Annual Report-FY 2011-12 - Timex Group India

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Watches Others Total2011-12 2010-11 2011-12 2010-11 2011-12 2010-11OthersCapital expenditure 304 188 - - 304 188Unallocated capital expenditure 39 28Total capital expenditure 343 216Depreciation 157 128 4 6 161 134Unallocated depreciation 36 35Total depreciation 197 169Secondary segment reporting (by geographical location of customer):(Rs. in lakhs)India Outside India Total2011-12 2010-11 2011-12 2010-11 2011-12 2010-11Segment revenue 17,559 16,538 822 781 18,381 17,319Segment assets 16,379 14,353 478 276 16,857 14,629Capital expenditure 343 216 - - 343 216Segment accounting policiesBesides the normal accounting policies followed as described in note 2, segment revenues, results, assets and liabilitiesinclude the respective amounts directly identified to each of the segments and amounts allocated on a reasonable basis. Thedescription of segment assets and liabilities and the accounting policies in relation to segment accounting are as under:a) Segment assets and liabilitiesSegment assets include all operating assets used by a segment and consist principally of fixed assets, capital work inprogress, current assets and loans and advances. Segment liabilities include all operating liabilities in respect of asegment and consist principally of creditors and accrued liabilities. Segment liabilities do not include share capital,reserves, current tax and deferred tax liability. Segment assets do not include advance tax, deferred tax asset and fixeddeposits.b) Segment revenue and expensesSegment revenue and expenses are directly attributable to the segment and have been allocated to various segments onthe basis of specific identification. However, segment revenue and expenses do not include interest and other income/expense in respect of non segmental activities.40. Employee benefitsThe Company primarily provide the following benefits to its employees:(a) Gratuity(b) Provident fund(i) The amount recognised as an expense under defined contribution plans for employer contribution Rs. 118 lakhs(previous year Rs. 100 lakhs).(ii) The details of employee benefits with regard to provision/charge for the year on account of gratuity, which is inthe nature of an unfunded defined benefit are as under:(Rs. in lakhs)Particulars 2011-12 2010-11Change in defined benefit obligations during the yearPresent value of obligation at beginning of the year 136 86Service cost 20 13Interest cost 14 8Actuarial (gain)/loss (9) 2Past Service Cost (1) 31Benefit paid (6) (4)Present value of obligation at end of the year 154 136Present value of unfunded obligation and liability recognised in Balance SheetPresent value of defined benefit obligation as at the end of the year and liabilityrecognised in the Balance Sheet 154 13652
53(Rs. in lakhs)Particulars 2011-12 2010-11Net liability is bifurcated as follows:Current 7 3Non Current 147 133Gratuity cost recognised in the statement of profit and loss for the yearCurrent service cost 20 13Interest cost 14 8Actuarial (gain)/loss (9) 2Past service costs (1) 31Net gratuity cost 24 54AssumptionsDiscount rate- For Timex Global Services 8.70% 8.30%- Others 8.70% 8.30%Expected rate of salary increase- For Timex Global Services 10% 10%- Others 8% 8%The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotionsand other relevant factors. Discount rate is based on market yields prevailing on government securities for the estimatedterm of the obligations.Demographic assumptions:Particulars As at31 As at31March 2012 March 2011Retirement age 58 years 58 yearsMortality table LIC (1994-96) LIC (1994-96)Experience Adjustments:(Rs. in lakhs)Particulars 31 March 31March 31 March 31 March 31March2008 2009 2010 2011 2012Defined Benefit obligation at the end of the year 71 79 86 136 154Experience adjustments on plan liabilities (7) 6 (12) 2 1The Company has an approved provident fund for its own employees, which is exempt from the Income tax Act 1961. In orderto comply with the provisions of the Act, the Company matches the interest declared by Regional Provident Fund (RPFC) toits own subscribers. To the extent that the actual interest earned by the Company’s private fund falls short of the ratedeclared by RPFC is met by the Company. The benefit valued is the interest shortfall, if any, for future years on the providentfund balances of the employees.The Defined Benefit Obligation of interest rate guarantee on exempt provident fund in respect of the employees of theCompany as at 31 March 2012 works out to Rs. Nil. The balance in the surplus account of the provident fund is Rs. 85 lakhsand hence the net liability which needs to be provided for in the books of accounts of the Company is Rs. Nil.Other long term benefits:The amount recognised in the Statement of Profit and Loss in respect of compensated absences is Rs. 23 lakhs (previousyear Rs. 40 lakhs).
Page 5 and 6: and / or Agreement in such manner a
Page 9 and 10: working. He put in rigorous systems
Page 11 and 12: investments made by several Indian
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Page 15 and 16: REPORT ON CORPORATE GOVERNANCEYour
Page 17 and 18: Committee Membership1. Timex Group
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Page 27 and 28: CERTIFICATETo the Members of Timex
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Page 33 and 34: Statement of Profit and Loss for th
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Annual Report-FY 2011-12 - Timex Group India

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