Heritage Foods Limited

FINANCIAL STATEMENTS Consolidated 29 th Annual Report 2020-21 | 249 Summary of the signi fi cant accounting policies and other explanatory information (All amounts in ₹ millions, except share data and where otherwise stated) 20. Other fi nancial liabilities Particulars As at 31 March 2021 As at 31 March 2020 Non - current Lease liabilities (refer note 43) 22.36 36.09 Financial guarantee (refer note (i) below) 8.77 3.24 31.13 39.33 Current Current maturities of deferred payment liabilities 15.99 12.87 Current maturities of term loans from banks 263.58 438.36 Current maturities of fi nancial guarantee (refer note (i) below) 2.16 0.58 Interest accrued but not due on borrowings 4.07 14.53 Freight payable 122.33 107.31 Capital creditors 186.26 211.87 Employee related payables 343.86 146.62 Security deposits 310.69 305.16 Unpaid dividend 14.17 14.65 Lease liabilities (refer note 43) 22.51 29.40 Other payables 210.80 234.66 1,496.42 1,516.01 Note: The Group has an outstanding guarantee given to a banker towards loan availed by its joint venture i.e. Heritage Novandie Foods Private Limited. The carrying amount of such fi nancial guarantee as at 31 March 2021 is ₹ 10.93 (31 March 2020: ₹ 3.82). Amount outstanding to the banker by Heritage Novandie Foods Private Limited as at 31 March 2021 is ₹ 149.54 (31 March 2020: ₹ 56.52). 21. Provisions Particulars As at 31 March 2021 As at 31 March 2020 Non - current Compensated absences 103.73 82.01 103.73 82.01 Current Gratuity (refer note a below) 2.06 5.33 Compensated absences 125.66 107.14 127.72 112.47 ( a ) Gratuity The Group provides its employees with bene fi ts under a de fi ned bene fi t plan, referred to as the “Gratuity Plan”. The Gratuity Plan entitles an employee, who has rendered at least fi ve years of continuous service, to receive 15 days salary for each year of completed service (service of six months and above is rounded o ff as one year) at the time of retirement/exit in accordance with the Payment of Gratuity Act, 1972. ( i ) Change in projected bene fi t obligation As at 31 March 2021 As at 31 March 2020 Projected bene fi t obligation at the beginning of the year 116.32 91.95 Service cost 14.97 12.06 Interest cost 6.84 6.30 Actuarial loss 5.09 9.38 Bene fi ts paid (3.92) (3.37) Projected bene fi t obligation at the end of the year 139.30 116.32