Amal Ltd 2011-12

47 ( ` in ‘000) Sr. No. Particulars As at March 31, 2012 As at March 31, 2011 (d) The amount of interest accrued and remaining unpaid at the end of accounting year; and - - (e) The amount of further interest remaining due and payable even in the succeeding year, until such date when the interest dues as above are actually paid to the small enterprise, for the purpose of disallowance as a deductible expenditure under Section 23 of the Micro, Small and Medium Enterprises Development Act, 2006. - - Above disclosures have been made based on information available with the Company, for suppliers who are registered as Micro, Small and Medium Enterprise under “The Micro, Small and Medium Enterprise Development Act, 2006, as at March 31, 2012. The auditors have relied upon in respect of this matter. 34. Employee benefits (A) Defined contribution plans: a. Provident fund b. State defined contribution plans - Employers’ contribution to Employees’ State Insurance - Employers’ contribution to Employees’ Pension Scheme, 1995 The provident fund and the state defined contribution plan are operated by the Regional Provident Fund Commissioner. Under the scheme, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit scheme to fund the benefits. These funds are recognised by the income tax authorities. The Company has recognised the following amounts in the Statement of Profit and Loss for the year: ( ` in ‘000) Sr. No. Particulars 2011-12 2010-11 1 Contribution to Provident Fund 131 33 2 Contribution to Employees Pension Scheme, 1995 70 37 3 Contribution to Employees State Insurance 65 39 (B) Defined benefit plans: a. Gratuity b. Leave Encashment The Gratuity Fund is maintained with the LIC of India under Group Gratuity Scheme. Leave Encashment is payable to eligible employees who have earned leaves, during the employment and | or on separation as per the company‘s policy. Valuation in respect of Gratuity and Leave Encashment have been carried out by independent actuary, as at the Balance Sheet date, based on the following assumptions: Sr. No. Particulars Gratuity Leave Encashment 2011-12 2010-11 2011-12 2010-11 1 Discount Rate (per annum) 8.75% 7.93% 8.75% 8.00% 2 Rate of increase in Compensation levels 6.00% 6.00% 6.00% 6.00% 3 Rate of Return on Plan Assets 8.60% 9.00% 0.00% 0.00% Notes to financial statements for the year ended March 31, 2012