PRIVI SPECIALITY CHEMICALS LIMITED Annual Report 2020-21

178 PRIVI SPECIALITY CHEMICALS LIMITED (Formerly known as Fairchem Speciality Limited) Particulars As at March 31, 2021 As at March 31, 2020 (Restated) Movement in present value of defined benefit obligation Opening Liability 1,016.53 789.99 Current service cost 106.57 85.77 Interest cost 69.80 59.01 Actuarial /loss 15.68 92.33 Benefits paid (29.97) (10.57) Closing defined benefit obligation 1,178.61 1,016.53 Expense recognised in statement of profit and loss Current service cost 106.57 85.77 Interest on defined benefit obligations 69.80 59.01 Total 176.37 144.78 Remeasurements recognised in Other comprehensive income Change in financial assumptions (1.98) 53.42 Change in demographic assumptions – (4.81) Experience adjustments 17.66 43.72 Total 15.68 92.33 Total expense recognised 192.05 237.11 Particulars As at March 31, 2021 As at March 31, 2020 (Restated) Principal actuarial assumptions at the balance sheet date For Holding Company (Privi Speciality Chemicals Limited) Discount rate (p.a.) 6.86% 6.84% Expected rate of Salary increase (p.a.) 8.25% 8.25% Attrition Rate For service 2 years and below : 20% For service 3 to 4 Years : 10% For service 5 Years and above: 5% For service 2 years and below : 20% For service 3 to 4 Years : 10% For service 5 Years and above: 5% Mortality Tables Indian Assured Lives Mortality (2006-08) Indian Assured Lives Mortality (2006-08) At March 31, 2021 the weighted average duration of the defined benefit obligation was 10 years (March 31, 2020 - 10 years) 32 Employee benefits - Post-employment benefit plans (continued) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended March 31, 2021 (Currency: Indian Rupees in lakhs)