| Disclosure of employee benefits explanatory 31 Disclosure pursuant to Accounting Standard 15 specified in Rule 7 of the Companies (Accounts) Rules, 2014 are as under: Defined Contribution Plans: Amount of Rs. 10,179,728 (brvious year Rs. 6,506,981) pertaining to employers contribution to provident fund and other fund is recognized as expenses and included in "Employees benefits expense in note 23. Defined Benefit Plans/Other long term employee benefits: Gratuity scheme – This is a unfunded defined benefit plan for qualifying employees. The scheme provide for lump sum payment to vested employees at retirement, death while in employment or on termination of employment. Vesting occurs upon completion of five year of services. The disclosure for gratuity and compensated absence cost is given below: a) The changes in the brsent value of obligation rebrsenting reconciliation of opening and closing balances Particulars | As at
31 March 2017 | | As at
31 March 2016 | | | Compensated Absence | Gratuity | Compensated Absence | Gratuity | Liability at the beginning of the year | 5,931,102 | 4,609,118 | 1,729,164 | 2,519,664 | Acquisition adjustment | - | - | - | - | Interest cost | 444,516 | 345,538 | 134,296 | 195,690 | Current service cost | 5,566,459 | 3,783,195 | 2,428,201 | 2,371,344 | Benefit paid | (2,643,986) | (195,865) | (1,833,616) | - | Actuarial (gain)/loss | 1,662,297 | (1,100,310) | 3,473,057 | (477,580) | Liability at the end of the year | 10,957,800 | 7,557,078 | 5,931,102 | 4,609,118 | | | | | | | | | | | b) Amount recognized in the balance sheet | | | | | | | | | | Particulars | As at
31 March 2017 | | As at
31 March 2016 | | | | | | | Compensated Absence | Gratuity | Compensated Absence | Gratuity | Amount recognized in balance sheet | 10,957,800 | 7,557,078 | 5,931,102 | 4,609,118 | Recognized under: | | | | | Long term provisions (refer note 7) | 6,371,337 | 5,833,767 | 4,220,469 | 3,978,759 | Short term provisions (refer note 7) | 4,586,463 | 1,723,311 | 1,710,633 | 630,359 | | | | | | c) Expenses recognized in Statement of Profit and Loss | | | | | | | | | | Particulars | For the year ended | | For the year ended | | 31 March 2017 | | 31 March 2016 | | | Compensated Absence | Gratuity | Compensated Absence | Gratuity | Current service cost | 5,566,459 | 3,898,697 | 2,428,201 | 2,371,344 | Interest cost | 444,516 | 345,538 | 134,296 | 195,690 | Net actuarial (gain)/loss recognized during the year | 1,662,297 | (1,100,310) | 3,473,057 | (477,580) | Net benefit expenses | 7,673,272 | 3,143,825 | 6,035,554 | 2,089,454 | | | | | | | | | | | d) The principal assumptions used in determining the gratuity and compensated absence benefit obligation is as given below: | | | | | | | | | | Particulars | As at
31 March 2017 | | As at
31 March 2016 | | | | | | | | Compensated Absence/Gratuity | | Compensated Absence/Gratuity | | Discount rate (per annum) | 6.50% | 6.50% | 7.50% | 7.50% | Rate of increase in compensation | 7.50% | 7.50% | 7.50% | 7.50% | | | | | | The estimate of future salary increase, considered in actuarial valuation, takes into account inflation, seniority, promotion and other relevant factors. | | | | | | | | | | | | | | | e) Demographic assumptions: | | | | | | | | | | Particulars | Assumptions as at
31 March 2017 | | | Assumptions as at 31 March 2016 | Retirement age | | 60 years | | 60 years | Mortality table | | IALM (2006-08) | | IALM (2006-08) | Withdrawal rates | | | | | upto 30 years | | 40% | | 30% | from 31 to 44 years | | 40% | | 25% | above 44 years | | 40% | | 15% | | | | | | | | | | | f) Experience adjustment | | | | | | | | | | Particulars | | | | | As at
31 March 2017 | As at
31 March 2016 | As at
31 March 2015 | As at
31 March 2014 | Compensated absence | | | | | Defined benefit obligation | 10,746,482 | 5,879,560 | 1,729,164 | 849,877 | Funds status | (10,746,482) | (5,879,560) | (1,729,164) | (849,877) | Experience gain/(loss) adjustment | 1,411,007 | 1,299,683 | 200,846 | 339,457 | on plan liabilities | | | | | Experience gain/(loss) adjustment | NA | NA | NA | NA | on plan assets | | | | | Gratuity | | | | | Defined benefit obligation | 7,441,576 | 4,609,118 | 2,519,664 | 1,486,700 | Funds status | (7,441,576) | (4,609,118) | (2,519,664) | (1,486,700) | Experience gain/(loss) adjustment | 798,436 | (862,457) | (419,510) | (346,137) | on plan liabilities | | | | | Experience gain/(loss) adjustment | NA | NA | NA | NA | on plan assets | | | | | | * The Group does not have any plan assets. | | | | |
Disclosure of enterprise's reportable segments explanatoryThe Group has adopted Accounting Standard (AS) 17 on “Segment Reporting” as specified in Rule 7 of Companies (Accounts) Rules, 2014, is not applicable since the group primarily operates within single primary segment of whole sale trade and distribution of branded and private labelled eyeglasses, sunglasses, contact lenses, accessories product and related activity and a single geographical segment. |
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