Annual Report 2010-11

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Annual Report 2010-11 9. CURRENT ASSETS, LOANS AND ADVANCES i) Balances of some of the contractors/customers/suppliers/receivable/payable and deposits with others are subject to confirmation/reconciliation and consequential adjustments, if any, which in the opinion of management would not be material. ii) In the opinion of the management, the value of Current Assets, Loans and Advances on realisation in the ordinary course of business will not be less than the value at which these are stated. 10. PROFIT AND LOSS ACCOUNT Provision for Taxation has been made after considering provisions of the agreement between the Republic of India and the Sultanate of Oman for the Avoidance of Double Taxation in respect of dividend received from Oman India Fertilizer Company SAOC (OMIFCO) by the Permanent Establishment of Society in the form of a branch in Oman. 11. SUBSIDY FROM GOVERNMENT OF INDIA i) Nitrogenous fertilisers are under the concession scheme as notified by Government of India (GOI) from time to time. The concession on nitrogenous fertilisers has been accounted for keeping in view the practice in the industry, norms, parameters and guidelines fixed/followed by Fertiliser Industry Co-ordination Committee (FICC) from time to time, pending notification by the FICC. On fixation of final concession price, necessary adjustments, if any, has been made in the accounts for the year in which such price is fixed. ii) Concession on imported phosphatic fertilisers has been accounted for based on the concession rate as notified by Govt. of India under Nutrient Based Subsidy Scheme (NBS). iii) Freight Subsidy has been accounted for in terms of the schemes notified by GOI/FICC. 12. EMPLOYEE BENEFITS A) Disclosures as required under Accounting Standard 15 (Revised) "Employee Benefits", issued by the Institute of Chartered Accountants of India, in respect of Defined Benefit Obligations are as under:- i) The principal actuarial assumptions used are as below - Year ended 31.03.2011 Year ended 31.03.2010 i) Method Used Projected Unit Credit Method ii) Discount Rate 8.00% 8.00% iii) Expected rate of return on Plan Assets-Gratuity Fund 9.45% 9.45% iv) Expected rate of increase in Compensation Level 6.00% 6.00% The estimate of future salary increase considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market. 56
ii) Changes in the present value of the obligations Gratuity (Funded) Year ended 31.03.2011 Year ended 31.03.2010 Leave Encashment (Unfunded) Year ended 31.03.2011 Present Value of Obligations as at beginning of year 11,191.06 9,322.45 9,110.26 7,664.76 Interest Cost 895.29 745.80 728.82 613.18 Current Service Cost 538.69 494.03 455.63 416.65 Benefits Paid (689.14) (298.14) (1,151.88) (1,247.75) Actuarial Loss on Obligations 757.58 926.92 1,270.85 1,663.42 Present Value of Obligations as at end of the year 12,693.48 11,191.06 10,413.68 9,110.26 ( ` inlakh) Year ended 31.03.2010 iii) Changes in the fair value of the plan assets Gratuity (Funded) Year ended 31.03.2011 Year ended 31.03.2010 Leave Encashment (Unfunded) Year ended 31.03.2011 Fair Value of Plan Assets as at beginning of the year 8,547.70 6,161.27 - - Actual return on Plan Assets 1,053.90 738.42 - - Employers' Contribution 3,146.43 1,946.15 - - Benefits Paid (689.14) (298.14) - - Fair Value of Plan Assets as at end of the year* 12,058.89 8547.70 - - ( ` inlakh) Year ended 31.03.2010 *Gratuity Fund is managed by Life Insurance Corporation of India (LIC). Individual investment-wise details of Plan Assets are not provided by the LIC. iv) Liability recognized in the Balance Sheet - Gratuity (Funded) Year ended 31.03.2011 Year ended 31.03.2010 Leave Encashment (Unfunded) Year ended 31.03.2011 Present Value of Obligations as at end of the year 12,693.48 11,191.06 10,413.68 9,110.26 Fair Value of Plan Assets as at end of the year 12,058.89 8,547.70 - - Net unfunded Liability / (Assets) recognized in Balance Sheet 634.59 2,643.36 10,413.68 9,110.26 ( ` inlakh) Year ended 31.03.2010 v) Expenses recognized in the Profit and Loss Account - ( ` inlakh) Gratuity (Funded) Year ended 31.03.2011 Year ended 31.03.2010 Leave Encashment (Unfunded) Year ended 31.03.2011 Year ended 31.03.2010 Current Service Cost 538.69 494.04 455.63 416.65 Interest Cost 895.29 745.80 728.82 613.18 Expected return on Plan Assets (807.76) (582.24) - - Net Actuarial (Gain)/Loss recognized during the year 511.44 770.73 1270.85 1,663.42 Total Expense recognized in Profit and Loss Account 1137.66 1,428.33 2455.30 2,693.25 57
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Annual Report 2010-11 KRISHAK BHARA
Page 3 and 4:
CONTENTS Performance Highlights 2 G
Page 5 and 6:
GROWTH AT A GLANCE ( ` incrore) 201
Page 7 and 8: As on March 31, 2011 BOARD OF DIREC
Page 9 and 10: EX - CHAIRMEN Shri Chandra Pal Sing
Page 11 and 12: EXECUTIVES As on March 31, 2011 COR
Page 13 and 14: DIRECTORS' REPORT Dear Cooperators,
Page 15 and 16: Shri Vaghjibhai Rugnathbhai Patel,
Page 17 and 18: 8. SCHEMES IMPLEMENTED, UNDER IMPLE
Page 19 and 20: ambient air quality within the comp
Page 21 and 22: KRIL container being handled. facil
Page 23 and 24: KRIBHCO Raja variety of Bt. Cotton
Page 25 and 26: Capt. Ajay Singh Yadav, Hon'ble Fin
Page 27 and 28: Your Society, having a dedicated te
Page 29 and 30: Shri S. Jaggia, Operations Director
Page 31 and 32: Shri N. Sambasiva Rao, Marketing Di
Page 33 and 34: Shri Chandra Pal Singh, Vice Chairm
Page 35 and 36: Krishi Vigyan Kendra (KVK) at Godda
Page 37 and 38: BALANCE SHEET AS AT MARCH 31, 2011
Page 39 and 40: Continued... PROFIT AND LOSS ACCOUN
Page 41 and 42: CASH FLOW STATEMENT FOR THE YEAR EN
Page 43 and 44: SCHEDULE - 3 SECURED LOANS Particul
Page 45 and 46: SCHEDULE - 6 CAPITAL WORK IN PROGRE
Page 47 and 48: SCHEDULE - 9 SUNDRY DEBTORS Particu
Page 49 and 50: SCHEDULE - 14 PROVISIONS Particular
Page 51 and 52: SCHEDULE - 20 MANUFACTURING, ADMINI
Page 53 and 54: (i) Raw Materials, Packing Material
Page 55 and 56: are funded by the Society, and are
Page 57: 4. The Society has been repatriatin
Page 61 and 62: Current Assets, Loan and Advances.
Page 63 and 64: Nature of Transaction Related Party
Page 65 and 66: As at 31.03.2011 As at 31.03.2010 3
Page 67 and 68: Shri Vaghjibhai Rugnathbhai Patel,
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Annual Report 2010-11

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