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124Schedule forming part of the Accounts for the year ended 31st March, 2011SCHEDULE ‘N’ (Condt.)15.1 (b) The Company has recognised, in the Profit and Loss Account for the year ended 31st March, 2011 an amount of ` 11,897 thousand (Previous year- Nil) as expenses under defined contribution plans as detailed below:(` in ‘000)For the year 2010-11 For the year 2009-10Benefit (Contribution to)Employees Pension Scheme 4,945 -Employees State Insurance 1,424 -Superannuation Fund 5,528 -Total 11,897 -15.2 Provident Fund :-In terms of the Guidance on implementing Accounting Standard(AS) 15 on Employee Benefits issued by the Accounting Standards Board of the Institute ofChartered Accountants of India, a provident fund set up by the Company is treated as a defined benefit plan since the Company is obligated to meet interestshortfall, if any. However, at the year end, no shortfall remains unprovided for. The Actuary has expressed his inability to provide an actuarial valuation of theprovident fund liability as at the year end in the absence of any guidance from the Actuarial Society of India. Accordingly, complete information required tobe considered as per AS 15 in this regard are not available and the same could not be disclosed. During the year, the Company has contributed ` 13,623thousand (Previous year - Nil) to the Provident Funds.15.3 A) Superannuation Fund :-i. Certain eligible employees of the Company who had attained at least 45 years of age as on 1st April,2009 are entitled to superannuation benefitunder the Superannuation Scheme (a funded Defined Benefit Plan under a common Trust- ‘Tractors India Limited Superannuation Fund Scheme’,being administered by the trustees of the said fund for the benefit of employees of the Company and its Holding Company i.e. TIL Limited). Under theaforesaid benefit scheme the Company makes periodic contribution to the Superannuation Fund Scheme and a predetermined percentage of salaryis paid as pension on retirement. The quantum of pension depends on the average basic salary of eligible employee during the last 36 months beforeretirement. The benefit vests to employees with 12 years of continuous service and attainment of 48 years of age on retirement/death/termination.The most recent actuarial valuation of Plan Assets and Present Value of the Defined Benefit Obligation of Superannuation Fund was carried out ason 31st March,2011.ii.Employees who did not attain 45 years of age as on 1st April,2009 are under the purview of ‘Defined Contribution Scheme’ in respect of servicerendered from 1st April,2009. The benefit of services rendered by these employees up to 31st March,2009 come under the purview of ‘DefinedBenefit Scheme’ as indicated in Note 15.3(i) above, which is frozen as on 31st March,2009. Thus for this category of employees, the benefit ofcessation of service will be : a) amount accumulated by annual contribution of 15% of Basic Salary and b) amount frozen as on 31st March,2009.B) Gratuity Fund :-The Company makes periodic contributions to the Tractors India Limited Staff Gratuity Fund, a funded defined benefit-plan for qualifying employeesadministered under a common Trust, by the trustees of the said fund for the benefit of employees of the Company and its Holding Company i.e. TIL Limited.Under the Gratuity plan, every employee is entitled to gratuity, being higher of the amount, calculated under the Company’s plan (based on averagesalary of last 36 months and number of years of service, restricted to a maximum of 40 years) or calculations as laid down under the Payment ofGratuity Act, 1972. Gratuity is payable on death/ retirement/ termination and the benefit vests after 5 years of continuous service.The most recent actuarial valuation of plan assets and the present value of the defined benefit obligation was carried out as at 31st March, 2011.
Overview Performance Reviews Governance Financials125Annual Report 2010-11Schedule forming part of the Accounts for the year ended 31st March, 2011SCHEDULE ‘N’ (Condt.)15.4 Particulars in respect of post retirement defined benefit plans of the Company are as follows :-(` in ‘000)Superannuation Fund (Funded) Gratuity Fund (Funded)2010-11 2009-10 @ 2010-11 2009-10 @1. Reconciliation of the Opening and Closing balances of thePresent Value of Obligation :a. Present Value of Obligation at the Beginning of the Year - -b. Present Value of Obligation transferred from Holding73,957 20,451Company ( Note 3 Above )c. Current Service Cost 3,257 2,633d. Interest Cost 5,946 1,593e. Actuarial (gain)/loss 5,115 7,883f. Benefits paid (4,636) (2,506)g. Present Value of Obligation at the end of the Year 83,639 30,0542. Reconciliation of the Opening and Closing balances of theFair Value of Plan Assets :a. Fair value of Plan Assets at the Beginning of the Year - -b. Fair value of Plan Assets transferred from Holding Company 73,999 17,956( Note 3 Above )c. Expected return on Plan Assets 6,324 1,789d. Actuarial gain/(loss) 211 (236)e. Contributions by the Employer 9,021 9,706f. Benefits paid (4,636) (2,506)g. Fair value of Plan Assets at the end of the Year 84,919 26,7093. Reconciliation of the Present Value of Obligation and FairValue of the Plan Assets :a. Fair value of Plan Assets at the end of the Year 84,919 26,709b. Present Value of Obligation at the end of the Year 83,639 30,054c. (Asset)/Liabilities recognised in the Balance Sheet (1,280) 3,3454. Expenses recognised during the year :a. Current Service cost 3,257 2,633b. Interest cost 5,946 1,593c. Expected return on Plan Assets (6,324) (1,789)d. Actuarial (Gain)/ Loss 4,904 8,119e. Expense recognised during the year 7,783 10,5565. Experience Adjustments on Plan Obligation and Assetsa. Experience Adjustments on Plan Obligation [(Gain)/Loss] 6,147 8,372b. Experience Adjustments on Plan Assets [(Gain)/Loss] 211 (236)The expense for the defined benefits (referred to in para 15.2 and 15.3 above) are included in the line item under ‘Contribution to Providentand other Funds’ on Schedule ‘M’ .@ - Not Applicable
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