REC- 1-51.p65 - Rural Electrification Corporation Ltd.

100
CONSOLIDATED
Amounts recognized in Balance Sheet:-
Particulars Gratuity PRMF
Rs. In Lacs
ODRB
(31.03.10) (31.03.09) (31.03.10) (31.03.09) (31.03.10) (31.03.09)
a) Present value of obligation as at the end of year 3142.92 2640.04 2742.05 2244.78 19.16 17.48
b) Fair value of Plan Assets as at the end of the year 2779.83 1672.62 NIL NIL NIL NIL
c) Difference (b - a) (363.09) (967.42) (2742.05) (2244.78) (19.16) (17.48)
d) Net Assets/ (Liability) recognized *(of gratuity trust) (363.09) (967.42)* (2742.05) (2244.78) (19.16) (17.48)
Liability to be be recognized in Balance Sheet as per Actuary : Rs.363.09 lacs
Add : Liability recognized on account of employees exited
from services from 01/01/2007 to 31/03/2009 on estimation basis : Rs.101.63 lacs
Total Liability recognized in Balance Sheet : Rs.464.72 lacs
Changes in the Present value of defined benefit/ Obligation:-
Particulars Gratuity PRMF
Rs. In Lacs
ODRB
(31.03.10) (31.03.09) (31.03.10) (31.03.09) (31.03.10) (31.03.09)
a) Present value of obligation as at the
beginning of the period 2640.04 1577.53* 2244.78 1835.43 17.49 15.29
b) Interest Cost 198.00 110.42 168.36 128.48 1.31 1.07
c) Past Service Cost NIL 948.48 NIL NIL NIL NIL
d) Current Service Cost 139.91 116.14 57.10 46.79 0.78 0.72
e) Benefit Paid (105.42) (41.29) (180.98) (151.17) (3.68) (2.86)
f) Net Acturial (Gain)/ Loss 270.39 (71.24) 452.80 385.24 3.27 3.26
g) Present Value of defined benefit/ obligation
as at the end of the period *(of gratuity trust)
Changes in the Fair value of Plan Assets:-
3142.92 2640.04* 2742.05 2244.77 19.16 17.48
Rs. In Lacs
Particulars Gratuity PRMF ODRB
(31.03.10) (31.03.09) (31.03.10) (31.03.09) (31.03.10) (31.03.09)
a) Fair value of Plan Assets as at the
beginning of the period *(of the gratuity trust) 2640.04 1577.53* NIL NIL NIL NIL
b) Expected return on Plan Assets 243.68 135.03 NIL NIL NIL NIL
c) Actual Company Contribution 8.17 7.54 NIL NIL NIL NIL
d) Benefit Paid (105.42) (41.29) NIL NIL NIL NIL
e) Acturial gain (Loss) on Plan Assets (6.63) (6.19) NIL NIL NIL NIL
f) Fair value of Plan Assets as at the
end of the period *(of gratuity trust) 2779.84 1672.62* NIL NIL NIL NIL
During the year, the corporation has provided Liability
towards Contribution to the Gratuity Trust of Rs.464.72 lacs
(Previous year Rs.974.69 lacs), PRMF of Rs.497.27 lacs
(Previous year Rs.409.34 lacs) and ODRB of Rs.1.67 lacs
(Previous year Rs.2.19 lacs)
OTHER EMPLOYEE BENEFITS :-
During the year, Provision for Earned Leave Encashment
amounting to Rs.209.69 lacs (Rs.182.20 lacs as per actuarial
valuation and Rs.27.49 lacs on account of employees exited
from service from 01.01.2007 to 31.03.2009) (Previous Year
Rs.160.09 lacs) and for sick leave Rs.155.44 lacs (Previous
year Rs. 583.36 lacs) have been made on the basis of Actuarial
Valuation and charged to P&L A/c.
In terms of A.S-15 (revised 2005) on ‘Employees benefits’,
LTC has been accounted for on the basis of Actuarial
valuation. Accordingly, an amount of Rs.19.77 lacs (Previous
year Rs.21.22 lacs) for the year has been made on the basis
of Actuarial Valuation and charged to P&L A/c.