Heritage Foods Limited | 30th Annual Report 2021-22

30 th Annual Report 2021-22 Heritage Foods Limited 216 20. Other financial liabilities As at 31 March 2022 31 March 2021 Non-current Financial guarantee 7.07 8.77 7.07 8.77 Current Current maturities of financial guarantee 2.16 2.16 Interest accrued but not due on borrowings 0.56 4.07 Freight payable 135.80 122.33 Capital creditors 93.67 186.26 Employee related payables 224.64 343.86 Security deposits 328.89 310.69 Unpaid dividend 15.45 14.17 Other payables 233.91 210.80 1,035.08 1,194.34 21. Provisions As at 31 March 2022 31 March 2021 Non-current Compensated absences 165.45 103.73 165.45 103.73 Current Gratuity (refer note a below) - 2.06 Compensated absences 82.77 125.66 82.77 127.72 (a) Gratuity The Group provides its employees with benefits under a defined benefit plan, referred to as the “Gratuity Plan”. The Gratuity Plan entitles an employee, who has rendered at least five years of continuous service, to receive 15 days salary for each year of completed service (service of six months and above is rounded off as one year) at the time of retirement/exit in accordance with the Payment of Gratuity Act, 1972. (i) Change in projected benefit obligation As at 31 March 2022 31 March 2021 Projected benefit obligation at the beginning of the year 139.30 116.32 Service cost 16.90 14.97 Interest cost 7.81 6.84 Actuarial loss 0.74 5.09 Benefits paid (13.17) (3.92) Projected benefit obligation at the end of the year 151.58 139.30 (ii) Change in fair value of plan assets As at 31 March 2022 31 March 2021 Fair value of plan assets at the beginning of the year 140.14 113.57 Interest income 8.53 7.36 Contribution made 23.80 23.17 Actuarial gain/(loss) 0.02 (0.04) Benefits paid (13.17) (3.92) Fair value of plan assets at the end of the year 159.32 140.14 Summary of the significant accounting policies and other explanatory information (All amounts in ` millions, except share data and where otherwise stated)