50
th
ANNUAL REPORT 2015-2016 THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL
110
4. Benefits Paid
(1,186,222)
(17,10,814)
5. Actuarial (gain)/loss on
Obligation
596,146
(18,58,268)
6. Present Value of
Obligation as at end of
year
5,345,195
45,10,130
Changes in the fair value
of plan assets
Fair Value of Plan Assets
at beginning of year
7,507,468
71,39,177
2. Expected Return on
Plan assets
600,439
6,23,254
3. Contributions
205,690
12,15,308
4. Benefits Paid
(1,186,222)
(17,10,814)
5. Actuarial gain/(loss) on
Plan Assets
Nil
Nil
6. Fair Value of Plan
Assets as at end of year
7,127,376
72,66,925
Fair value of plan assets
1. Fair Value of Plan
Assets at beginning of
year
7,507,468
71,39,177
2. Actual Return on Plan
assets
600,439
6,23,254
3. Contributions
205,690
12,15,308
4. Benefits Paid
(1,186,222)
(17,10,814)
5. Fair Value of Plan
Assets as at end of year
7,127,376
72,66,925
6. Funded Status
1,782,181
27,56,795
Excess of Actual over
estimated return on plan
assets
Nil
Nil
(Actual Rate of Return –
Estimated rate of return
as ARD falls on 31
st
March)
Actuarial
Gain/Loss
Recognized
Actuarial (Gain)/Loss on
obligations
(596,146)
18,58,268
Actuarial (Gain)/Loss for
the year – plan assets
Nil
Nil
Actuarial (Gain)/Loss on
obligations
596,146
(18,58,268)
Actuarial
(Gain)/Loss
recognized in the year
596,146
(18,58,268)
Present
Value
of
obligations as at the end
of year
5,345,195
45,10,130
Fair Value of plan assets
as at the end of the year
7,127,376
72,66,925
Fund Status
1,782,181
27,56,795
Net
Asset/(Liability)
recognized in Balance
Sheet
(1,782,181)
(27,56,795)
1. Current Service Cost
739,316
8,86,649
2. Interest Cost
384,885
5,32,782
3. Expected Return on
Plan Assets
(600,439)
(6,23,254)
4. Net Actuarial (gain)
loss recognized in year
596,146
(18,58,268)
5. Expenses Recognized
in the statement of
Income & Expenditure
1,119,908
(10,62,091)
1. Discount Rate
8%
8%
2. Expected Rate of
Salary Increase
4%
4%
26.
The Council has not received any intimation from
suppliers/creditors regarding their status under the
Micro, Small and Medium Enterprises Development Act,
2006 and hence disclosures, if any, relating to amounts
unpaid as at the year-end together with interest paid/
payable as required under the said Act have been
given to the extent such information is available with
the Company.
27.
Sundry Debtors, Sundry Creditors and certain
advances are subject to confirmation from concerned
parties and reconciliation, if any. The Management
does not expect any material difference affecting the
current year’s financial statements.
28.
In the opinion of the Committee of Administration of
the Council, the Non-Current Assets excluding Fixed
Assets, Current Assets, Loans and Advances are
approximately of the value stated in the balance sheet,
if realised in the ordinary course of business and Other
Liabilities are not in excess of the amounts reasonably
necessary.
29.
Earnings in Foreign Currency:
Particulars
2015-16
2014-15
Rupees
Rupees
India International Jewellery
Sow, 2015 (Stall Booking)
67,902,052
93,395,737
Signature IIJS, 2016 Show
2,260,198
2,351,784
India Gem & Jewellery
Machinery Expo, 2016
15,496,098
1,758,503
Global Gem & Jewellery
Fair – Dubai
-
988,981
THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL
(A COMPANY LIMITED BY GUARANTEE AND NOT HAVING SHARE CAPITAL)
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2016
