2007-08 - Aditya Birla Nuvo, Ltd

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SCHEDULESSCHEDULE 19 (Contd.)SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTSCurrent YearRs. CroresPrevious YearInvestment Details of Plan Assets:Government of India Securities 17% 19%Corporate Bonds 10% 5%Special Deposit Scheme 22% 20%Insurer Managed Fund 50% 53%Others 1% 3%Total 100% 100%Experience Adjustment31-Mar-2008 31-Mar-2007 31-Mar-2006Defined Benefit Obligation 64.28 49.02 47.64Plan Assets 61.36 49.17 46.18Surplus/(Deficit) (2.92) 0.15 (1.46)Experience Adjustment on Plan Liabilities 1.83 0.39Experience Adjustment on Plan Assets (1.65) (0.23)There are no amount included in the fair value of plan assets for:i) Company’s own financial instrumentii) Property occupied by or other assets used by the CompanyExpected rate of return on assets is based on the average long term rate of return expected on investments ofthe funds during the estimated term of the obligations.General Description Fair Value of the Plan:The Company has approved gratuity trust except for the fertiliser and financial services divisions, which arehaving insurer Managed Fund.(b)Rs. CroresCurrent Year Previous YearPrincipal Actuarial Assumptions at the Balance Sheet Date:Discount Rate 8.2% 8.1%Estimated Rate of return on Plan Assets 7.5% 7.5%The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority,promotion and other relevant factors, such as supply and demand in the employment market.The details of the Company’s defined benefit plans in respect of Pension for its employees are given below:Rs. CroresCurrent Year Previous YearAmounts recognised in the Balance Sheet in respect of Pension(unfunded by the Company):Present Value of unfunded obligation at the end of the period 7.39 7.48Fair Value of Plan Assets — —Net Liability/(Asset) 7.39 7.48(102)
SCHEDULESSCHEDULE 19 (Contd.)SIGNIFICANT ACCOUNTING POLICIES AND NOTES ON ACCOUNTSCurrent YearRs. CroresPrevious YearAmounts recognised in Salary, Wages and Employee Benefitsin the Profit and Loss Account in respect of pension(unfunded by the Company):Interest on Defined Benefit Obligations 0.56 0.56Net Actuarial (Gain)/Loss recognised during the period 0.46 0.01Net Pension Cost 1.03 0.57Reconciliation of present value of the obligation and thefair value of the plan assets:Opening Defined Benefit Obligation 7.48 7.92Interest Cost 0.56 0.56Actuarial (Gain)/Loss 0.46 0.01Benefits Paid (1.11) (1.01)Closing Defined Benefit Obligation 7.39 7.48Change in Fair Value Plan Assets:Contributions by the Employer 1.11 1.11Benefits Paid (1.11) (1.11)Closing Fair Value of the Plan Assets — —Experience Adjustment:31-Mar-2008 31-Mar-2007 31-Mar-2006Defined Benefit Obligation 7.39 7.48 7.92Plan Assets — — —Surplus/(Deficit) (7.39) (7.48) (7.92)Experience Adjustment on Plan Liabilities 1.00 — —c) Defined Contribution Plans :The Company has recognised the following amount as an expense and included in the Schedule 16 —“Contribution to Provident and Other Funds”:i) Contribution to Employees Provident Fund 13.16 9.07ii) Contribution to Superannuation Fund 4.39 3.57The Guidance Note on implementation of AS-15 (Revised), “Employee Benefits” issued by the ICAI states thatProvident Fund set up the employers, which requires interest shortfall to be met by the employer, needs to betreated as defined benefits plan. The Company set up Provident Fund does not have existing deficit of Interestshortfall. With regards to future obligation arising due to interest shortfall (i.e., government interest to be paidon the Provident Fund Scheme exceeding rate of interest earned on investment) pending issuance of theGuidance Note from Actuarial Society of India, the Company’s actuary has expressed his inability to reliablymeasure the Provident Fund liability.(103)
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Mr. G. D. Birla and Mr. Aditya Birl
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THE CHAIRMAN’S LETTER TO SHAREHOL
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THE CHAIRMAN’S LETTER TO SHAREHOL
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ADITYA BIRLA NUVO LIMITEDBOARD OF D
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FINANCIAL HIGHLIGHTS - STANDALONERs
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MANAGEMENT’S DISCUSSION AND ANALY
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CORPORATE GOVERNANCE REPORTGovernan
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CORPORATE GOVERNANCE REPORT1. Manag
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CORPORATE GOVERNANCE REPORTEmployee
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CORPORATE GOVERNANCE REPORTAll the
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CORPORATE GOVERNANCE REPORTMEANS OF
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SOCIAL REPORTTranscending BusinessS
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SOCIAL REPORTMaking a difference -
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ENVIRONMENT REPORTElements for the
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SHAREHOLDER INFORMATION6c. Domestic
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SHAREHOLDER INFORMATION12. Share Tr
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Page 77 and 78: AUDITORS’ REPORT TO THE MEMBERSAn
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Page 81 and 82: PROFIT & LOSS ACCOUNT FOR THE YEAR
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Page 93 and 94: SCHEDULESSCHEDULE 19 (Contd.)SIGNIF
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Page 121 and 122: SEGMENT DISCLOSURES FOR THE YEAR EN
Page 123 and 124: CASH FLOW STATEMENT FOR THE YEAR EN
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Page 127 and 128: CONSOLIDATED PROFIT & LOSS ACCOUNT
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ANNEXURE ‘1’ OF STATEMENT PURSU
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STATEMENT PURSUANT TO SECTION 212(8
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ANNEXURE ‘A’ OF STATEMENT U/S 2
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ANNEXURE ‘A’ OF STATEMENT U/S 2
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ADITYA BIRLA NUVO LIMITEDRegistered
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2007-08 - Aditya Birla Nuvo, Ltd

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