Company Overview Financial Statements Notice Statutory Reports 67 Rudolf Atul Chemicals Ltd | Annual Report 2021-22 The net liability disclosed above relates to the following funded and unfunded plans: (` lakhs) Particulars As at March 31, 2022 As at March 31, 2021 Present value of funded obligations 79.96 60.74 Fair value of plan assets (64.16) (51.47) Deficit of gratuity plan recognised as provision (refer Note 12) 15.80 9.27 Significant estimates: actuarial assumptions and sensitivity The significant actuarial assumptions were as follows: (` lakhs) Particulars As at March 31, 2022 As at March 31, 2021 Mortality rate Indian assured lives mortality 2012-14 (Urban) Indian assured lives mortality 2006-08 Ultimate Discount rate 6.41% 6.33% Attrition rate 15.00% 8.00% Rate of return on plan assets 6.41% 6.33% Salary growth rate 10.70% 7.62% Sensitivity analysis The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is: (` lakhs) Particulars Change in assumptions Impact on defined benefit obligation Increase in assumptions Decrease in assumptions As at March 31, 2022 As at March 31, 2021 As at March 31, 2022 As at March 31, 2021 As at March 31, 2022 As at March 31, 2021 Discount rate 1.00% 1.00% (3.03) (3.36) 3.34 3.79 Attrition rate 1.00% 1.00% (0.76) (0.36) 0.83 0.39 Rate of return on plan assets (same as discount rate) 1.00% 1.00% (3.03) (3.36) 3.34 3.79 Salary growth rate 1.00% 1.00% 3.15 3.71 (2.95) (3.35) The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as while calculating the defined benefit liability recognised in the Balance Sheet.
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