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203
annual
report
20
16-17
kajaria
ceramics
corporate
overview
management
reports
Financial
statements
Notes on the consolidated financial statements
for the year ended 31 March 2017
33. Employee benefit plans
(contd...)
(
`
in crores)
31 March 2017
31 March 2016
Within the next 12 months (next annual reporting period)
0.60
0.67
Between 2 and 5 years
1.79
1.25
Between 5 and 10 years
5.09
3.71
Beyond 10 years
15.71
14.68
Total expected payments
23.19
20.31
The average duration of the defined benefit plan obligation at the end of the reporting period is 16 years (31 March 2016: 16
years).
The following payments are expected contributions to the defined benefit plan in future years:
34. Commitments and contingencies
(a) Leases
Operating lease commitments - Company as lessee
The Company has obtained some office premises on operating leases. Few of the leases for office premises are long term
and are non- cancelable. Further, there is an escalation clause in the lease agreement.
Lease payments of
`
13.52 crores (previous year –
`
10.63 crores) have been recognized as an expense in the statement
of profit and loss during the year.
(
`
in crores)
31 March 2017
31 March 2016 1 April 2015
Not later than one year
1.05
0.60
0.60
Later than one year but not later than five years
1.62
-
0.60
Later than five years
-
-
-
Future minimum rentals payable under non-cancellable operating leases are as follows:
(b) Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) are
`
4.11 crores (March 31, 2016 -
`
0.88 crores, April 1, 2015 -
`
8.83 crores).
Letters of Credit opened in favour of inland/overseas suppliers (Net) are
`
68.64 crores (March 31, 2016 -
`
64.01 crores,
April 1, 2015 -
`
49.81 crores).
(c) Contingent Liabilities
(i) Counter guarantees issued in respect of guarantees issued by company’s bankers
`
3.99 crores (March 31, 2016 -
`
2.01 crores, April 1, 2015 -
`
2.12 crores)
(ii) In respect of VAT, Service Tax, Excise & Custom Duty Demands pending before various authorities and in dispute
`
11.56 crores (March 31, 2016 -
`
13.06 crores, April 1, 2015 -
`
5.55 crores)
(iii) In respect of pending income tax demands
`
Nil (March 31, 2016 -
`
Nil , April 1, 2015 -
`
0.18 crores)
(iv) In respect of Consumer Cases
`
1.82 crores (March 31, 2016 -
`
1.28 crores, April 1, 2015 -
`
2.02 crores)