Atul Ltd 2009-10

94 / Atul Ltd | Annual Report 2009-10 19 Employee benefits (contd) 19 Employee benefits (contd) (a) Defined benefit plans (contd): Net asset | (liability) recognised in the Balance Sheet as at March 31, 2010 Particulars Gratuity funded Gratuity funded 1 Present value of defined benefit obligation 30.55 26.16 2 Fair value of plan assets 30.81 26.16 3 Funded status (surplus | (deficits)) 0.26 (0.35) Net assets | (liability) 0.26 (0.35) Reconciliation of net assets | (liability) recognised in the Balance Sheet as at March 31, 2010 Particulars Gratuity funded Gratuity funded 1 Net assets | (liability) at beginning of the year (0.38) 0.17 2 Employer expenses 2.59 3.61 3 Employer contribution (1.95) 3.44 Net assets | (liability) at the end of the year 0.26 7.22 Particulars Gratuity funded Gratuity funded Actual return on plan assets 4.81 0.04 Actuarial Assumptions Particulars Gratuity funded Gratuity funded 1 Discount rates 8.25% 7.50% 2 Expected rate of return on plan asset 8.00% 8.00% 3 Expected rate of salary increase 6.50% 5.00% 4 Mortality post- retirement LIC (1994-96) LIC (1994-96) Major category of plan asset as a percentage of total plan Particulars Gratuity funded Gratuity funded 1 Unit linked insurance plan of various private insurance companies approved by IRDA 94% 94% 2 In approved government securities 6% 6% (b) Defined contribution plan: Amount of Rs 5.93 crores (Previous year Rs 5.73 crores) is recognised as expense and included in the Schedule 13 " Contribution to Provident and Other Funds" to the Profit and Loss Account. (c) 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. Mortality rates are obtained from the relevant data. (d) Amount recognised as an expense in respect of Compensated Leave Absences in Rs 2.21 crores (Previous year Rs 3.00 crores). (Rs crores) SCHEDULE 16 NOTES FORMING PART OF THE ACCOUNTS (contd) 2009-10 2008-09 Schedule forming part of the accounts 95