Annual Report FY 2010-11 - Pipavav Shipyard

Pipavav Defence and Offshore
Engineering Company Limited
13. Micro, Small and Medium Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 have been
determined based on the information available with the Company and the required disclosures are given below:
(Rs. in Lacs)
Sr.
No.
Particulars As at
March 31, 2011
As at
March 31, 2010
a. Principal amount remaining unpaid 458.66 61.54
b. Interest due thereon - -
c. Interest paid by the Company in term of Section 16 - -
d. Interest due and payable for the year of delay in payment - -
e. Interest accrued and remaining unpaid. - -
f. Interest remaining due and payable even in succeeding years. - -
14. Employee Benefits:
As per Accounting Standard 15 “Employee Benefits” the disclosure of employee benefits as defined in the accounting
standards are given below:
Defined Contribution Plan
(Rs. in Lacs)
Particulars 2010 - 2011 2009 - 2010
Employers Contribution to Provident Fund 75.10 54.25
Employers Contribution to Pension Fund 18.98 18.62
Total 94.08 72.87
Defined Benefit Plan
The Employees Gratuity Fund Scheme, which is a defined benefit plan, is managed by the trust maintained with Life
Insurance Corporation of India (LIC). The company has made contribution to the above mentioned trust upto the financial
year ended March 31, 2009 and thereafter no contribution have been made.
The present value of the obligation is determined based on actuarial valuation using Projected Units Credit Method, which
recognizes each period of service as giving rise to additional units of employees benefit entitlement and measures each
unit separately to buildup the final obligation.
a) Reconciliation of opening and closing balances of the present value of the defined benefit obligation.
Particulars
(Rs. in Lacs)
Gratuity Funded
2010 - 2011 2009 - 2010
Defined Benefit Obligation at beginning of the year 84.46 46.85
Current & Past Service Cost 14.58 96.79
Current Interest Cost 6.06 3.00
Actuarial (Gain) / Loss 14.48 (43.63)
Benefits paid 24.49 18.55
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Defined Benefit Obligation at end of the year 95.09 84.46
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