Atul Ltd 2015-16

119 ( ` cr) Note 28.10 Loans and advances in the nature of loans Disclosures pursuant to the Regulation 34(3) read with Para A of Schedule V to the SEBI (Listing obligations and disclosure requirements) Regulations, 2015 read with Section 186 (4) of the Companies Act, 2013. Particulars Purpose Amount outstanding as at Maximum balance during the year March 31, 2016 March 31, 2015 2015-16 2014-15 i) Subsidiary company: Atul Finserv Ltd – – – 4.12 Atul Bioscence Ltd Seed funding support as promoters 4.30 4.30 4.30 4.30 ii) Associate company: Amal Ltd Interest free loan, pursuant to Board for Industrial and Financial Reconstruction order 14.88 14.88 14.88 14.88 Corporate guarantee Atul Europe Ltd Facilitate trade finance – GBP 10,00,000 Notes: a) Loans given to employees as per the policy of the Company are not considered. b) The loanee did not hold any shares in the share capital of the Company. Note 28.11 Employee benefits Funded schemes a) Defined benefit plans: Gratuity: The Company operates a gratuity plan through the ‘Atul Employees Gratuity Trust’. Every employee is entitled to a benefit equivalent to fifteen days salary last drawn for each completed year of service in line with the Payment of Gratuity Act, 1972 or Company scheme whichever is beneficial. The same is payable at the time of separation from the Company or retirement, whichever is earlier. The benefits vest after five years of continuous service. Expenses recognised for the year ended on March 31, 2016 (included in Note 25) ( ` cr) Particulars 2015-16 2014-15 Gratuity Gratuity 1 Change in present value of obligation: a) Present value of obligation at beginning of the year 44.44 41.79 b) Current service cost 2.10 2.27 c) Interest cost 3.55 3.88 d) Actuarial loss | (gain) 2.27 2.13 e) Benefits paid (5.09) (5.63) f) Present value of obligation at the end of the year 47.27 44.44 2 Change in fair value of plan assets: a) Fair value of plan assets at beginning of the year 44.44 41.79 b) Expected return on plan assets 3.55 3.63 c) Actuarial loss | (gain) (0.79) 1.90 d) Contributions 5.16 2.75 e) Benefits paid (5.09) (5.63) f) Fair value of plan assets at end of the year 47.27 44.44 Notes to the Financial Statements