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Accounting Policies of Alufluoride Ltd. Company

Mar 31, 2018

1. Significant Accounting Policies

1.1 Revenue recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are inclusive of excise and duties, but exclusive of Goods and Service tax (GST), which the company pays as principal and net of returns, trade allowances, rebates, and taxes collected on behalf of the government.

2.2 Property, Plant and Equipment:

All other items of property, plant and equipment are stated at historical cost less accumulated depreciation and impairment loss, if any. Historical cost includes all costs directly attributable to bringing the asset to the location and condition necessary for its intended use. Subsequent costs relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced.

Expenditure during construction/erection period is included under Capital Work-in-Progress and allocated to the respective fixed assets on completion of construction/erection.

Depreciation and Amortization

Property, Plant and Equipment are componentized and are depreciated separately over their estimated useful lives as prescribed under Part C of Schedule II of the Companies Act, 2013.

Depreciation on all the assets is charged under straight line method. The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. Scrap value is taken as 5% of the cost of the asset for calculation of depreciation

De-recognition of Tangible assets

An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is de-recognized.

3.3 Inventories:

Inventories are valued at the lower of the cost (net of eligible input tax credits) or net realisable value (except by-products, waste and scrap which are valued at estimated net realisable value). Costs incurred in bringing each product to its present location and condition is accounted for as follows:

- Raw materials: Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Cost is determined on FIFO basis.

- Finished goods and work in progress: Cost includes cost of direct materials and labour and a proportion of manufacturing overheads based on the normal operating capacity, but excluding borrowing costs. Cost is determined on weighted average basis.

- Stores and spares: Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition. Cost is determined on weighted average basis.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.

In the opinion of the management, no value is attributable to Silica and the same is considered as a process waste and has no guaranteed market value (net realisable value), except for the quantities which are disposed off to parties with irregular quantities and prices. The excess Silica is disposed off and corresponding expenditure is charges to Profit & loss.

3.4 Non-Derivative Financial Instruments:

The Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument.

A. Financial Assets

3.4.1 Initial Recognition:

All financial assets are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added/ deducted to/from the fair value on initial recognition. Regular purchase and sale of financial assets are accounted for on trade date.

3.4.2 Subsequent measurement:

For purposes of subsequent measurement, financial assets are classified in four categories:

- Financial assets at amortized cost.

- Financial assets measured at fair value through other comprehensive income (FVTOCI).

- Financial assets at fair value through profit or loss (FVTPL).

I. Financial assets at amortized cost

A financial instrument is subsequently measured at amortised cost if it is

a. Held within a business model whose objective is to hold the asset in order to collect contractual cash flows and

b. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortized cost using the effective interest rate (EIR) method. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The amortization of EIR is included in finance income in the profit or loss. The impairment losses and gain/loss on de-recognition are recognized in the profit or loss.

II. Equity assets measured at fair value through other comprehensive income.

Financial asset is measured at FVTOCI if both of the following conditions are met:

a. The Company’s business model objective for managing the financial asset is achieved both by collecting contractual cash flows and selling the financial assets, and

b. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

The Company has made an irrevocable election to present the subsequent fair value changes in ‘other comprehensive income’ for its investments in equity instruments that are not held for trading. Fair value changes on the instrument, impairment losses & reversals and foreign exchange gain or loss are recognized in the OCI. Dividends are recognized in the Profit &Loss.

III. Financial assets at fair value through profit or loss

Any financial instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL (residual category).

Financial instruments included within the FVTPL category are measured at fair value with all changes recognized in the P&L.

3.4.3 Reclassification of financial assets;

The company reclassifies its financial assets only when there is a change in entity’s business model for managing its financial assets.

3.4.4 De-recognition:

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized (i.e. removed from the Company’s Balance Sheet) when any of the following occurs:

a. The contractual rights to cash flows from the financial asset expires;

b. The Company transfers its contractual rights to receive cash flows of the financial asset and has substantially transferred all the risks and rewards of ownership of the financial asset;

c. The Company retains the contractual rights to receive cash flows but assumes a contractual obligation to pay the cash flows without material delay to one or more recipients under a ‘pass-through’ arrangement (thereby substantially transferring all the risks and rewards of ownership of the financial asset);

d. The Company neither transfers nor retains substantially all risk and rewards of ownership and does not retain control over the financial asset.

In cases where Company has neither transferred nor retained substantially all of the risks and rewards of the financial asset, but retains control of the financial asset, the Company continues to recognize such financial asset to the extent of its continuing involvement in the financial asset. In that case, the Company also recognizes an associated liability.

The financial asset and the associated liability are measured on the basis that reflects the rights and obligations that the Company has retained control.

On de-recognition of a financial asset, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in profit or loss if such gain or loss would have otherwise been recognised in profit or loss on disposal of that financial asset.

3.4.5 Impairment of financial assets:

The Company applies expected credit losses (ECL) model for measurement and recognition of loss allowance on the following:

a. Trade receivables

b. Financial assets measured at amortized cost (other than trade receivables)

c. Financial assets measured at fair value through other comprehensive income (FVTOCI)

In case of trade receivables, the Company follows a simplified approach wherein an amount equal to lifetime ECL is measured and recognized as loss allowance.

In case of other assets, the Company determines if there has been a significant increase in credit risk of the financial asset since initial recognition. If the credit risk of such assets has not increased significantly, an amount equal to 12-month ECL is measured and recognized as loss allowance. However, if credit risk has increased significantly, an amount equal to lifetime ECL is measured and recognized as loss allowance.

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original effective interest rate.

ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/expense in the Statement of Profit and Loss under the head ‘Other expenses’.

B. Financial liabilities and equity instruments:

Debt and equity instruments issued by a Company entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

i. Equity instruments:-

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by a Company entity are recognised at the proceeds received net of direct issue costs.

ii. Financial Liabilities:-

a. Initial recognition and measurement:

Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial liabilities are initially measured at fair value.

b. Subsequent measurement:

Financial liabilities are subsequently measured at amortized cost using the effective interest rate method. Financial liabilities carried at fair value through profit or loss are measured at fair value with all changes in fair value recognised in the Statement of Profit and Loss

c. De-recognition of financial liabilities:

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the De-recognition of the original liability and the recognition of a new liability. The difference between the carrying amount of the financial liability derecognized and the consideration paid is recognized in the Statement of Profit and Loss.

C. Offsetting of financial instruments:-

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention either to settle on a net basis, or to realize the assets and settle the liabilities simultaneously.

3.5 Leases:

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease unless the payments are structured to increase in line with expected general inflation to compensate for the lessor expected inflationary cost increases.

3.6 Employee Benefits include:

i. Short term employee benefits-

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

The company recognizes a liability and an expense for bonus only when it has a present legal or constructive obligation to make such payments as a result of past events and a reliable estimate of obligation can be made.

(ii) Long term employee benefits-

Liabilities for earned leave and sick leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are therefore measured at the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Re-measurements as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss.

The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.

(iii) Post employment benefits-

The company operates the following postemployment schemes:

a) Defined benefit plans such as gratuity: and

b) Defined contribution plans such as provident and pension funds.

a) Defined Benefit Plans - The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plan is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income.

b) Defined Contribution Plans- The Company pays provident fund contributions to publicly administered provident funds as per local regulations. It has no further payment obligations once the contributions have been paid. The contributions are accounted for as defined contribution plans and the contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

3.7 Foreign currency Transactions:

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currency year end exchange rates are generally recognised in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation.

Foreign exchange differences regarded as an adjustment to borrowing costs are presented in the statement of profit and loss, as finance costs. All other foreign exchange gains and losses are presented in the statement of profit and loss.

Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equity instruments held at fair value through profit or loss are recognised in profit or loss as part of the fair value gain or loss and translation differences on nonmonetary assets such as equity investments classified as FVOCI are recognised in other comprehensive income

3.8 Provisions and Contingencies:

A provision is recognized if, as a result of a past event, the company has a present legal or constructive obligation that can be reasonably estimated, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow of resources embodying economic benefits or the amount of such obligation cannot be measured reliably.

When there is a possible obligation or a present obligation in respect of which, in the likelihood of outflow of resources embodying economic benefits is remote, no provision or disclosure is made.

3.9 Cash flow statement:

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

3.10 Cash and Cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash on hand, deposits held at call with financial institutions/banks, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts, if any.

3.11 Impairment of assets:

The company assesses, at each reporting date, whether there is an indication that an asset may have to be impaired. If any indication exists, or when annual impairment testing for an asset is required, the company estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of its fair value less costs of disposal and value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

3.12 Taxes on Income:

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the statement of profit and loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. The company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

3.13 Earnings Per Share:

Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects all dilutive potential equity shares.

3.14 Segment Reporting:

Operating segments are identified and reported taking into account the different risk and return, organization structure and internal reporting system.

3.15 Borrowing Costs:

Borrowing cost comprises of interest and other costs incurred in connection with the borrowing of the funds. All borrowing costs are recognised in the Statement of Profit and Loss using the effective interest method except to the extent attributable to qualifying Property Plant and Equipment (PPE) which are capitalized to the cost of the related assets. A qualifying PPE is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale. Borrowing cost also includes exchange differences to the extent considered as an adjustment to the borrowing costs.

4. Critical accounting judgments, assumptions and key sources of estimation and uncertainty

The preparation of the financial statements in conformity with the measurement principle of Ind AS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Differences between the actual results and estimates are recognized in the year in which the results are known / materialized and, if material, their effects are disclosed in the notes to the financial statements.

Following are the key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year:

4.1 Depreciation and impairment on property, plant and equipment:

Property, plant and equipment are depreciated on straight-line basis over the estimated useful lives in accordance with Schedule II of the Companies Act, 2013, taking into account the estimated residual value, wherever applicable. The company reviews its carrying value of its Tangible Assets whenever there is objective evidence that the assets are impaired. In such situation asset’s recoverable amount is estimated which is higher of asset’s or cash generating units (CGU) fair value less cost of disposal and its value in use. In assessing value in use the estimated future cash flows are discounted using pre-tax discount rates which reflect the current assessment of time value of money. In determining fair value less cost of disposal, recent market realizations are considered or otherwise in absence of such transactions appropriate valuations are adopted. The Company reviews the estimated useful lives of the assets regularly in order to determine the amount of depreciation and amount of impairment expense to be recorded during any reporting period. This reassessment may result in change estimated in future periods.

4.2 Arrangements containing leases and classification of leases:

The Company determines lease arrangement as a finance lease or operating lease is based on an assessment of several factors, including, but not limited to, transfer of ownership of leased asset at end of lease term, lessee’s option to purchase and estimated certainty of exercise of such option, proportion of lease term to the asset’s economic life, proportion of present value of minimum lease payments to fair value of leased asset and extent of specialized nature of the leased asset. The company’s land on which building is constructed is taken on lease and the lease payments are not prefixed as on the date of balance sheet, the lease payments are charged by the lessor based on the yearly market rates and accordingly the company Considering the terms and conditions of the leases in respect of leasehold land, particularly the transfer of the significant risks and rewards, it is concluded that they are in the nature of operating leases. Since the lease payments are not pre-fixed and dependent on market conditions the various disclosures as required by Ind AS 17 “Leases” has not been given.

4.3 Impairment allowances on trade receivables:

The Company evaluates whether there is any objective evidence that trade receivables are impaired and determines the amount of impairment allowance as a result of the inability of the customers to make required payments. The Company bases the estimates on the ageing of the trade receivables balance, credit-worthiness of the trade receivables and historical write-off experience. If the financial conditions of the trade receivable were to deteriorate, actual write-offs would be higher than estimated.

4.4 Income taxes:

The Company’s tax jurisdiction is India. Significant judgments are involved in determination of taxability of certain income and deductibility of certain expenses during the estimation of the provision for income taxes.

4.5 Defined benefit obligation (DBO):

Critical estimate of the DBO involves a number of critical underlying assumptions such as standard rates of inflation, mortality, discount rate, anticipation of future salary increases etc. as estimated by Independent Actuary appointed for this purpose by the Management. Variation in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses.

4.6 Provision for de-commissioning:

The company has recognised a provision for decommissioning obligations associated with the leased premises on which the plant is super structured. In determining the fair value of the provision, assumptions and estimates are made in relation to discount rates, the expected cost to dismantle and remove the plant from the site and the expected timing of those costs.

4.7 Provisions and Contingencies:

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the liability requires the application of judgment to existing facts and circumstances, which can be subject to change.

Management judgment is required for estimating the possible outflow of resources, if any, in respect of contingencies/claim/ litigations/against the Company as it is not possible to predict the outcome of pending matters with accuracy.

The carrying amounts of provisions and liabilities and estimation for contingencies are reviewed regularly and revised to take account of changing facts and circumstances.


Mar 31, 2016

(a) Basis of Preparation:

The Financial statements are prepared on approval basis of accounting under historical cost convention in accordance with the generally accepted accounting principles in India, the relevant provisions of Companies Act, 2013, and comply in material aspects with the accounting standards notified their under.

(b) Use of Estimates:

The Preparation and presentation of financial statements requires estimates and assumptions that affect the reported amounts of assets, liabilities, (including contingent liabilities) revenues and expenses during the reporting period. Although such estimates and assumptions are made on a reasonable and prudent basis taking into account all available information, actual results could differ from the estimates and assumptions and such differences are recognized in the period in which the results are known /materialized.

(c) Fixed Assets:

i) To state assets at cost of acquisition inclusive of Inward Freight, Taxes and Incidental expenses related to acquisition but exclusive of taxes & duties for which credit is availed, Interest on Loans, during the period of construction, is added to the cost of Fixed Assets.

ii) Individual assets having aggregate actual cost of Rs.5,000/- or less are fully depreciated in the year of acquisition.

(d) Capitalization of Project:

To capitalize all related pre-operational and direct expenditure (including temporary facilities) during construction period. Direct financing cost, if any is also capitalized.

(e) Depreciation:

i) Depreciation is provided on Fixed Assets under the ‘Straight line method’ up to 95 % of the cost of the asset over their useful lives as per Schedule - II of the Companies Act, 2013.

ii) To charge Depreciation on pro-rata basis on all additions/deletions and on the assets that are put to use.

(f) Prior period and Extra-ordinary Debits/Credits:

i) To consider Income and Expenditure over Rs.5,000/- only, in each case, pertaining to prior items arising, in the current period, because of errors and omissions, as prior period credit/ debits.

ii) To disclose separately extra-ordinary items which are material.

(g) Disclosure of other Income etc.:

i) To disclose items of Income and Expenditure at the net of payments and related collections, wherever they occur.

ii) To recognize interest income etc., upon receipt of confirmation from concerned agency.

(h) Amortization and Write Offs :

i) To amortize Preliminary Expenses and Public Issue Expenses, over a period of Ten years, from the year of commencement of commercial production of plant.

ii) To write off Deferred Revenue Expenditure depending upon the nature and the expected period future benefits.

(i) Foreign Currency Transactions:

To initially record monetary items, of Foreign Currency in Rupees, by applying the Exchange Rate prevailing at the time of transaction. To recognize as expense or income the amount short or excess realized / incurred because of settlement / conversion by transferring to Exchange Rate Variation Account and in the period in which they arise.

(j) Sales & Purchases:

i) To disclose all sales at net of sales tax.

ii) To account for all purchases exclusive of taxes & duties for which credit is availed.

(k) Valuation of Inventories:

i) To value all raw materials, stores and spare parts, loose tools, packing materials, finished goods etc., at lower of cost or net realizable value.

ii) To determine cost on the basis of

Finished Goods - Weighted Average cost

Raw materials & Others - FIFO

iii)To account for all empties, scrap and waste upon realization.

iv) No value is attributed to Silica which, in the opinion of the Management, is a process waste and has no guaranteed market value (net realizable value), except for the quantities which are being disposed off on as is where is basis to parties on irregular quantities and prices.

(l) Valuation of Investments:

Current Investments are valued at lower of cost and fair value, and long-term investments at cost. Where applicable provision is made in case of other than temporary diminution in value of investments.

(m) Employee Benefits:

To recognize actuarial gains and losses on defined benefit plans during the year.

(n) Taxes on Income:

Provision for current tax is made for the amount of tax payable in respect of taxable income for the year under the Income Tax Act, 1961.

Deferred tax is recognized on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or subsequent periods, subject to consideration of prudence.

(o) Impairment of Assets:

The entire plant is considered as a cash-generating unit. As the recoverable amount of the Cash Generating Unit, being its value in use, is in excess of its carrying amount there is no impairment loss in terms of Accounting Standard 28 - Impairment of Assets.

(p) Leases:

Since the lease transaction of the company, are incidental to the company’s main business of production of Aluminum Fluoride, specific disclosures as per Accounting Standard 19 on ‘Leases’ are not considered necessary.

(q) The Company has re-classified previous year’s figures to confirm to this year’s classifications.

(r) Derivative Instruments: Forward contracts entered into by the company for hedging of foreign currency fluctuation risks on certain firm commitments & forecasted transactions, or otherwise outstanding as on the year end are marked to market. Changes in values thereof and on closed contracts are recognized in the Statement of Profit & Loss based on the principles of prudence as enunciated in Accounting Standard -1 (AS-1) “Disclosure of Accounting Policies”.


Mar 31, 2015

(a) Basis of Preparation:

The Financial statements are prepared on approval basis of accounting under historical cost convention in accordance with the generally accepted accounting principles in India, the relevant provisions of Companies Act, 2013, and comply in material aspects with the accounting standards notified their under.

(b) Use of Estimates:

The Preparation and presentation of financial statements requires estimates and assumptions that affect the reported amounts of assets, liabilities, (including contingent liabilities) revenues and expenses during the reporting period. Although such estimates and assumptions are made on a reasonable and prudent basis taking into account all available information, actual results could differ from the estimates and assumptions and such differences are recognized in the period in which the results are known / materialized.

(c) Fixed Assets:

i) To state assets at cost of acquisition inclusive of Inward Freight, Taxes and Incidental expenses related to acquisition but exclusive of taxes & duties for which credit is availed, Interest on Loans, during the period of construction, is added to the cost of Fixed Assets.

(d) Capitalization of Project:

To capitalize all related pre-operational and direct expenditure (including temporary facilities) during construction period. Direct financing cost, if any is also capitalized.

(e) Depreciation:

i) Depreciation is provided on Fixed Assets under the 'Straight line method' up to 95 % of the cost of the asset over their useful lives as per Schedule – II of the Companies Act 2013.

ii) To charge Depreciation on pro-rata basis on all additions/deletions and on the assets that are put to use.

(f) Prior period and Extra-ordinary Debits/Credits:

i) To consider Income and Expenditure over Rs. 5,000 only, in each case, pertaining to prior items arising, in the current period, because of errors and omissions, as prior period credit/ debits.

ii) To disclose separately extra-ordinary items which are material.

(g) Disclosure of other Income etc.:

i) To disclose items of Income and Expenditure at the net of payments and related collections, wherever they occur.

ii) To recognize interest income etc., upon receipt of confirmation from concerned agency.

(h) Amortization and Write Offs :

i) To amortize Preliminary Expenses and Public Issue Expenses, over a period of Ten Years, from the year of commencement of commercial production of plant.

ii) To write off Deferred Revenue Expenditure depending upon the nature and the expected period future benefits.

(i) Foreign Currency Transactions:

To initially record monetary items, of Foreign Currency in Rupees, by applying the Exchange Rate prevailing at the time of transaction. To recognize as expense or income the amount short or excess realized / incurred because of settlement / conversion by transferring to Exchange Rate Variation Account and in the period in which they arise.

(j) Sales & Purchases:

i) To disclose all sales at net of sales tax.

ii) To account for all purchases exclusive of taxes & duties for which credit is availed.

(k) Valuation of Inventories:

i) To value all raw materials, stores and spare parts, loose tools, packing materials, finished goods etc., at lower of cost or net realizable value.

ii) To determine cost on the basis of

Finished Goods – Weighted Average cost

Raw materials & Others – FIFO

iii) To account for all empties, scrap and waste upon realization.

(l) Valuation of Investments:

Current Investments are valued at lower of cost and fair value, and long-term investments at cost. Where applicable provision is made in case of other than temporary diminution in value of investments.

(m) Employee Benefits:

To recognize actuarial gains and losses on defined benefit plans during the year.

(n) Taxes on Income:

Provision for current tax is made for the amount of tax payable in respect of taxable income for the year under the Income Tax Act, 1961.

Deferred tax is recognized on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or subsequent periods, subject to consideration of prudence.

(o) No value is attributed to Silica which, in the opinion of the Management, is a process waste and has no guaranteed market value (net realizable value), except for the quantities which are being disposed off on as is where is basis to parties on irregular quantities and prices.

(p) Impairment of Assets:

The entire plant is considered as a cash-generating unit. As the recoverable amount of the Cash Generating Unit, being its value in use, is in excess of its carrying mount there is no impairment loss in terms of Account Standard 28 – Impairment of Assets.

(q) Leases:

Since the lease transaction of the company, are incidental to the company's main business of production of Aluminum Fluoride, specific disclosures as per Accounting Standard 19 on 'Leases' are not considered necessary

(r) The Company has re-classified previous year's to confirm to this year's classifications. However, the adoption of revised Schedule VI does not impact recognition, measurement, principles – presentation and disclosures.

(s) Derivative Instruments: Derivative contracts entered into by the company for hedging of foreign currency fluctuation risks on certain firm commitments & forecasted transactions, or otherwise outstanding as on the year end are marked to market. Changes in values thereof and on closed contracts are recognized in the Statement of Profit & Loss based on the principles of prudence as enunciated in Accounting Standard -1 (AS-1) "Disclosure of Accounting Policies".


Mar 31, 2014

It is the Policy of the Company -

(a) Basis of Preparation:

The Financial statements are prepared on approval basis of accounting under historical cost convention in accordance with the generally accepted accounting principles in India, the relevant provisions of Companies Act, 1956, and comply in material aspects with the accounting standards notified their under.

(b) Use of Estimates:

The Preparation and presentation of financial statements requires estimates and assumptions that affect the reported amounts of assets, liabilities, (including contingent liabilities) revenues and expenses during the reporting period. Although such estimates and assumptions are made on a reasonable and prudent basis taking into account all available information, actual results could differ from the estimates and assumptions and such differences are recognized in the period in which the results are known /materialized.

(c) Fixed Assets:

i) To state assets at cost of acquisition inclusive of Inward Freight, Taxes and Incidental expenses related to acquisition but exclusive of taxes & duties for which credit is availed, Interest on Loans, during the period of construction, is added to the cost of Fixed Assets.

ii) Fixed Assets exclude items individually costing of Rs.5,000/- or less which are not capitalized.

(d) Capitalization of Project:

To capitalize all related pre-operational and direct expenditure (including temporary facilities) during construction period. Direct financing cost, if any is also capitalized.

(e) Depreciation:

i) To provide for Depreciation on Fixed Assets under the ''Straight line method'' at the rates & manner provided by and in accordance with schedule XIV to the Companies Act 1956.

ii) To charge Depreciation on pro-rata basis on all additions/deletions and on the assets that are put to use.

(f) Prior period and Extra-ordinary Debits/Credits:

i) To consider Income and Expenditure over Rs.5,000 only, in each case, pertaining to prior items arising, in the current period, because of errors and omissions, as prior period credit/ debits.

ii) To disclose separately extra-ordinary items which are material.

(g) Disclosure of other Income etc.:

i) To disclose items of Income and Expenditure at the net of payments and related collections, wherever they occur.

ii) To recognize interest income etc., upon receipt of confirmation from concerned agency.

(h) Amortization and Write Offs :

i) To amortize Preliminary Expenses and Public Issue Expenses, over a period of Ten years, from the year of commencement of commercial production of plant.

ii) To write off Deferred Revenue Expenditure depending upon the nature and the expected period future benefits.

(i) Foreign Currency Transactions:

To initially record monetary items, of Foreign Currency in Rupees, by applying the Exchange Rate prevailing at the time of transaction. To recognize as expense or income the amount short or excess realized / incurred because of settlement / conversion by transferring to Exchange Rate Variation Account and in the period in which they arise.

(j) Sales & Purchases:

i) To disclose all sales at net of sales tax.

ii) To account for all purchases exclusive of taxes & duties for which credit is availed.

iii) To disclose sale of DEPB licenses at the time of realization.

(k) Valuation of Inventories:

i) To value all raw materials, stores and spare parts, loose tools, packing materials, finished goods etc., at lower of cost or net realizable value.

ii) To determine cost on the basis of

Finished Goods - Weighted Average cost

Raw materials & Others - FIFO

iii) To account for all empties, scrap and waste upon realization.

(l) Valuation of Investments:

Current Investments are valued at lower of cost and fair value, and long-term investments at cost. Where applicable provision is made in case of other than temporary diminution in value of investments.

(m) Employee Benefits:

To recognize actuarial gains and losses on defined benefit plans during the year.

(n) Taxes on Income:

Provision for current tax is made for the amount of tax payable in respect of taxable income for the year under the Income Tax Act, 1961.

Deferred tax is recognized on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or subsequent periods, subject to consideration of prudence.

(o) No value is attributed to Silica which, in the opinion of the Management, is a process waste and has no guaranteed market value (net realizable value), except for the quantities which are being disposed off on as is where is basis to parties on irregular quantities and prices.

(p) Impairment of Assets:

The entire plant is considered as a cash-generating unit. As the recoverable amount of the Cash Generating Unit, being its value in use, is in excess of its carrying mount there is no impairment loss in terms of Account Standard 28 - Impairment of Assets.

(q) Leases:

Since the lease transaction of the company, are incidental to the company''s main business of production of Aluminum Fluoride, specific disclosures as per Accounting Standard 19 on ''Leases'' are not considered necessary

(r) The Company has re-classified previous year''s to confirm to this year''s classifications. However, the adoption of revised Schedule VI does not impact recognition, measurement, principles - presentation and disclosures.

(s) Derivative Instruments: Derivative contracts entered into by the company for hedging of foreign currency fluctuation risks on certain firm commitments & forecasted transactions, or otherwise outstanding as on the year end are marked to market. Changes in values thereof and on closed contracts are recognized in the Statement of Profit & Loss based on the principles of prudence as enunciated in Accounting Standard -1 (AS-1) "Disclosure of Accounting Policies".

The Company has only one class of shares referred to as equity shares having a par value of Rs.10/- Each holder of equity shares is entitled to one vote per share.

Reconciliation of number of equity shares and amount outstanding of the beginning and at the end of the year:

Based on the information available with the Company, there are no dues/interest outstanding to Micro, Small and Medium enterprises, as defined under the MSMED Act, 2006 as on 31 March, 2014 (as on 31 March, 2013 - Nil).

Information relating to ''supplier'' under the provisions of Micro, Small and Medium Enterprise Development Act, 2006.

Disclosure of Sundry Creditors is based on the information available with the Company regarding the status of the suppliers as defined under the "Micro, Small and Medium Enterprises Development Act, 2006".

Trade Investments - Investments in Mutual funds & Equity shares of listed companies, which are traded in exchanges

(Miscellaneous receipts includes Sale of Silica (By-product) of Rs.73,24,108/- (previous year Rs.72,51,805/-) and Sale of Coal dust (rejections) of Rs.1,84,30,394/- (previous year Rs. 1,29,31,272/-) which is net off from coal dust transfer price and both products sale price is inclusive of excise duty)

i) General Description of the Post Employment Benefits - Defined Benefit Plans

a) Gratuity: Payable to employees, who render continuous service of 5 years or more, on separation, at 15 days of last drawn pay for each completed year of service.

b) Compensated Absence: Encashment of accumulated earned leave, subject to maximum permissible limits as per the terms of appointment, will be paid to the employee on separation.

i). Reconciliation of present value of defined benefit obligations


Mar 31, 2013

(a) Fixed Assets:

(i) To state assets at cost of acquisition inclusive of Inward Freight, Taxes and Incidental expenses related to acquisition but exclusive of taxes & duties for which credit is availed, Interest on Loans, during the period of construction, is added to the cost of Fixed Assets.

(ii) Fixed Assets exclude items individually costing of Rs.5,000/- or less which are not capitalized.

(b) Capitalization of Project:

To capitalize all related pre-operational and direct expenditure (including temporary facilities) during construction period. Direct financing cost, if any is also capitalized. . _

(c) Depreciation:

i) To provide for Depreciation on Fixed Assets under the ''Straight line method'' at the rates provided , by and in accordance with schedule XIV to the Companies Act, 1956.

ii) To charge Depreciation on pro-rata basis on all additions/deletions and on the assets that are put to use. ,

(d) Prior period and Extra-ordinary Debits/Credits:

i) To consider Income and Expenditure over Rs.5,000/- only, in each case, pertaining to prior items . arising, in the current period, because of errors and omissions, as prior period credit/ debits.

ii) To disclose separately extra-ordinary items which are material.

(e) Disclosure of other Income etc.:

i) To disclose items of Income and Expenditure at the net of payments and related collections, wherever they occur.

ii) To recognize interest income etc., upon receipt of confirmation from concerned agency.

(f) Amortization and Write Offs :

i) To amortize Preliminary Expenses and Public Issue Expenses, over a period of Ten years, from the year of commencement of commercial production of plant.

ii) To write off Deferred Revenue Expenditure depending upon the nature and the expected period future benefits.

(g) Foreign Currency Transactions:

To initially record monetary items, of Foreign Currency in Rupees, by applying the Exchange Rate prevailing at the time of transaction. To recognize as expense or income the amount short or excess realized / incurred because of settlement / conversion by transferring to Exchange Rate Variation Account and in the period in which they arise.

(h) Sales & Purchases:

i) To disclose all sales at net of sales tax. .

ii) To account for all purchases exclusive of taxes & duties for which credit is availed.

iii) To disclose sale of DEPB licenses at the time of realization.

(i) Valuation of Inventories:

i) To value all raw materials, stores and spare parts, loose tools, packing materials, finished goods etc., at lower of cost or net realizable value.

ii) To determine cost on the basis of

Finished Goods - Weighted Average cost

Raw materials/utilities - FIFO if) To account for all empties, scrap and waste upon realization.

(j) Valuation of Investments:

Current Investments are valued at lower of cost and fair value, and long-term investments at cost.

Where applicable provision is made in case of other than temporary diminution in value of investments.

(k) Employee Benefits:

To recognize actuarial gains and losses on defined benefit plans during the year.

(I) Taxes on Income:

Provision for current tax is made for the amount of tax payable in respect of taxable income for the year under the Income Tax Act, 1961.

Deferred tax is recognized on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or subsequent '' periods, subject to consideration of prudence. ''

(m) No value is attributed to Silica which, in the opinion of the Management, is a process waste and has no guaranteed market value (net realizable value), except for the quantities which are being disposed off on as is where is basis to parties on irregular quantities and prices.

(n) Impairment of Assets:

The entire plant is considered as a cash-generating unit. As the recoverable amount of the Cash Generating Unit, being its value in use, is in excess of its carrying mount there is no impairment loss in terms of Account Standard 28 - Impairment of Assets.

(o) Leases:

Since the lease transaction of the company, are incidental to the company''s main business of production of Aluminum Fluoride, specific disclosures as per Accounting Standard 19 on ''Leases'' are not considered necessary

(p) The Company has re-classified previous year''s to confirm to this year''s classifications. However, the adoption of revised Schedule VI does not impact recognition, measurement, principles -presentation and disclosures.

(q) Derivative Instruments: Derivative contracts entered into by the company for hedging of foreign currency fluctuation risks on certain firm commitments & forecasted transactions, or otherwise outstanding as on the year end are marked to market. Changes in values thereof and on closed contracts are recognized in the Statement of Profit & Loss based on the principles of prudence as '' enunciated in Accounting Standard-1 (AS-1) "Disclosure of Accounting Policies",

The Company has only one class of shares referred to as equity shares having a par value of Rs.10/-Each holder of equity shares is entitled to one vote per share.

Reconciliation of number of equity shares and amount outstanding of the beginning and at the end of the year:

Based on the information available with the Company, there are no dues/interest outstanding to Micro, Small and Medium enterprises, as defined under the MSMED Act, 2006 as on 31 March, 2013 (as on 31 March, 2012 - Nil).

Information relating to ''supplier'' under the provisions of Micro, Small and Medium Enterprise Development Act, 2006.

Disclosure of Sundry Creditors is based on the information available with the Company regarding the status of the suppliers as defined under the "Micro, Small and Medium Enterprises Development Act, 2006". .

(Miscellaneous receipts includes Sale of Silica (By-product) of Rs.72,51,805/- (previous year Rs.98,64,307/-) and Sale of Coal dust (rejections) of Rs.1,29,31,272/- (previous year Rs.1,21,79,281/-) which is net off from coal dust transfer price and both products sale price is inclusive of excise duty)

(Excludes compensation paid to employees, Hospitalization and medical expenses of Rs.46,36,127/-due to accident) 25 Employee Benefits: .

i) General Description of the Post Employment Benefits - Defined Benefit Plans

a) Gratuity: Payable to employees, who render continuous service of 5 years or more, on separation, at 15 days of last drawn pay for each completed year of service.

b) Compensated Absence: Encashment of accumulated earned leave, subject to maximum permissible limits as per the terms of appointment, will be paid to the employee on separation.


Mar 31, 2012

(a) Fixed Assets:

To state assets at cost of acquisition inclusive of Inward Freight, Taxes and Incidental expenses related to acquisition but exclusive of taxes & duties for which credit is availed, Interest on Loans, during the period of construction, is added to the cost of Fixed Assets.

(b) Capitalization of Project:

To capitalize all related pre-operational and direct expenditure (including temporary facilities) during construction period. Direct financing cost, if any is also capitalized.

(c) Depreciation:

i) To provide for Depreciation on Fixed Assets under the 'Straight line method' at the rates provided by and in accordance with schedule XIV to the Companies Act, 1956.

ii) To charge Depreciation on pro-rata basis on all additions/deletions and on the assets that are put to use.

(d) Prior period and Extra-ordinary Debits/Credits:

i) To consider Income and Expenditure over Rs.5,000/- only, in each case, pertaining to prior items arising, in the current period, because of errors and omissions, as prior period credit/ debits.

ii) To disclose separately extra-ordinary items which are material.

(e) Disclosure of other Income etc.:

i) To disclose items of Income and Expenditure at the net of payments and related collections,

wherever they occur.

ii) To recognize interest income etc., upon receipt of confirmation from concerned agency.

(f) Amortization and Write Offs :

i) To amortize Preliminary Expenses and Public Issue Expenses, over a period of Ten years, from the year of commencement of commercial production of plant.

ii) To write off.Deferred Revenue Expenditure depending upon the nature and the expected period of future benefits.

(g) Foreign Currency Transactions:

To initially record monetary items, of Foreign Currency in Rupees, by applying the Exchange Rate prevailing at the time of transaction. To recognize as expense or income the amount short or excess realized / incurred because of settlement / conversion by transferring to Exchange Rate Variation Account and in the period in which they arise.

(h) Sales & Purchases:

i) To disclose all sales at net of sales tax.

ii) To account for all purchases exclusive of taxes & duties for which credit is availed.

iii) To disclose sale of DEPB licenses at the time of realization.

(i) Valuation of Inventories: -

i) To value all raw materials, stores and spare parts, loose tools, packing materials, finished goods etc., at lower of cost or net realizable value.

ii) To determine cost on the basis of

Finished Goods - Weighted Average cost Raw materials/utilities - FIFO

iii) To account for all empties, scrap and waste upon realization.

(j) Valuation of Investments:

Current Investments are valued at lower of cost and fair value, and long-term investments at cost. Where applicable provision is made in case of other than temporary diminution in value of investments.

(k) Employee Benefits:

To recognize actuarial gains and losses on defined benefit plans during the year.

(I) Taxes on Income:

Provision for current tax is made for the amount of tax payable in respect of taxable income for the year under the Income Tax Act, 1961.

Deferred tax is recognized on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or subsequent periods, subject to consideration of prudence.

(m) No value is attributed to Silica which, in the opinion of the Management, is a process waste and has no guaranteed market value (net realizable value), except for the quantities which are being disposed off on an as is where is basis to parties on a irregular basis, quantities and prices.

(n) Impairment of Assets:

The entire plant is considered as a cash-generating unit. As the recoverable amount of the Cash Generating Unit, being its value in use, is in excess of its carrying mount there is no impairment loss in terms of Account Standard 28 - Impairment of Assets.

(o) Leases:

Since the lease transaction of the company, are incidental to the Company's main business of production of Aluminum Fluoride, specific disclosures as per Accounting Standard 19 on 'Leases' are not considered necessary. '

(p) Till the year ended 31 March, 2011, the Company was using pre-revised Schedule VI to Companies , Act, 1956 for preparation and presentation of its financial statements. During the year ended 31 March, 2012, the revised schedule VI notified under the Companies Act, 1956, has become applicable to the Company.

The Company has re-classified previous year's to confirm to this year's classifications. However, the adoption of revised Schedule VI does not impact recognition, measurement, principles - presentation and disclosures.

The Company has only one class of shares referred to as equity shares having a par value of Rs.10/- Each holder of equity shares is entitled to one vote per share.

Reconciliation of number of equity shares and amount outstanding of the beginning and at the end of the year:

Based on the information available with the Company, there are no dues/interest outstanding to Micro, Small and Medium enterprises, as defined under the MSMED Act, 2006 as on 31 March, 2012 (as on 31 March, 2011 - Nil).

Information relating to 'supplier' under the provisions of Micro, Small and Medium Enterprise Development Act, 2006.


Mar 31, 2010

(a) Fixed Assets :

To state assets at cost of acquisition inclusive of Inward Freight, Taxes and Incidental expenses related to acquisition but exclusive of taxes & duties for which credit is availed, Interest on Loans, during the period of construction, is added to the cost of Fixed Assets.

(b) Capitalization of Project:

To capitalize all related pre-operational and direct expenditure (including temporary facilities) during construction period. Direct financing cost, if any is also capitalized.

(c) Depreciation:

i) To provide for Depreciation on Fixed Assets under theStraight line methodat the rates provided by and in accordance with schedule XIV to the Companies Act 1956.

ii) To charge Depreciation on pro-rata basis on all additions/deletions and on the assets that are put to use.

(d) Prior period and Extra-ordinary Debits/Credits:

i) To consider Income and Expenditure over Rs.5,000/- only, in each case, pertaining to prior items arising, in the current period, because of errors and omissions, as prior period ceedit/ debits.

ii) To disclose separately extra-ordinary items which are material.

(e) Disclosure of other Income etc.,:

i) To disclose items of Income and Expenditure at the net of payments and related collections, wherever they occur.



ii) To recognize interest income etc., upon receipt of confirmation from concerned agency.

(f) Amortization and Write Offs :

i) To amortize Preliminary Expenses and Public Issue Expenses, over a period of ten years, from the year of commencement of commercial production of plant.

ii) To. write off Differed Revenue Expenditure depending upon the nature and the expected period of future benefits.

(g) Foreign Currency Transactions :

To initially record monetary items, of Foreign Currency in Rupees, by applying the Exchange Rate prevailing at the time of transaction. To recognize as expense or income the amount short or excess realized / incurred because of settlement / conversion by transferring to Exchange Rate Variation Account and in the period in which they arise.

(h) Sales & Purchases :

i) To disclose all sales at net of sales tax:

ii) To accounHor all purchases exclusive of taxes & duties for which credit is availed.

iii) To disclose sale of DEPB licenses at the time of realization.

(i) Valuation of Inventories :

i) To value all raw materials, stores and spare parts, loose tools, packing materials, finished goods etc., at lower of cost or net realizable value.

ii) To determine cost on the basis of

Finished Goods - Weighted Average cost

Raw materials/utilities - FIFO

iii) To account for all empties, scrap and waste upon realization.

(j) Valuation of Investments:

Current Investments are valued at lower of cost and fair value, and long term investments at cost. Where applicable provision is made in case of other than temporary diminution in value of investments.

(k) Employee Benefits :

To recognize actuarial gains and losses on defined benefit plans during the year.

(l) Taxes on Income :

Provision for current tax is made for the amount of tax payable in respect of taxable income for the year under the Income Tax Act, 1961.

Deferred tax is recognized on timing differences being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or subsequent • periods, subject to consideration of prudence.

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