97
Notes on Accounts
31.03.2013
31.03.2012
Particulars
Percentage
Percentage
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 “non current liability”.
35. 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
`
464.10 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:
36. 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:-
Opening
Charge/(credit)
Closing as at
as at 1.4.2012
during the year
31.3.2013
Particulars
(
`
Million)
(
`
Million)
(
`
Million)
Depreciation
643.68
12.59
656.27
Net Deferred Tax Liability
643.68
12.59
656.27
A. Relationships
I. Key Management Personnel
Name
Designation
Sh. Ashok Kajaria
Chairman & Managing Director
Sh. Chetan Kajaria
Joint Managing Director
Sh. Rishi Kajaria
Joint Managing Director
Sh. B.K. Sinha
Director Technical
II. Key Management Personnel (Subsidiary Companies)
Name
Designation
Sh. RameshBhai L.Patel
Director Soriso Ceramic Pvt Ltd
Sh. ManojBhai V.Kakasania
Director Soriso Ceramic Pvt Ltd
Sh. Atul Bhai Jetha Bhai Padaliya
Director Jaxx Ceramics Pvt Ltd
Sh. Jaydip Kumar Jivraj Bhai Patel
Director Jaxx Ceramics Pvt Ltd
Sh. Rajnikant Prabhulal Fultariya
Director Jaxx Ceramics Pvt Ltd
Sh. P.V.R.N Raju
Director Vennar Ceramics Limited
Sh. S.V.S. Shetty
Director Vennar Ceramics Limited
Sh. C.V.Raju
Director Vennar Ceramics Limited
Sh. Kishor Bhai Patel
Director Cosa Ceramics Pvt Ltd.
Sh. Kishan Bhai Patel
Director Cosa Ceramics Pvt Ltd.
Sh. Bharat Bhai Vadaliya
Director Cosa Ceramics Pvt Ltd.
Sh. Ashvin Bhai Patel
Director Cosa Ceramics Pvt Ltd.
