210 32ND ANNUAL REPORT 2023-24 | HERITAGE FOODS LTD Standalone STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS 19. Other financial liabilities As at 31 March 2024 31 March 2023 Non-current Financial guarantee 3.67 6.08 3.67 6.08 Current Current maturities of financial guarantee 2.16 3.62 Capital creditors 177.80 111.71 Employee related payables 338.30 178.91 Security deposits 446.89 376.14 Unpaid dividend 13.89 14.18 Other payables 40.11 22.58 1,019.15 707.14 20. Provisions As at 31 March 2024 31 March 2023 Non-current Compensated absences 222.81 178.69 222.81 178.69 Current Gratuity (refer note a below) - - Compensated absences 104.03 86.99 104.03 86.99 (a) Gratuity The Company 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. The Company maintains its investments with Life Insurance Corporation of India, to fund its gratuity plan. (i) Change in projected benefit obligation As at 31 March 2024 31 March 2023 Projected benefit obligation at the beginning of the year 164.24 150.23 Service cost 20.65 18.61 Interest cost 11.35 8.95 Actuarial loss - experience 11.75 9.24 Actuarial loss - demographic assumptions - - Actuarial gain - financial assumptions 1.90 (6.51) Benefits paid (8.87) (16.28) Projected benefit obligation at the end of the year 201.03 164.24 Summary of the material accounting policies and other explanatory information (All amounts in ₹ millions, except share data and where otherwise stated)
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