Financial Year - GMM Pfaudler Ltd

11. EMPLOYEE BENEFITS (Continued) (` ‘000’)fghAs atAs at31.03.11 31.03.10Expenses Recognised in the Income StatementCurrent Service cost 2,295 2,013Interest Cost 3,192 2,396Expected return on Plan Assets (3,361) (2,723)Net Acturial (gain) / loss to be recognised (2,872) 2,023Expense Recognised in Profit & Loss (746) 3,709Balance Sheet ReconciliationOpening Net Liability (1,986) (4,669)Expenses as above (746) 3,709Employers Contribution (2,118) (1,026)Amount Recognised in Balance Sheet (4,850) (1,986)Other DetailsGratuity is payable at the rate of 15 days salary for each year of service subject to a maximum of ` 350 thousandSalary escalation is considered as advised by the company which is in line with the industry practice considering promotionand demand and supply of the employees.The foreign subsidiaries do not have any employee benefits in the nature of defined benefit plans.12. RELATED PARTY DISCLOSURES(I)List of Related parties(a) Parties where control exists:(i) Ultimate Holding Company: : Robbins & Myers Inc.(ii) Holding Company: : Pfaudler Inc.(b) Related parties with whom transactions have taken place during the year:(i) Fellow Subsidiaries: : Pfaudler Werke GMBHPfaudler Balfour Ltd.Edlon PSI Inc.Chemineer Inc.Suzhou Pfaudler Glasslined Equipment Company LimitedRobbins & Myers Singapore Private LimitedGlass Steel Parts and Services(ii) Key management personnel: : Mr. Ashok J. Patel – Managing DirectorMr. Tarak A. Patel – Executive DirectorMr. Ashok C. Pillai – Chief Operating Officer(iii) Relative of Key management personnel: : Mrs. Urmi A. Patel (wife of Mr. Ashok J. Patel)Mrs. Uttara G. Gelhaus (Daughter of Mr. Ashok J. Patel)(iv) Other related parties : Skyline Millars Limited(enterprises over which persons in (b)(ii) or Glass Lined Equipment Company Limited(b)(iii) are able to exercise significant influence.) Ready Mix Concrete Limited.Dietrich Engineering Consultant India Private LimitedJ. V. Patel & Co.57