FOR THE YEAR FOR THE YEAR
DESCRIPTIONS ENDED 31.03.2013 ENDED 31.03.2012
Salaries and incentives 364,961,349 377,096,462 Employers' Contributions to -
Provident fund 8,234,822 9,172,109
ESI 2,901,396 4,592,107
Gratuity # (1,876,227) 2,492,945
Staff welfare expenses 5,445,106 6,864,658
Total 379,666,446 400,218,281 # includes adjustment of prior period ` 12,23,450 (Previous Year Nil)
As per Accounting Standard 15 " Employee Benefits", the disclosures as defined in the accounting Standard are given below:
A Gratuity (Partly Funded)
Change in Present Value of Obligation
Present Value of the Obligation as at the beginning of the year 22,411,366 23,242,633
Interest Cost 1,960,995
Current Service Cost 4,008,149
Benefit Paid (926,543) (2,040,288)
Actuarial (gain)/loss on obligations (6,577,044) 1,209,021 Present Value of the Obligation as at the end of the year 20,876,923 22,411,366
Amount recognized in the Balance Sheet
Present Value of the Obligation as at the end of the year 20,876,923 22,411,366 Fair Value of Plan Assets as at the end of the year 1,417,731 1,375,947 Net Liability recognised in Balance Sheet 19,459,192 21,035,419 Amount recognized in the Statement of Profit and Loss
Interest Cost 1,960,995
Current Service Cost 4,008,149
Expected Return on Plan Assets (220,949) Actuarial (gain)/loss on obligations (6,577,044) Actuarial (gain)/loss on plan assets 176,072 Arrear of Gratuity Liability as on beginning of the year - Prior Period adjustments (1,223,450)
Total expense recognized in the Statement of Profit and Loss (1,876,227) 2,492,945 FOR THE YEAR FOR THE YEAR
PARTICULARS ENDED 31.03.2013 ENDED 31.03.2012*
(Amount in `)
Reconciliation of Balance Sheet
Present Value of the Obligation as at the beginning of the year 22,411,366 23,242,633 Total expense recognized in the Statement of Profit and Loss (652,777) 2,492,945
Benefits paid (926,543) (2,040,288)
Acturial return on plan assets 44,877 (1,283,924) Present Value of the Obligation as at the end of the year 20,876,923 22,411,366 Less: Fair value of plan assets at the end of the year 1,417,731 1,375,947
Net Liability 19,459,192 21,035,419
Bifurcation of the present value of the Obligation as on the end of the year
Current Liability 754,725 1,682,834
Non-Current Liability 18,704,467 19,352,585
Net Liability 19,459,192 21,035,419
The principal assumptions used in determining obligations for the Company s plans are shown below:
Discount rate 8.75% 8.75%
Increase in compensation cost 5.00% 5.00%
* Figures given to the extent available
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
B Leave encashment (Unfunded)
Change in Present Value of Obligation
Present Value of the Obligation as at the beginning of the year 5,019,435 767,699
Interest Cost 439,201 65,254
Current Service Cost 1,245,897 4,122,647
Benefit Paid (1,453,019) (262,335)
Actuarial (gain)/loss on obligations (480,582) 326,170 Present Value of the Obligation as at the end of the year 4,770,932 5,019,435 Amount recognized in the Balance Sheet
Present Value of the Obligation as at the end of the year 4,770,932 5,019,435 Fair Value of Plan Assets as on the end of the year - - Net Liability recognised in Balance Sheet 4,770,932 5,019,435
FOR THE YEAR FOR THE YEAR
DESCRIPTIONS ENDED 31.03.2013 ENDED 31.03.2012
(Amount in `)
FOR THE YEAR FOR THE YEAR
PARTICULARS ENDED 31.03.2013 ENDED 31.03.2012*
(Amount in `)
EMPLOYEE BENEFIT EXPENSES
SMC GLOBAL SECURITIES LIMITED | ANNUAL REPORT 2012-13
FINANCIAL STATEMENTS
NOTE NO. 2.21
(Amount in `)
NOTE NO. 2.21
EMPLOYEE BENEFIT EXPENSESFOR THE YEAR FOR THE YEAR
DESCRIPTIONS ENDED 31.03.2013 ENDED 31.03.2012
Salaries and incentives 364,961,349 377,096,462 Employers' Contributions to -
Provident fund 8,234,822 9,172,109
ESI 2,901,396 4,592,107
Gratuity # (1,876,227) 2,492,945
Staff welfare expenses 5,445,106 6,864,658
Total 379,666,446 400,218,281 # includes adjustment of prior period ` 12,23,450 (Previous Year Nil)
As per Accounting Standard 15 " Employee Benefits", the disclosures as defined in the accounting Standard are given below:
A Gratuity (Partly Funded)
Change in Present Value of Obligation
Present Value of the Obligation as at the beginning of the year 22,411,366 23,242,633
Interest Cost 1,960,995
Current Service Cost 4,008,149
Benefit Paid (926,543) (2,040,288)
Actuarial (gain)/loss on obligations (6,577,044) 1,209,021 Present Value of the Obligation as at the end of the year 20,876,923 22,411,366
Amount recognized in the Balance Sheet
Present Value of the Obligation as at the end of the year 20,876,923 22,411,366 Fair Value of Plan Assets as at the end of the year 1,417,731 1,375,947 Net Liability recognised in Balance Sheet 19,459,192 21,035,419 Amount recognized in the Statement of Profit and Loss
Interest Cost 1,960,995
Current Service Cost 4,008,149
Expected Return on Plan Assets (220,949) Actuarial (gain)/loss on obligations (6,577,044) Actuarial (gain)/loss on plan assets 176,072 Arrear of Gratuity Liability as on beginning of the year - Prior Period adjustments (1,223,450)
Total expense recognized in the Statement of Profit and Loss (1,876,227) 2,492,945 FOR THE YEAR FOR THE YEAR
PARTICULARS ENDED 31.03.2013 ENDED 31.03.2012*
(Amount in `)
Reconciliation of Balance Sheet
Present Value of the Obligation as at the beginning of the year 22,411,366 23,242,633 Total expense recognized in the Statement of Profit and Loss (652,777) 2,492,945
Benefits paid (926,543) (2,040,288)
Acturial return on plan assets 44,877 (1,283,924) Present Value of the Obligation as at the end of the year 20,876,923 22,411,366 Less: Fair value of plan assets at the end of the year 1,417,731 1,375,947
Net Liability 19,459,192 21,035,419
Bifurcation of the present value of the Obligation as on the end of the year
Current Liability 754,725 1,682,834
Non-Current Liability 18,704,467 19,352,585
Net Liability 19,459,192 21,035,419
The principal assumptions used in determining obligations for the Company s plans are shown below:
Discount rate 8.75% 8.75%
Increase in compensation cost 5.00% 5.00%
* Figures given to the extent available
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
B Leave encashment (Unfunded)
Change in Present Value of Obligation
Present Value of the Obligation as at the beginning of the year 5,019,435 767,699
Interest Cost 439,201 65,254
Current Service Cost 1,245,897 4,122,647
Benefit Paid (1,453,019) (262,335)
Actuarial (gain)/loss on obligations (480,582) 326,170 Present Value of the Obligation as at the end of the year 4,770,932 5,019,435 Amount recognized in the Balance Sheet
Present Value of the Obligation as at the end of the year 4,770,932 5,019,435 Fair Value of Plan Assets as on the end of the year - - Net Liability recognised in Balance Sheet 4,770,932 5,019,435
FOR THE YEAR FOR THE YEAR
DESCRIPTIONS ENDED 31.03.2013 ENDED 31.03.2012
(Amount in `)
FOR THE YEAR FOR THE YEAR
PARTICULARS ENDED 31.03.2013 ENDED 31.03.2012*
(Amount in `)
EMPLOYEE BENEFIT EXPENSES
SMC GLOBAL SECURITIES LIMITED | ANNUAL REPORT 2012-13
FINANCIAL STATEMENTS
NOTE NO. 2.21
Amount recognized in the Statement of Profit and Loss
Interest Cost 439,201 65,254
Current Service Cost 1,245,897 4,122,647
Expected Return on Plan Assets - -
Actuarial (gain)/loss on obligations (480,582) 326,170 Arrear of Leave encashment Liability as on beginning of the year - - Total expense recognized in the Statement of Profit and Loss 1,204,516 4,514,071
Reconciliation of Balance Sheet
Present Value of the Obligation as at the beginning of the year 5,019,435 767,699 Total expense recognized in the Statement of Profit and Loss 1,204,516 4,514,071
Benefits paid (1,453,019) (262,335)
Present Value of the Obligation as on the end of the year 4,770,932 5,019,435 Bifurcation of the present value of
the Obligation as on the end of the year
Current Liability 179,373 397,179
Non-Current Liability 4,591,559 4,622,256
Total 4,770,932 5,019,435 The principal assumptions used in determining
obligations for the Company s plans are shown below:
Discount rate 8.75% 8.75%
Increase in compensation cost 5.00% 5.00%
* Figures given to the extent available
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
FOR THE YEAR FOR THE YEAR
DESCRIPTIONS ENDED 31.03.2013 ENDED 31.03.2012
(Amount in `)
(Amount in `)