president & cfo - UB Group

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Consolidated Financial StatementSchedules forming part of account for the year ended March 31, 2009 (Contd.)b) Defined Benefit Plans (Contd.) Rs. MillionParticulars Gratuity2009 2008Funded Non-Funded Funded Non-FundedPensionFundPFGratuity PensionFundDeath-BenefitGratuity PFA) Reconciliation of opening and closingbalances of the present value of thedefined benefit obligationObligation at the beginning of the year 539.162 7,700.334 1,052.977 5.196 17.450 3.854 478.663 962.623 - 5.269 17.450 3.525Taken over on Acquisition - - 9,329.580 - - -Contributions by plan participants - 50.249 114.921 - - - - 195.705 39.312 - - -Current service cost 56.952 100.895 106.379 0.946 9.925 10.957 79.146 74.620 130.136 (0.077) - 0.329Interest cost 39.990 522.040 78.211 0.048 - - 37.199 68.228 448.538 0.005 - -Actuarial (gain)/ loss on obligations 46.667 (413.074) - 0.125 - - (1.077) - (1,975.957) (0.013) - -Benefits paid (53.020) (302.763) (183.650) (0.079) - - (56.668) (248.199) (271.275) - - -Exchange Fluctuation 0.950 (685.974) - 0.000 - - 1.899 - - 0.012 - -Obligation at the end of the year 630.701 6,971.707 1,168.838 6.236 27.375 14.811 539.162 1,052.977 7,700.334 5.196 17.450 3.854B) Reconciliation of opening and closingbalances of the fair value of plan assetsPlan Assets at the beginning of the year 438.144 8,214.975 973.462 - - - 427.553 896.106 - - - -Taken over on acquisition - - - - - - - - 7,399.872 - - -Contributions by plan participants - 50.249 114.921 - - - - 195.705 39.312 - - -Contributions by the Company 89.589 351.430 55.722 0.079 - - 43.430 48.878 1,584.514 - - -Expected return on plan assets 36.260 533.119 77.196 - - - 34.021 68.685 462.970 - - -Actuarial gains / (losses) (7.190) (2,159.302) 58.083 - - - (10.615) 12.287 (1,000.418) - - -Benefits paid (53.020) (302.763) (187.650) (0.079) - - (56.668) (248.199) (271.275) - - -Exchange Fluctuation 0.285 (609.490) - - - - 0.423 - - - - -Plan assets at the end of the year 504.068 6,078.218 1,091.734 - - - 438.144 973.462 8,214.975 - - -C) Reconciliation of present value of definedbenefit obligation and the fair value ofplan assets to the assets and liabilitiesrecognised in the balance sheet:Present value of obligation at the end ofthe year630.701 6,971.707 1,168.838 6.236 27.375 14.811 539.162 1,052.977 7,700.334 5.196 17.450 3.854Fair value of plan assets at the end of theyear504.068 6,078.218 1,091.734 - - - 438.144 973.462 8,214.975 - - -Liability Recognised in Balance Sheet 126.633 893.489 77.104 6.236 27.375 14.811 101.018 79.515 - 5.196 17.450 3.854[Included under Provisions in Schedule12(B)](Net Asset) Recognised in Balance Sheet - - - - - - - - (514.641) - - -[Included under Loans and Advances inSchedule 11]PensionFundGratuityPensionFundDeath-Benefit106
Consolidated Financial StatementSchedules forming part of account for the year ended March 31, 2009 (Contd.)b) Defined Benefit Plans (Contd.)Particulars Gratuity2009 2008Funded Non-Funded Funded Non-FundedPensionFundPFGratuity PensionFundDeath-BenefitGratuity PFD) Expenses recognised in the Profit and LossAccountCurrent service cost 56.953 100.895 106.308 0.947 9.925 10.957 79.146 74.620 130.136 (0.079) - 0.329Interest cost 39.990 522.040 78.212 0.048 - - 37.199 68.228 448.538 0.005 - -Expected return on plan assets (36.212) (533.119) (72.522) - - - (34.021) (68.685) (462.970) - - -Actuarial (gains)/losses 53.809 1,746.228 (61.640) 0.125 - - 9.538 (12.287) (975.539) 0.013 - -Total Expenses recognised in the Profitand Loss Account 114.540 1,836.044 50.358 1.120 9.925 10.957 91.862 61.876 (859.835) (0.061) - 0.329Included in:Contribution to Provident and Other Fundsin Schedule 16 114.540 89.816 50.358 1.120 9.925 10.957 91.862 61.876 115.704 (0.061) - 0.329Actuarial Gain on Pension Scheme inSchedule 16- 1746.228-- - - - -PensionFund(975.539)GratuityPensionFundDeath-Benefit- - -114.540 1836.044 50.358 1.120 9.925 10.957 91.862 61.876 (859.835) (0.061) - 0.3292009 2008E) Investment details of plan assets Gratuity PF Pension Gratuity PF PensionGovernment securities - 38% 32% 17% 34% 27%Securities guaranteed by Government 1% - 16% 32% - -Private Sector Bonds - - - 2% - 15%Public Sector / Financial Institutional Bonds - 33% - 1% 29% -Special Deposit Scheme - 17% - 7% 19% -Fund balance with Insurance Companies 91% - - 32% - -Others (including bank balances) 8% 12% 52% 9% 18% 58%100% 100% 100% 100% 100% 100%Based on the above allocation and the prevailing yields on these assets, the long term estimate of the expected rate of return on fund assets has been arrived at.Assumed rate of return on assets is expected to vary from year to year reflecting the returns on matching government bonds.F) Actual return on plan assets 7.60% 7.75% (19.30)% 8.55% 8.25% (7.70)%G) AssumptionsDiscount Rate (per annum) 7.75% 8.00% 7.10% 8.00% 8.00% 6.90%Expected Rate of Return on Plan Assets 8.00% 8.19% 6.00% 8.00% 8.19% 6.40%Rate of increase in Compensation levels 5.00% Not Applicable 3.50% 5.00% Not Applicable 3.60%Average past service of employees (years) 14 Not Applicable 13 14.76 Not Applicable 12.00Mortality ratesLIC 1994-96ultimate tableLIC 1994-96ultimate tableTable PA00 yearof birth – 117%loading for currentpensioners and a123% loading forfuture pensionersLIC 1994-96ultimate tableLIC 1994-96ultimate tableTable PA00 year ofbirth – 117% loadingfor current pensionersand a 123% loadingfor future pensionersThe estimates of future increase in compensation levels, considered in the actuarial valuation, have been taken on account of inflation, seniority, promotionand other relevant factors such as supply and demand in the employment market.As per the best estimate of the management, contribution of Rs.90 million is expected to be paid to the plan during the year ending March 31, 2010.107
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CONTENTSDr. Vijay MallyaChairmanRep
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Report of the DirectorsYour Directo
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Report of the Directors (Contd.)The
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Report of the Directors (Contd.)ANN
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Report of the Directors (Contd.)SL.
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Corporate Governance Report1. COMPA
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Corporate Governance Report (Contd.
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Annexure to Report of the Directors
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Auditors' Report to the Members of
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Annexure to the Auditors' Report (C
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Balance Sheet as at March 31, 2009S
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Cash Flow Statement for the year en
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Schedules forming part of Balance S
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Schedules forming part of Profit &
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Schedules forming part of account f
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president & cfo - UB Group

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