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94Schedule forming part of the Consolidated Financial Statements for the year ended 31st March, 2011SCHEDULE ‘O’ (Contd.)6.1 (a) Particulars pertaining to the post retirement defined benefit plans in respect of TIL LIMITED and its Subsidiary-Tractors India Private Limitedare as follows :-(` in ‘000)DescriptionSuperannuation Fund (Funded)Gratuity Fund (Funded)2010-11 2009-10 2008-09 2007-08 2006-07 2010-11 2009-10 2008-09 2007-08 2006-071. Reconciliation of the Opening and Closing balances of the PresentValue of Obligationa. Present Value of Obligation at the Beginning of the Year 190,516 188,976 141,204 121,103 111,543 64,187 53,945 54,762 55,674 50,111b. Current Service Cost 8,288 7,560 7,417 14,386 6,321 5,327 4,323 4,025 4,711 3,264c. Interest Cost 14,622 12,957 11,546 9,507 8,276 4,875 4,026 4,333 4,247 3,669d. Curtailment Cost/(Credit) - - (17,109) - - - - - - -e. Actuarial (gain)/loss 14,785 35,039 56,646 3,678 3,086 22,458 9,139 (1,594) (3,006) 3,554f. Benefits paid (28,694) (54,016) (10,728) (7,470) (8,123) (10,912) (7,246) (7,581) (6,864) (4,924)g. Present Value of Obligation at the end of the Year 199,517 190,516 188,976 141,204 121,103 85,935 64,187 53,945 54,762 55,6742. Reconciliation of the Opening and Closing balances of the Fair Valueof Plan Assets :a. Fair value of Plan Assets at the Beginning of the Year 190,624 154,162 125,015 103,326 86,900 56,355 57,770 53,793 50,167 43,916b. Adjustment to (a) above,on restatement by new actuary - - - (8,026) - - - - (2,000) -c. Expected return on Plan Assets 15,524 13,182 11,382 7,600 6,752 5,376 4,579 4,565 3,983 3,675d. Actuarial gain/(loss) 519 2,058 (7) - - (710) (4,920) (407) - -e. Contributions by the Employer 21,520 75,238 28,500 29,585 17,797 27,752 6,172 7,400 8,507 7,500f. Benefits paid (28,694) (54,016) (10,728) (7,470) (8,123) (10,912) (7,246) (7,581) (6,864) (4,924)g. Fair value of Plan Assets at the end of the Year 199,493 190,624 154,162 125,015 103,326 77,861 56,355 57,770 53,793 50,1673. Reconciliation of the Present Value of Obligation and Fair Value ofthe Plan Assets :a. Fair value of Plan Assets at the end of the Year 199,493 190,624 154,162 125,015 103,326 77,861 56,355 57,770 53,793 50,167b. Present Value of Obligation at the end of the Year 199,517 190,516 188,976 141,204 121,103 85,935 64,187 53,945 54,762 55,674c. (Asset)/Liabilities recognised in the Balance Sheet 24 (108) 34,814 16,189 17,777 8,074 7,832 (3,825) 969 5,5074. Expenses recognised during the year :a. Current Service cost 8,288 7,560 7,417 14,386 6,321 5,327 4,323 4,025 4,711 3,264b. Interest cost 14,622 12,957 11,546 9,507 8,276 4,875 4,026 4,333 4,247 3,669c. Expected return on Plan Assets (15,524) (13,182) (11,382) (7,600) (6,752) (5,376) (4,579) (4,565) (3,983) (3,675)d. Curtailment Cost/(Credit) - - (17,109) - - - - - - -e. Actuarial (Gain) / Loss 14,266 32,981 56,653 3,678 3,086 23,168 14,059 (1,187) (3,006) 3,554f. Expense recognised during the year 21,652 40,316 47,125 19,971 10,931 27,994 17,829 2,606 1,969 6,8125. Experience Adjustments on Plan Obligation and Assetsa. Experience Adjustments on Plan Obligation [(Gain)/Loss] 16,837 25,583 51,488 12,306 25,220 23,483 6,974 4,169 (1,682) 6,174b. Experience Adjustments on Plan Assets [(Gain)/Loss] 519 2058 (7) - - (710) (4920) (407) - -Description Superannuation Fund % Invested Gratuity Fund % Invested31.03.11 31.03.10 31.03.09 31.03.08 31.03.07 31.03.11 31.03.10 31.03.09 31.03.08 31.03.076. Investment Details of Plan Assets as ata. Govt of India Securities 20.53 19.63 17.87 15.29 12.45 20.79 14.97 15.05 13.29 12.31b. Public Sector ( PSU )Bonds 47.16 42.47 46.69 39.79 46.68 30.54 27.18 26.42 24.58 28.85c. State / Central Govt Securities 16.82 17.30 11.82 17.62 3.95 18.70 16.58 17.32 17.18 7.27d. Special Deposit Scheme 14.99 16.30 21.12 25.97 33.24 29.81 40.87 41.09 44.34 48.18e. Other including Bank Balance 0.50 4.30 2.50 1.33 3.68 0.16 0.40 0.12 0.61 3.39Total 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.007. Assumptionsa. Discount rate per annum 8.50 8.30 8.00 8.50 8.10 8.50 8.30 8.00 8.50 8.13b. Salary escalation rate per annum 4.00 4.00 3.00 3.00 3.00 4.00 4.00 3.00 5.00 3.00c. Expected rate of return on Plan Assets per annum 8.00 8.00 8.50 8.10 7.15 8.00 8.00 8.50 8.13 8.13d. Method used Projected Unit Credit Method Projected Unit Credit Method8. Actual Return on Plan Assets 7.64% 7.61% 7.38% 7.09% 7.36% 6.53% 7.89% 7.20% 7.64% 7.70%
Overview Performance Reviews Governance Financials95Annual Report 2010-11Schedule forming part of the Consolidated Financial Statements for the year ended 31st March, 2011SCHEDULE ‘O’ (Contd.)6.1 (b) The basis used to determine overall expected rate of return on assets and the effect on major categories of Plan Assets is as follows :The major portions of the Assets are invested in PSU Bonds and Special Deposits. Based on the asset allocation and prevailing yield rates on theseasset classes, the long term estimate of the expected rate of return on the fund assets have been arrived at. Assumed rate of return on assets isexpected to vary from year to year reflecting the returns on matching Government Bonds.6.1 (c) The estimate of future salary increases take into account inflation, seniority, promotion and other relevant reasons.6.1 (d) In terms of the Guidance on implementing Accounting Standard(AS) 15 on Employee Benefits issued by the Accounting Standards Board of theInstitute of Chartered Accountants of India, a provident fund set up by the Parent Company and its subsidiary i.e. TIPL is treated as a defined benefitplan since the Companies are obligated to meet interest shortfall, if any. However, at the year end, no shortfall remains unprovided for. The Actuaryhas expressed his inability to provide an actuarial valuation of the provident fund liability as at the year end in the absence of any guidance from theActuarial Society of India. Accordingly, complete information required to be considered as per AS 15 in this regard are not available and the samecould not be disclosed. During the year, the said companies have contributed ` 25,421 thousand (Previous year ` 17,974 thousand) to the ProvidentFunds.6.2 The Group recognised in the Profit and Loss account for the year ended 31st March, 2011 an amount of ` 21,468 thousand (Previous year ` 16,492thousand) as charge under defined contribution plans and ` 75,067 thousand (Previous year ` 76,119 thousand) as charged under defined plans, whichis included in the line item under ‘Contribution to Provident and Other Funds’ on Schedule ‘N’7 Ownership of a flat (cost ` 3,937 thousand) belonging to the Parent Company in a Co-operative Housing Society is registered in the name of theManaging Director of erstwhile Spundish Engineering Ltd.8. Earnings Per Share (EPS) - The numerators and denominators used to calculate Basic and Diluted EPS:Year Ended 31.03.2011 Year Ended 31.03.2010Profit after Tax attributable to the Equity Shareholders (` ‘000) A 601,948 595,2618.1. Basici. Number of Equity Shares at the beginning of the year 10,030,265 10,030,265ii. Number of Equity Shares issued during the year - -iii. Number of Equity Shares at the end of the year 10,030,265 10,030,265iv. Weighted average number of Equity Shares outstanding during the year B 10,030,265 10,030,265Nominal Value of each Equity Share (`) 10 10Basic Earnings per Share (`) A/B 60.01 59.358.2. Dilutedi. Number of Potential Equity Shares at the beginning of the year - 2,693,707ii. Number of Potential Equity Shares issued during the year - -iii. Number of Potential Equity Shares converted/forfeited during the year - (2,693,707)iv. Number of Potential Equity Shares at the end of the year - -Diluted Earnings per Share (`) 60.01 59.35(` in ‘000)Year Ended 31.03.2011 Year Ended 31.03.20109 Year-end Deferred Tax balance comprises the following :Timing Difference resulting in liabilities / (assets) on account of :Difference between net book value of depreciable Capital Asset as per books87,166 78,400vis-à-vis written down value as per Income Tax.Disallowances allowable for tax purpose on payments (18,726) (18,726)Deferred Tax Liability (Net) 68,440 59,674
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