Instan Batteries
PRUEBAS SISTEMA ENFRIAMIENTO DE FRENOS
4.2 ELABORACIÓN DE CRONOGRAMA BASICO PARA LA IMPLEMENTACIÓN DEL PLAN DE ENSAMBLAJE
Particulars 31-03-2012As at 31-03-2011As at
1. Discount rate 8.65% 8.30%
2. Expected return on plan assets 8.00% 8.00%
3. Salary growth rate 6.00% 6.00%
g) The amounts pertaining to experience adjustments are as follows:
(` Lakhs)
Particulars As at
31-03-2012 31-03-2011 31-03-2010 31-03-2009 31-03-2008
Gratuity Plan
Defined Benefit Obligation 297.11 200.69 125.26 102.30 76.68
Plan Assets 196.44 119.32 97.35 69.58 39.20
Surplus/(Deficit) (100.67) (81.37) (27.91) (32.72) (37.48)
Exp. Adj. on Plan Liabilities 27.20 33.84 (11.17) 7.15 12.30
Exp. Adj. on Plan Assets 0.76 (2.36) (1.25) 3.45 (1.25)
iii) Defined Benefit Provident Fund Plan:
a) The amounts recognised in Balance Sheet are as follows:
(` Lakhs) Particulars
Provident Fund Plan As at
31-03-2012
As at 31-03-2011
A. Net (Liability)/ Asset recognised in the Balance Sheet
Present Value of Funded Obligation (1,988.84) 1,404.69
Less: Fair value of Plan Assets 1,963.00 (1,428.01)
Amount to be recognised in the Balance Sheet as liability or (asset) 25.84 (23.32)
B. Amounts to be recognised in the Balance Sheet
Liability 25.84 -
Assets - 23.32
b) Expenses recognised in the statement of Profit & Loss Account:
(` Lakhs)
Particulars Provident Fund Plan
2011-12 2010-11
1. Current Service Cost 269.00 157.35
2. Interest on Defined Benefit Obligation 122.00 105.69
3. Expected Return on Plan Assets (122.00) (108.57)
4. Net Actuarial Losses/(Gains) (22.00) (5.40)
5. (Shortfall) in actual return on plan assets over interest payable not to be
recognised as expenses to the extent of excess of asset over liabilities 22.00 8.28
6. Expenses recognised in the statement of Profit and Loss Account 269.00 157.35
Notes forming part of the Financial Statements March 31, 2012
c) The changes in value of defined benefit Obligation representing reconciliation of opening and closing balance thereof are as follows:
(` Lakhs)
Particulars
Provident Fund Plan As at
31-03-2012
As at 31-03-2011
Opening balance of the present value of
Defined Benefit Obligation 1,404.69 960.73
Add: Current Service Cost 269.00 157.35
Add: Interest Cost 122.00 105.69
Add: Contribution by Plan Participants 386.00 245.72
Less: Benefits paid (192.85) (64.80)
Closing balance of the present value of
Defined Benefit Obligation 1,988.84 1,404.69
d) Changes in the fair value of plan assets representing reconciliation of the opening and closing balances thereof are as follows:
(` Lakhs) Particulars
Provident Fund Plan As at
31-03-2012
As at 31-03-2011
Opening balance of the fair value of the plan assets 1,364.85 912.61
Add: Expected Return on plan assets 122.00 108.57
Add/(less): Actuarial gains/(losses) 22.00 5.40
Add: Contributions by Employer 261.00 157.35
Add: Contribution by Plant participants 386.00 245.72
Less: Benefits Paid (192.85) (64.80)
Closing balance of the plan assets 1,963.00 1,364.85
e) The major categories of plan assets as a percentage of total plan assets, are as follows: Particulars
Provident Fund Plan As at
31-03-2012
As at 31-03-2011
1. Government of India Securities 24% 24%
2. State Government Scheme 12% 11%
3. Special Deposit Scheme 16% 18%
4. Public Sector Unit Bond 41% 38%
5. Corporate Bonds 7% 6%
6. Others (cheques on hand) 0% 3%
100% 100%
Note: The interest payment obligation of trust-managed provident fund is assumed to be adequately covered by the interest income on long-term investments of the fund. Any shortfall in the interest income over the interest obligation is recognised immediately in the statement of Profit and Loss Account as actuarial losses. Pursuant to the guidance note issued by the Institute of Actuaries, ` 24.44 lakhs has been recognised in Statement of Profit and Loss on account of interest rate guarantee on Exempt Provident fund.
Notes forming part of the Financial Statements March 31, 2012
iv) General description of defined benefit plans: 1. Gratuity Plan:
The Company operates gratuity plan through a trust wherein every employee is entitled to the benefit equivalent to fifteen days salary last drawn for each completed year of service. The same is payable on termination of service, or retirement, whichever is earlier. The benefit vests after five years of continuous service. The Company’s scheme is more favorable compared to the obligation under the Payment of Gratuity Act, 1972.
2. Provident Fund Plan:
The Company manages Provident Fund Plan through a Provident Fund Trust for its employees which is permitted under the Provident Fund and Miscellaneous Provisions Act, 1952. The Plan envisages contributions by employer and employees and guarantees interest at the rate notified by the Provident Fund Authority. The contribution by employer and employee together with interest are payable at the time of separation from service or retirement whichever is earlier. The benefit under this plan vests immediately on rendering of service.
3. Leave Encashment:
The Company provides leave encashment benefit on all types of separation from the Company. It is calculated on the last basic salary drawn at the time of separation. Maximum leave encashment allowable at the time of separation is 300 days. 29.6 Pursuant to the Employees Stock Options Scheme established by the ultimate holding Company (i.e. Larsen & Toubro Limited) and by the holding company (i.e. L&T Finance Holdings Limited), the details of the stock options granted to the employees of the Company are as under:
(` Lakhs)
Company Status Year of Grant Incurred during the year
Larsen & Toubro Limited Ultimate Holding Company 2007-08 53.08
(17.26)
L&T Finance Holdings Limited Holding Company 2010-11 353.99
(105.59) (previous year figures in bracket)
29.7 Borrowing Cost : Accounting Standard (AS) 16
Borrowing costs capitalised during the year are ` 219.41lakh(Previous year ` 776.35 lakh).
29.8 Segment Reporting : Accounting Standard (AS) 17 Primary Segment (Business Segment)
The Company operates mainly in the business segment of fund based financing activity. All other activities revolve around the main business. Further, all activities are carried out within India. As such, there are no separate reportable segments as per the provisions of AS 17 on ‘Segment Reporting’ issued by the Institute of Chartered Accountants of India.
Secondary Segment (Geographical Segment)
The Company operates only in the domestic market. As a result separate segment information for different geographical segments is also not disclosed.
29.9 Related Party Disclosures:
(a) List of Related Parties (with whom transactions were carried out during current or previous year) A. Ultimate Holding Company
1. Larsen & Toubro Limited B. Holding Company
Notes forming part of the Financial Statements March 31, 2012
C. Subsidiary Companies
3. L&T Investment Management Limited 4. L&T Mutual Fund Trustee Limited D. Fellow Subsidiary Companies
5. L&T Infrastructure Finance Company Limited
6. L&T FinCorp Limited (formerly known as India Infrastructure Developers Limited) 7. L&T Capital Company Limited
8. L&T Sargent & Lundy Limited 9. Larsen & Toubro Infotech Limited 10. Ewac Alloys Limited
11. L&T General Insurance Company Limited 12. Tractor Engineers Limited
13. L&T Valdel Engineering Limited E. Key Management Personnel
Mr. Dinanath M. Dubhashi – Chief Executive (w.e.f. July 1, 2010)
(b) Disclosure of related party transactions :- Sr.
No. Nature of Transactions
2011-12 (` Lakhs)
2010-11 (` Lakhs) 1. Interest income on finance lease
• Larsen & Toubro Limited 0.13 -
• L&T Sargent & Lundy Limited - 0.08
2. Rent income on operating lease
• Larsen & Toubro Limited 27.35 75.16
• Larsen & Toubro Infotech Limited 18.01 11.13
• L&T Capital Company Limited - 0.13
• Tractor Engineers Limited - 4.80
• L&T Valdel Engineering Limited - 0.13
3. Term loan/ operating lease
• Larsen & Toubro Limited - 77.22
• Ewac Alloys Limited 1600.00 -
4. Interest income on term loan given
• Ewac Alloys Limited 29.19 -
5. Inter corporate deposits given:
• L&T Finance Holdings Limited 66.00 -
• L&T FinCorp Limited 24,315.83 2,000.00
6. Interest income on Inter corporate deposits:
• L&T Finance Holdings Limited 1.08 -
• L&T FinCorp Limited 161.59 0.36
7. Investment made in Equity Shares