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Notes to Accounts of Alufluoride Ltd.

Mar 31, 2015

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, 2015 (as on 31 March, 2014 - Nil).

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

1. 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. i) Reconciliation of present value of defined benefit obligations

2. Contingent liabilities:

1. Claims against the Company not acknowledged as debts:

a. In respect of disputed Tax Collected at Source (TCS) demand of Rs.56,480/- with the Income tax department which is unpaid.

b. Legal notice issued by a supplier for capital goods against the Company for which the Company is disputing and had already provided sufficient liability in the books of account to the tune of Rs.12,35,756/- 2. Bank guarantees/Letter of Credit in force (Previous year - Rs. Nil) – Rs. Nil.

3. Payables includes a provision of Rs.1,02,354/- towards rent payable to Visakhapatnam Port Trust for the period 31.12.2014 to 31.3.2015 and the lease had expired on 30.12.2014. Pending a change / revision in the lease terms, there may be a possible obligation on the Company of increase of lease rent which is not quantifiable at present.

3. The Company availed CENVAT benefit, on Capital Goods, the balance of which is identified and disclosed separately. Fixed assets of the Company are disclosed at a value exclusive of Excise Duty paid. Opening & Closing stock of finished goods includes applicable Excise duty of Rs.71,26,205/- and Rs.12,46,396/- respectively.

4. Segment Reporting:

Since the Company is dealing with a single product the disclosure requirements issued by the ICAI are not applicable.

5. Related Party Transaction:

List of Related Parties with whom transactions have taken place during the year :

Associated Companies: M/s Anar Enterprises Private Ltd, M/s Kaiser Finance & Leasing

Private Ltd and M/s Visakha Finance Ltd

Key Management Personnel : Sri Venkat Akkineni, Managing Director,

Smt. Jyothsana Akkineni, Executive Director and Sri K. Purushotham Naidu, Director (Finance).

Rent to M/s Anar Enterprises (P) Ltd: Rs. 1,38,000 (Previous year Rs.1,38,000)

Rent to M/s Kaiser Finance & Leasing (P) Ltd.: Rs. 2,01,600 (Previous year Rs.2,01,600)

Rent to M/s Visakha Finance Ltd: Rs. 60,000 (Previous year Rs.60,000)

Managerial Remuneration:

- Salary & Commission: Rs. 40,97,928 (Previous year Rs.35,87,340)

- Perquisites & Contributions: Rs. 9,19,712 (Previous year Rs.7,99,233)

- Director's Sitting fee: Rs. 16,000 (Previous year Rs.11,000)

- Director's Travelling Expenses: Rs. 8,63,048 (Previous year Rs.4,23,319)

The procedure and instructions for Members for e-voting are as under:- (i) Log on to the e-voting website www.evotingindia.com (ii) Click on "Shareholders" tab

(iii) Now, select the Company name "ALUFLUORIDE LIMITED" from the drop down menu and click on "SUBMIT".

(iv) Now enter your User ID :- (a) For CDSL - 16 digits beneficiary ID,

(b) For NSDL - 8 Characters DP ID followed by 8 Digits Client ID,

(c) Members holding shares in Physical Form should enter Folio Number registered with the Company.

(v) Next enter the Captcha Code (Image Verification Code) as displayed and Click on Login.

(vi) If you are holding shares in Demat form and had logged on to www.evotingindia.com and voted on an earlier voting of any Company, then your existing password is to be used.

(vii) If you are a first time user follow the steps given below (Applicable for both demat shareholders as well as physical shareholders).

(viii) Now, fill up the following details in the appropriate boxes:

For Members holding shares in Demat For Members holding shares in Form Physical Form

PAN Enter your 10 digit alpha-numeric *PAN issued by Income Tax Department

(Applicable for both demat shareholders as well as physical shareholders)

DOB Enter the Date of Birth as recorded in your demat account or in the Company records for the said demat account or folio in dd/mm/yyyy format.

Dividend Bank Enter the Dividend Bank Details as recorded in your demat account or in the Details Company records for the said demat account or folio.

* Members who have not updated their PAN with the Company/Depository Participant are requested to use the first two letters of their name and the sequence number (available in the Address Label pasted in the cover and/or in the e-mail sent to Members) in the PAN field. In case the sequence number is less than 8 digits enter the applicable number of 0's before the number after the first two characters of the name. Eg. If your name is Ramanathan with sequence number 1 then enter RA00000001 in the PAN field.

# Please enter any one of the details in order to login. In case both the details are not recorded with the depository or Company, please enter the Member id / folio number in the Dividend Bank details field.

(ix) After entering these details appropriately, click on "SUBMIT" tab.

(x) Members holding shares in physical form will then reach directly the Company selection screen.

(xi) Members holding shares in demat form will now reach 'Password Creation' menu wherein they are required to mandatorily enter their login password in the new password field. Kindly note that this password is to be also used by the demat holders for voting for resolutions of any other Company on which they are eligible to vote, provided that Company opts for e-voting through CDSL platform. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential.

(xii) You can also update your mobile number and E-mail ID in the user profile details of the folio, which may be used for future Communication(s).

(xiii) For Members holding shares in physical form, the details can be used only for e-voting on the resolutions contained in this AGM Notice.

(xiv) Click on the EVSN (Electronic Voting Sequence Number) of "ALUFLUORIDE LIMITED" to vote.

(xv) On the voting page, you will see "RESOLUTION DESCRIPTION" and against the same the option "YES/NO" for voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option NO implies that you dissent to the Resolution.

(xvi) Click on the "RESOLUTIONS FILE LINK" if you wish to view the entire Resolutions

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(xviii) Once you "CONFIRM" your vote on the resolution, you will not be allowed to modify your vote.

(xix) You can also take out print of the voting done by you by clicking on "Click here to print" option on the Voting page.

(xx) If Demat account holder has forgotten the changed password then Enter the User ID and Captcha Code (Image Verification Code) and click on Forgot Password & enter the details as prompted by the system.

- Institutional shareholders (i.e. other than Individuals, HUF, NRI etc.) are required to log on to https://www.evotingindia.co.in and register themselves as Corporate

- They should submit a scanned copy of the Registration Form bearing the stamp and sign of the entity to helpdesk.evoting@cdslindia.com

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- The list of accounts should be mailed to helpdesk.evoting@cdslindia.com and on approval of the accounts they would be able to cast their vote

- They should upload a scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in favour of the Custodian, if any, in PDF format in the system for the scrutinizer to verify the same.

(xxi) Once the vote on the Resolution is cast by the Shareholders, they shall not be allowed to change it subsequently.

(xxii) In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions ("FAQ") and e-voting manual available at www.evotingindia.co.in under help section or Write an email to helpdesk.evoting@cdslindia.com.

(xxiii) The Scrutinizer shall within a period of not exceeding three (3) working days from the conclusion of the e-voting period unblock the votes in the presence of at least two (2) witnesses not in the employment of the Company and make a Scrutinizer's Report of the votes cast in favour or against, if any, forthwith to the Chairman/Director of the Company

(xxiv) The Results on Resolutions shall be declared on or after the AGM of the Company by the Chairman of the Company or by any other persons duly authorized in this regard. The Resolutions will be deemed to be passed on the date of Annual General Meeting subject to receipt of the requisite number of votes. The Results declared along with the Scrutinizer's Report shall be placed on the Company's website www.alufluoride.com and on the website of CDSL within two (2) days of passing of the resolutions at the AGM of the Company and communicated to the Stock Exchanges.


Mar 31, 2014

1 Pending Forward Contracts:

Statement of forward contracts for hedging of foreign currency fluctuation risk on certain firm commitments and forecasted transactions, outstanding as on 31-03-2014:

2 Contingent liabilities:

1. Claims against the Company not acknowledged as debts;

a. In respect of disputed Tax Collected at Source (TCS) demand of Rs.56,480/- with the Income tax department which is unpaid.

b. Legal notice issued by a supplier for capital goods against the Company for which the Company is disputing and had already provided sufficient liability in the books of account to the tune of Rs.12,35,756/-

2. Bank guarantees/Letter of Credit in force (Previous year - Rs. Nil) - Rs. Nil.

3 The Company availed CENVAT benefit, on Capital Goods, the balance of which is identified and disclosed separately. Fixed assets of the Company are disclosed at a value exclusive of Excise Duty paid. Opening & Closing stock of finished goods includes applicable Excise duty of Rs.12,46,396/- and Rs.22,27,916/- respectively.

4 Segment Reporting:

Since the Company is dealing with a single product the disclosure requirements issued by the ICAI are not applicable.

5 Related Party Transaction:

List of Related Parties with whom transactions have taken place during the year :

Associated Companies: M/s Anar Enterprises Private Ltd,

M/s Kaiser Finance & Leasing Private Ltd and M/s Visakha Finance Ltd

Key Management Personnel: Mr. Venkat Akkineni, Managing Director,

Mrs. Jyothsana Akkineni, Executive Director and Mr. K. Purushotham Naidu, Director (Finance).

Rent to M/s Anar Enterprises (P) Ltd:

Rs. 1,38,000 (Previous year Rs. 1,38,000)

Rent to M/s Kaiser Finance & Leasing (P) Ltd.:

Rs. 2,01,600 (Previous year Rs. 2,01,600)

Rent to M/s Visakha Finance Ltd:

Rs. 60,000 (Previous year Rs. 60,000)

Managerial Remuneration:

- Salary & Commission:

Rs. 35,87,340 (Previous year Rs.35,14,660)

- Perquisites & Contributions:

Rs. 7,99,233 (Previous year Rs. 7,84,758)

- Director''s Sitting Fee: Rs. 11,000

(Previous year Rs. 11,000)

- Director''s Travelling Expenses:

Rs. 4,23,319 (Previous year Rs. 7,09,270)


Mar 31, 2013

1 Pending Forward Contracts:

Statement of forward contracts for hedging of foreign currency fluctuation risk on certain firm commitments and forecasted transactions, outstanding as on 31-03-2013:

2 Contingent liabilities:

1. Claims against the Company not acknowledged as debts

a. In respect of matters under dispute with Income Tax Department amounting to Rs.71.93 _ lakhs (previous year Rs.71,93 lakhs), out of which Rs.56.93 lakhs has been paid under dispute.

b. Legal notice issued by a supplier for capital goods against the Company for which the Company is disputing and had already provided sufficient liability in the books of account to the tune of Rs.12,35,756/-

2. Bank guarantees/Letter of Credit in force (Previous year - Rs. Nil) - Rs. Nil.

3 The Company availed CENVAT benefit, on Capital Goods, the balance of which is identified and '' disclosed separately. Fixed assets of the Company are disclosed at a value exclusive of Excise Duty paid. Opening & Closing stock of finished goods includes applicable Excise duty of Rs.22,27,916/- and Rs.6,561/- respectively.

4 Segment Reporting:

Since the Company is dealing with a single product the disclosure requirements issued by the ICAI are not applicable. -

5 Related Party Transaction;

'' List of Related Parties with whom transactions have taken place during the year:

Associated Companies: M/s Anar Enterprises Private Ltd,

M/s Kaiser Finance & Leasing Private Ltd and M/s Visakha Finance Ltd Key Management Personnel: Mr. Venkat Akkineni, Managing Director,

Mrs. Jyothsana Akkineni, Executive Director and Mr. K. Purushotham Naidu, Director (Finance). Rent to M/s Anar Enterprises (P) Ltd: Rs. 1,38,000 (Previous year Rs. 1,38,000)

Rent to M/s Kaiser Finance & Leasing .(P) Ltd.: Rs. 2,01,600 (Previous year Rs. 2,01,600)

Rent to M/s Visakha Finance Ltd: Rs. 60,000 (Previous year Rs. 60,000)

Managerial Remuneration:

- Salary & Commission: Rs. 36,14,660 (Previous year Rs.35,22,575)

- Perquisites & Contributions: Rs. 7,84,758 (Previous year Rs. 5,87,441)

- Director''s Sitting Fee: Rs. 11,000 (Previous year Rs. 11,000)

- Director''s Travelling Expenses: Rs. 7,09,270 (Previous'' year Rs. 3,11,769)


Mar 31, 2012

1 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.

2 Contingent liabilities:

1. Claims against the Company not acknowledged as debts

a. In respect of matters under dispute with Income Tax Department amounting to Rs.71.93 lakhs (previous year Rs. nil), out of which Rs.36.93 lakhs has been paid under dispute.

b. Legal notice issued by a supplier for capital goods against the Company and for this amount the Company is disputing and had already provided sufficient liability in the books of account.

2. Bank guarantees/Letter of Credit in force (Previous year - Rs. Nil) - Rs. Nil.

3 The Company availed CENVAT benefit, on Capital Goods, the balance of which is identified and disclosed separately. Fixed assets of the Company are disclosed at a value exclusive of Excise Duty paid. Opening & Closing stock of finished goods includes applicable Excise duty of Rs.72,815/- and Rs.6,561/- respectively.

4 Segment Reporting:

Since the Company is dealing with a single product the disclosure requirements issued by the ICAl are not applicable.

5 Related Party Transaction:

List of Related Parties with whom transactions have taken place during the year:

Associated Companies: M/s Anar Enterprises Private Ltd,

M/s Kaiser Finance & Leasing Private Ltd and M/s Visakha Finance Ltd Key Management Personnel: Mr. Venkat Akkineni, Managing Director,

Mrs. Jyothsana Akkineni, Executive Director and Mr. K. Purushotham Naidu, Director (Finance). Rent to M/s Anar Enterprises (P) Ltd: Rs. 1,38,000 (Previous year Rs. 2,05,500)

Rent to M/s Kaiser Finance & Leasing (P) Ltd.: Rs. 2,01,600 (Previous year Rs. 2,01,600)

Rent to M/s Visakha Finance Ltd: Rs. 60,000 (Previous year Rs. 60,000)

Managerial Remuneration:

- Salary & Commission: Rs. 35,22,575 (Previous year Rs.33,08,403)

- Perquisites & Contributions: Rs. 5,87,441 (Previous year Rs. 6,65,510)

- Director's Sitting Fee: Rs. 11,000 (Previous year Rs. 10,000)


Mar 31, 2010

1. No value is attributed to Silica which, in the opinion of the Management, is a process waste and has no market value (net realizable value), except for the quantities which are being disposed off to the interested parties for their trials/R&D purpose.

2. 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 Account Standard 28 - Impairment of Assets.

3. Leases: . Since the lease transaction of the company, are incidental to the companys main business of production of Aluminum Fluoride, specific disclosures as per Accounting Standard 1§ on Leases are not considered necessary.

4. Figures are regrouped for presentation purposes and are reclassified wherever necessary.

5. 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".

6. 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.

i) Reconciliation of present value of defined benefit obligations

ii) All the defined benefit plans are unfunded.

iii) Expenses recognised in the Statement of Profit & Loss Account,

iv) Actuarial Assumptions

7. Deferred Tax Asset / Liability :

8. Contingent liabilities :

1. Claims against the Company not acknowledged as debts - Nil

(Previous year - Rs.Nil), except legal notice issued by a supplier for capital goods against the Company and for this amount the Company is disputing and had already provided sufficient liability in the books of account.

2. Bank guarantees/Letter of Credit in force (Previous year - Rs.Nil) - Rs.Nil.

9. The Company availed CENVAT benefit, on Capital Goods, the balance of which is identified and disclosed separately. Fixed assets of the Company are disclosed at a value exclusive of Excise Duty .. paid. Opening & Closing stock of Finished goods includes applicable Excise duty of Rs.4,047/- and Rs.3,72,963/- respectively.

10. Segment Reporting :

Since the Company is dealing with a single product the disclosure requirements issued by the ICAI are not applicable.

11. Related Party Transactions :

List of Related Parties with whom transactions have taken place during the year:

Associated Companies

M/s Anar Enterprises Private Ltd, M/s Kaiser Finance & Leasing Private Ltd and M/s Visakha Finance Ltd.

Key Management Personnel

Mr. Venkat Akkineni, Managing Director,

Mrs. Jyothsana Akkineni, Executive Director and

Mr. K. Purushotriam Naidu, Director (Finance).

Rent to M/s Anar Ent.(P) Ltd ,

Rent to M/s Kaiser-finance & Leasing (P) Ltd

Rent to M/s Visakha Finance Ltd

: Rs. 2,28,000/- (includes earlier periods) : Rs. 2,01,600/- (includes earlier periods) : Rs. 60,000/- (includes earlier periods)

Managerial Remuneration :

- Salary & Commission : Rs. 33,97,488/-

-- Perquisites & Contributions : Rs. 8,86,063/-

 
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