PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

177 Annual Report 2020-21 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS Particulars Enterprises owned by key management personnel or their relatives Key Management Personnel and their relatives March 31, 2021 March 31, 2020 (Restated) March 31, 2021 March 31, 2020 (Restated) Trade Payables Privi Life Science Private Limited 21.06 2.25 – – Prasad Organics Pvt. Ltd. 412.51 – – – Vivira Chemicals Pvt. Limited 0.93 – – – Minar Organics Pvt. Ltd. 1.16 – – – Payable to Key Management Personal Mahesh P Babani (*) – – 24.83 18.54 D. B. Rao (*) – – 7.05 12.26 Relatives of Key Management Personnel – – D. Vinaykumar (**) – – 0.54 0.54 * Remuneration Net of Tax Deducted at Source and it includes short term benefits. ** Remuneration Net of Tax Deducted at Source and it includes short term benefits and post employee benefits. 32 Employee benefits - Post-employment benefit plans a) Defined contribution plans The Group makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying employees towards Provident Fund, and ESIC which are defined contribution plans. The Group`s has no obligations other than to make the specified contributions. The contributions are charged to statement of profit and loss as they accrue. The Group has recognised the following amount as an expense and included in the Note 26 under “Contribution to provident & other funds”: Particulars Year ended March 31, 2021 Year ended March 31, 2020 (Restated) Contribution to employees provident fund 315.96 297.74 Contribution to ESIC 5.40 8.39 b) Defined benefit plans The Group operates one post-employment defined benefit plan that provides gratuity. The gratuity plan entitles an employee, who has rendered at least five years of continuous service, to receive one-half month’s salary for each year of completed service at the time of retirement. In case of employees completing longer service periods, the Group’s scheme is more favourable as compared to the obligation under Payment of Gratuity Act, 1972. Particulars As at March 31, 2021 As at March 31, 2020 (Restated) Amount recognised in the Balance Sheet in respect of Gratuity Present value of the defined benefit obligation at the end of the year 1,178.61 1,016.53 Fair value of the plan assets – – 1,178.61 1,016.53 31 Related party disclosures (continued) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended March 31, 2021 (Currency: Indian Rupees in lakhs)