Amal Ltd 2017-18

Amal Ltd | Annual Report 2017-2018 Note 29 Employee Benefit Obligation (continued) The Company has recognised the following amounts in the Statement of Profit and Loss for the year: ( ` 000) Particulars 2017-18 2016-17 1. Contribution to provident fund 82 89 2. Contribution to employees pension scheme 1995 104 94 3. Contribution to employees’ state insurance 82 51 (b) Defined benefit plans: Gratuity The gratuity fund is maintained with the Life Insurance Corporation of India under Group Gratuity scheme. Balance Sheet amount (Gratuity) ( ` 000) Particulars Gratuity 2017-18 2016-17 i) Changes in present value of projected benefit obligation Present value of obligation at the beginning of the period 444 467 Interest cost 29 35 Current service cost 54 100 Actuarial (gains) | losses on obligations - Due to change in demographic assumption (4) - - Due to experience (21) (191) - Due to change in financial assumptions (11) 33 Present value of obligation at the end of the period 491 444 ii) Changes in fair value of plan assets Opening balance of present value of plan assets 1,366 1,270 Interest income 89 83 Return on plan assets excluding amounts included in interest income 9 6 Contributions 8 7 Closing balance of fair value of plan assets 1,472 1,366 iii)% of each category of plan assets to total fair value of plan assets as at March 31 Policy of insurance (Administered by Life Insurance Corporation of India) 100% 100% iv) Net asset | (liability) recognised in the Balance Sheet as at March 31, 2018 Closing balance of present value of obligation 491 444 Closing balance of fair value of plan assets 1,472 1,366 Funded (asset) | liability recognised in the Balance Sheet (981) (922) Provisions Current (981) (60) Non-current - (862) Notes to the Financial Statements