Notes on the consolidated financial statements
Particulars
31 March 2016
31 March 2015
Discount rate
8.00%
8.00%
Expected rate of return on plan assets
8.00%
7.75%
Salary Escalation
8.00%
7.75%
Attrition Rate
1%
1%
Retirement Age
60 Years
60 Years
The principal assumption used in determining gratuity benefit obligations for the Company s plans are shown below:
(
`
in crores)
Particulars
31 March 2016
31 March 2015
Defined benefit obligation as at 1st April 2015
17.07
13.57
Interest Cost
1.36
1.09
Current service cost
2.07
1.85
Benefit paid
-0.78
-0.45
Past Service Cost – Vested Benefit
0.00
0.00
Actuarial losses on obligation
0.59
1.02
Defined benefit obligation as at 31st March 2016
20.31
17.07
Changes in the present value of the defined benefit obligation are as follows:
(
`
in crores)
Particulars
31 March 2016
31 March 2015
Fair value of plan assets as at April 1 2015
6.98
4.82
Return on Plan Assets
0.69
0.46
Contributions by employer
3.86
2.53
Benefits paid
-0.78
-0.45
Actuarial Gains / (losses)
-0.42
-0.37
Fair value of plan assets as at March 31, 2016
10.33
6.98
Changes in the fair Value of plan assets are as follows:
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.
33. SEGMENTAL REPORTING:
The business activity of the company falls within one broad business segment viz. “Ceramic/ Vitrified Tiles” and substantially sale of
the product is within the country. The Gross income and profit from the other segment is below the norms prescribed in AS-17 of The
Institute of Chartered Accountants of India. Hence the disclosure requirement of Accounting Standard 17 of “Segment Reporting”
issued by the Institute of Chartered Accountants of India is not considered applicable
34. 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. Ashok Kajaria
Chairman & Managing Director
Sh. Chetan Kajaria
Joint Managing Director
Sh. Rishi Kajaria
Joint Managing Director
Sh. D.D. Rishi
Whole Time Director
Sh. B.K. Sinha
Whole Time Director
II. Enterprises over which key management personnel or their relatives are able to exercise significant influence:
Dua Engineering Works Pvt. Ltd
Malti Devi Kajaria Foundation
151
Annual Report 2015-16
