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SENSEX NIFTY India | Notes to Account > Chemicals > Notes to Account from Elantas Beck India - BSE: 500123, NSE: DRBECK

Elantas Beck India

BSE: 500123|NSE: DRBECK|ISIN: INE280B01018|SECTOR: Chemicals
Jun 20, 16:00
-16.65 (-0.82%)
Elantas Beck India is not traded in the last 30 days
Dec 15
Notes to Accounts Year End : Dec '16

1. Employee benefits:

2. Defined contribution plans

Amount of 7 81.03 lakhs (previous year: 76.68 lakhs) is recognized as an expense towards provident fund & 7 89.95 lakhs (previous year : 88.01 lakhs) is recognized as an expense towards superannuation and included in the ''Contributions to provident and other funds'' under note no 24.

3. Defined benefit plan (Gratuity)

The Company operates a gratuity plan wherein every employee is entitled to the benefit based on last drawn salary for each completed year of service. The same is payable on termination of service or retirement whichever is earlier. The benefit vests after five years of continuous service. The same is funded with the Life Insurance Corporation of India.

4. Defined benefit plan (Cash rewards at retirement)

As per the plan, at the time of normal retirement, 7 2,500 (previous year 7 2,500) is payable to employees for each year of service rendered. The scheme is unfunded.

5. Segment reporting

The Company has disclosed business segments as the primary segment. Segments have been identified by the management taking into account the nature of products, manufacturing process, customer profiles, risk and reward parameters and other relevant factors.

The Company''s operations have been classified into two primary segments, Electrical Insulations and Engineering and Electronic Resins and Materials. Segment assets include all operating assets used by the business segment and consist primarily of fixed assets, debtors and inventories. Segment liabilities primarily include creditors and other liabilities. Assets and liabilities that cannot be allocated between the segments are shown as a part of unallocable assets and liabilities. Secondary segments have been identified with reference to geographical location of the customers. The Company has identified India and outside India as the two geographical segments for secondary segmental reporting. Geographical sales are segregated based on the location of the customer who is invoiced. Assets other than receivables used in the Company''s business or liabilities contracted have not been identified to any of the reportable geographical segments, as these are used interchangeably between geographical segments. All assets other than receivables are located in India. Similarly, capital expenditure is incurred towards fixed assets in India.

6. At the year end, the Company did not have any long term contracts for which there were any material foreseeable losses. The Company does not have any derivative contracts.

7. Operating Lease as lessor

The Company has leased out its surplus office space. The lease term is 5 years. There is an escalation and renewal clause in the lease agreement and sub-letting is not permitted. The carrying amount of the building given on operating lease and depreciation thereon for the period is: ......

8. The Board of Directors of the Company vide its resolution dated October 4,2016 has granted in principle approval for the sale of the Company''s property (Beck House) at Pune admeasuring approximately 2,238.25 square meters, subject to the terms and conditions as mentioned in the Memorandum of Understanding executed between the Company and the buyer. Consequently, the written down value of the said property amounting to Rs. 521.08 lakhs has been classified as ''Assets held for sale'' under ''Other current assets''.

9. Previous year''s figures have been regrouped/reclassified, wherever necessary, to conform to current year''s classification.

Source : Dion Global Solutions Limited
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