78
Kajaria Ceramics Limited
Annual Report
2012-13
25
YEARSOF
WORKINGWITH
ANATTITUDE
CELEBRATING
March 31, 2013
March 31, 2012
`
in million
`
in million
Fair value of plan assets as at 1st April, 2012
24.35
25.60
Return on Plan Assets
2.50
1.12
Contributions by employer
–
1.50
Benefits paid
(2.99)
(3.87)
Actuarial Gains / (losses)
–
–
Fair value of plan assets as at 31st March, 2013
23.86
24.35
Changes in the fair Value of plan assets are as follows:
March 31, 2013
March 31, 2012
%
%
Discount rate
8.25%
8.75%
Expected rate of return on plan assets
8.25%
4.48%
Salary Escalation
7.75%
7.75%
Attrition Rate
1%
1%
The principal assumption used in determining gratuity benefit obligations
for the Company’s plans are shown below:
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.
On consideration of materiality, the entire liability has been classified as a ‘noncurrent liability’.
41. Tax Expense is the aggregate of current year income tax and deferred tax charged to the Profit and Loss Account for the year.
a)
Current Year Charge:
Income Tax provision of
`
451.40 Million has been made on regular income.
b) Deferred Tax
The Company estimates the deferred tax charge using the applicable rate of taxation based on the impact of timing differences
between financial statements and estimated taxable income for the current year. The movement of provision for deferred tax
is given below:
42.
Related Party Disclosures:
In accordance with the Accounting Standards (AS-18) on Related Party Disclosures, where control exists and where key management
personnel are able to exercise significant influence and, where transactions have taken place during the year, alongwith description
of relationship as identified, are given below:-
A.
Relationships
I.
Key Management Personnel
Name
Designation
Sh. Chetan Kajaria
Joint Managing Director
Sh. Rishi Kajaria
Joint Managing Director
Sh. B.K. Sinha
Director Technical
Opening as at
Charge/(credit)
Closing as at
1st April, 2012
during the year
31st March, 2013
(
`
Million)
(
`
Million)
(
`
Million)
Depreciation
636.28
2.31
638.59
Net Deferred Tax Liability
636.28
2.31
638.59
Notes on Accounts
