
Government of India Securities 15% 10% N.A. N.A.
Corporate Bonds 13% 9% N.A. N.A.
Insurer Managed Funds 69% 78% N.A. N.A.
Others 3% 3% N.A. N.A.
Total 100% 100% N.A. N.A.
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