2009-10 Annual Report - SPML

SPML INFRA LIMITED (formerly Subhash Projects and Marketing Limited)ANNUAL REPORT 2009-10SCHEDULES FORMING PART OF THE BALANCE SHEET AND PROFIT & LOSS ACCOUNTThe Principal actuarial assumptions are as follows:Discount rate 8% 7.50%Withdrawal Rate Varying between 2% per annum and 1%per annum depending on duration and ageof employeesVarying between 2% per annum and 1% perannum depending on duration and age ofemployeesExpected rate of return on Plan assets Not Applicable Not ApplicableExpected Average remaining working lives ofemployees (years)23.32 23.72Experience Adjustments on Plan Liabilities Not Available Not Available(b) Amount incurred as expense for defined contribution plans(Rs. in ’000)2009-10 2008-09Contribution to Provident Fund 26,626 24,235Notes:a. The estimate of future salary increase considered in actuarial valuation, takes account of inflation, seniority, promotion and other relevantfactors, such as supply and demand in the employment market.b. The gratuity liabilities are unfunded. Accordingly, information regarding planned assets are not applicable.c. Amounts for the current and previous two periods are as follows:(Rs. in ‘000)Description March 31, 2010 March 31, 2009 March 31, 2008Defined Benefit Obligation 27,815 21,322 10,848Assets/ ( Liability) (27,815) (21,322) (10,848)The information in respect of defined benefit obligation for years prior to 2007-08 are not available and hence not furnished25. Prior period items as included in the Profit & Loss Account comprise of the following:(Rs in ‘000)Particulars 2009-10 2008-09Debit:Share of Loss from SPML CISC JV 7,191 10,671Materials Consumed – 31,973Direct Expenses 20,930Interest on Mobilization Advance 457 23,777Others 238 1246Total (A) 28,816 67,667CreditPurchase/Expenses wrongly recorded in earlier years now written back 9,321 44,254Total (B) 9,321 44,254Net (A-B) 19,495 23,41363