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Notes to Accounts of Alufluoride Ltd.

Mar 31, 2018

1. Company Information

Alufluoride limited (“the company”) is a leading manufacturer of Aluminum Fluoride was formed in the year 1984. The annual capacity of production is 7500 MTs. The Company is a public limited company incorporated and domiciled in India and has its registered office at Mulagada, Mindi Visakhapatnam, Andhra Pradesh. The Company’s shares are listed on Bombay stock exchange (BSE Limited). The company does not have any parent, subsidiary or associate companies.

2. Statement of compliance, Recent accounting pronouncements and basis of preparation and presentation

2.1. Statement of compliance with Ind As

These financial statements are the standalone financial statements prepared in accordance with Indian Accounting Standards (“Ind AS”) notified under section 133 of the Companies Act, 2013, read together with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 with effect from April 1, 2016 and therefore Ind ASs issued, notified and made effective till the financial statements are authorized have been considered for the purpose of preparation of these financial statements and guidelines issued by the Securities and Exchange Board of India (SEBI).

These are the Company’s first Ind AS Financial Statements and the date of transition to Ind AS, as required has been considered to be April 1, 2016.

Upto the year ended 31st March, 2017, the Company prepared its financial statements in accordance with the requirements of Accounting Standards notified under the Section 133 of the Companies Act, 2013, read together with Rule 7 of the Companies (Accounts) Rules, 2014 (‘Previous GAAP’). These are the Company’s first Ind AS financial statements. For the purpose of transition to Ind AS, the Company has followed the guidance prescribed in Ind AS 101 - “First

Time adoption of Indian Accounting Standard”. Figures for previous period in the Financial Statements have been recasted /restated to make them comparable with current year’s figures. The transition to Ind AS has resulted in changes in the presentation of the financial statements, disclosures in the notes thereto and accounting policies and principles. Refer Note No -7 for the details of mandatory exceptions and optional exemptions on first time adoption availed by the Company.

2.2 Recent accounting pronouncements

A. Applicable for Accounting year 2017-18

In March 2017, Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards) (Amendments) Rules, 2017, notifying amendments to the Ind AS 7 “Statement of Cash flows” and Ind AS 102 “Share - Based Payment’ which are applicable w. e. f. 1st April, 2017.

Amendment to Ind AS 7:

The amendment to Ind AS 7 requires the entities to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes, suggesting inclusion of a reconciliation between the opening and closing balances in the balance sheet for liabilities arising from financing activities, to meet the disclosure requirements. As the company does not have any liabilities arising from financing activities; the aforesaid disclosures have not been made in the financial statements for the year ended 31st march, 2018.

Amendment to Ind AS 102:

The amendment to Ind AS 102 “Share Based Payment” provides specific guidance to measurement of cash-settled share based payment transactions and share based payment transactions with a net settlement feature for withholding tax obligations. As the Company has not issued any stock option plans, this amendment does not have any impact on the financial statements of the Company.

B. Standards issued but not yet effective and are applicable for Accounting year 2018-19

On 28th March, 2018, Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards) (Amendments) Rules, 2018, notifying major amendments to the

- Ind AS 40 “Investment property”,

- Ind As 21 “The effect of changes in foreign exchange rates”,

- Ind As 12 “Income Taxes”,

- Ind As 28 “Investments in Associates and Joint ventures” and

- Ind AS 112 “Disclosure of interests in other entities”

A new Ind As accounting standard Ind AS 115 “Revenue from contracts with customers” is introduced; however Ind AS 11 “Construction contracts” and Ind AS 18 “Revenue” are omitted,

These are applicable w. e. f. 1st April, 2018

Amendment to Ind AS 40:

The amendment lays down the principles regarding when a company should transfer asset to, or from, investment property. As the Company does not have any investment property this amendment does not have any impact on the financial statements of the Company.

Amendment to Ind AS 21:

The amendment provides specific guidance regarding the exchange rate for transaction when foreign currency consideration is paid or received in advance for the item relating to an asset, an expense or income. The effect of this amendment on the financial statements of the Company will be evaluated.

Amendment to Ind AS 12:

The amendment provides explanation and guidance that determination of temporary differences and estimation of probable futures taxable profit against which, deductible temporary differences will be assessed for utilisation are two separate steps and provides guidance for determining temporary differences. The effect of this amendment on the financial statements of the Company will be evaluated.

Amendment to Ind AS 28:

The amendment provides clarification requiring to measure investments separately for each associate or joint venture. As the Company does not have any investments in associates and joint ventures, this amendment does not have any impact on the financial statements of the Company.

Amendment to Ind AS 112:

The amendment clarifies that disclosure requirement for interests in other entities also apply to interests that are classified as held for sale or as discontinued operations in accordance with Ind AS 105 “Non-current Assets held for sale and Discontinued operations”. As the Company does not have any interests in other entities this amendment does not have any impact on the financial statements of the Company.

The Company will adopt these amendments from their applicability date.

2.3 Basis of measurement, functional currency

These financial statements are presented in Indian Rupees (INR), which is also the Company’s functional currency. All amounts have been rounded-off to the nearest Rupees, unless otherwise indicated.

These financial statements have been prepared on the historical cost basis except for certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the significant accounting policies.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date

2.4 Basis for preparation and presentation

The financial statements have been prepared on accrual and going concern basis. The accounting policies are applied consistently to all the periods presented in the financial statements, including the preparation of the opening Ind AS Balance Sheet as at 1st April, 2016 being the ‘date of transition to Ind AS’.

Any asset or liability is classified as current if it satisfies any of the following conditions:

- the asset/liability is expected to be realized/ settled in the Company’s normal operating cycle;

- the asset is intended for sale or consumption;

- the asset/liability is held primarily for the purpose of trading;

- the asset/liability is expected to be realized/ settled within twelve months after the reporting period

- the asset is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date;

- In the case of a liability, the Company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

All other assets and liabilities are classified as non-current.

For the purpose of current/non-current classification of assets and liabilities, the Company has ascertained its normal operating cycle as twelve months. This is based on the nature of products and services and the time between the acquisition of assets or inventories for processing and their realization in cash and cash equivalents.

These financial statements were authorized for issue by the Company’s Board of Directors on 17th May, 2018.

Note 3 (C) Reasons for Investments designated to measure at FVTOCI:

The company has made a irrevocable decision to consider equity instruments and mutual funds not held for trading to be recognised at fair value through other comprehensive income

Note 3.1 (C): The company has adequate profits in the past and the management is of the view that there will be taxable profits in the future. In view of the above the company has recognised deferred tax asset in the books of account.

3.2 (A) Rights, Preferences and restrictions attached to equity shares

Equity shares have a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts, in proportion of their shareholdings.

Note 3.3 (A) Refer Statement of changes in Equity for Movement in balances of reserves

Note 3.3.1 (B) General Reserve

The General Reserve is created from time to time by appropriating profits from retained earnings. The general reserve is created by transfer from one component of equity to another and accordingly it is not reclassified to the Statement of profit and loss.

Note 3.3.2 (C ) Retained Earnings

Retained earnings generally represents the undistributed profit/ amount of accumulated earnings of the company.

Note 3.3.3 (D) Money received against share warrents

a. The company at the Extrordinary General Meeting held on 17th November, 2017 has issued 8,20,082 number of share warrents convertible into 8,20,082 equity shares of the Company of the face value of Rs.10/- each.

b. Each warrant be convertible into one equity share, which can be exercised at any time within a period of 18 months from the date of issue of such Warrants. 25% of the consideration is paid by the proposed allottees to the Company upon issue and allotment of the warrants. The amount paid will be forfeited if the warrants are not exercised within a period of 18 months from the date of issue of warrants.

c. As on the balance sheet date, none of the allotees has exercised the right of converting the share warrents into equity shares. The amount received against the share warrents are utilised for the proposed plant expansion at Visakhapatnam. 8,20,082 Equity shares were reserved for issue of share warrants.

d. Equity Shares to be issued and allotted by the Company on exercising of the option against the warrants, shall rank pari-passu in all respects with the then existing fully paid-up Equity Shares of the Company.

Note 3.4 (E) Other Comprehensive Income

Other Comprehensive Income (OCI) represents the balance in equity for items to be accounted under OCI and comprises of: items that will not be reclassified to profit and loss.

a. The Company has made an irrevocable election to present the subsequent fair value changes of investments in OCI. This reserve represents the cumulative gains and losses arising on the revaluation of equity instruments measured at fair value including tax effects. The company transfers restated fair value amounts from this reserve to retained earnings when the relevant financial instruments are disposed.

b. The actuarial gains and losses along with tax effects arising on defined benefit obligations have been recognised in OCI.

Note 3.5 (A) Employee benefit plans:

The disclosures of Employee Benefits as per Indian Accounting Standard 19 “Employees’ Benefits” are given hereunder:

a) Defined Contributions Plans:

Contributions to Defined Contribution plans, recognized as expense for the year, are as under:

b) Defined Benefit Plans:

General Description of the Post Employment defined Benefit Plans;

i) Gratuity: The company provides for gratuity to the employees as per Payment of Gratuity Act,1972. Employees who are in continuos service for a period of 5 years are eligible for gratuity. The amount of gratuity is payable on retirement/resignation. The gartuity plan is a Unfunded plan and the company provides liability in the books of account based on acturial valuation performed by an independent actuary at each balance sheet date using projected unit credit method.

ii) Compensated Absence: The Company has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an independent actuary at each balance sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the balance sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur. Encashment of accumulated earned leave, subject to maximum permissible limits as per the terms of appointment, will be paid to the employee on separation.

Note 3.6 (G) Significant estimates : Sensitivity analysis

The sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (projected unit credit method) has been applied as when calculating the defined benefit obligation recognised within the Balance Sheet.

As per the enterprise’s accounting policy actuarial gains and losses are recognized immediately during the same year itself.

The above information is certified by the Actuary.

i) The tax rate used for the years ended 31st March, 2018 and 31st March, 2017 in reconciliations above is the corporate tax rate of 27.55% (Previous year 33.06 %) payable by corporate entities in India on taxable profits under the Indian tax law.

ii) There is a decrease in tax rate by 5.51% during the year as compared to previous year due to compliance of certain conditions as specified under Income Tax Act, 1961 by the company.

Note 3.7 Calculation of Earnings Per Share (EPS) is as follows:

Earnings per share is calculated by dividing:

- the profit attributable equity share holders of the company

- by the weighted average number of equity shares outstanding during the financial year.

C) The weighted average number of shares takes into account the weighted average effect of changes in treasury share transactions during the year. There have been no other transactions involving Equity shares or potential Equity shares between the reporting date and the date of authorisation of these financial statements.

D) Refer Note No 5.14 (D) for information regarding share warrant. As on the balance sheet date, none of the allotees has exercised the right of converting the share warrents into equity shares, hence the same is considered for calculating diluted EPS.

Note 3.8: Segment information

Segmental reporting as per Ind AS-108 as notified by MCA is not applicable, as the Company is engaged in manufacture of a single line of product.

Note 3.9: Impairment of Assets

According to an internal technical assessment carried out by the Company, there is no impairment in the carrying cost of cash generating units of the Company in terms of Indian Accounting Standard 36 ‘Impairment of Assets.''

Note 3.10 (A) Others

During the year the company has entered into a vendor finance Agreement usually termed as “T rade Credit”. In this case, the transaction is between ALUFLUORIDE LIMITED (the company) and VEDANTA LIMITED (Vedanta Group) in which, ICICI Bank Ltd., acts as Vendor Financer to Vedanta for Rs.8.50 Crores.

In the above arrangement, the company will supply Aluminum Fluoride to Vedanta Group, for which, based on the above Vendor Financing scheme, at the advice of Vedanta, ICICI Bank Ltd., will pay invoice payments to the company on behalf of Vedanta. The company will not pay any interest on these transactions to ICICI and all the payments due to ICICI Bank Ltd., is being paid by Vedanta as per its due dates. The company has not created any charge on the assets of the company.

As on 31st of March, 2018, the company owes to ICICI Bank Ltd an amount of Rs.7,19,03,064/- (March 31, 2017: Nil and April 1, 2016: Nil) and these amounts will be paid to ICICI Bank Ltd by Vedanta group. In case of default by Vedanta group, the company may liable for the same and the company can sue Vedanta group for recovery of the liable amount.

Note 3.11 (B) Disputed cases

1. 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/-(March 31, 2017: Rs.12,35,756 and April 1, 2016: Rs.12,35,756).

2. The company has a dispute with the Visakhapatnam Port Trust (VPT) regarding excessive lease rentals and will be paid to VPT on settlement amounting to Rs.1,37,73,918 (March 31, 2017: Rs.81,89,382 and April 1, 2016: Rs.7,80,587) grouped under other current financial liabilities.

Provision for decommissioning liability:

This provision has been created for estimated costs of dismantling and removing the debries and restoring the site in respect of leased premises on which the plant is super structured. The initial lease agreement is for a period of 20 years which is valid upto 31.12.2014, since then the company is follow-up with Visakhapatnam Port Trust for extension of lease. Accordingly the extended period of lease is still uncertain as on the reporting date. As the company is in advanced stage of planning to set up a new expansion plant at the same leased site at Visakhapatnam, the estimated life of the new plant, which is estimated to be 20 years and accordingly the company is expected to enter into lease extension aggrement for atleast 20 years; Accordingly the de-commissioning provision has been estimated based on the above facts.

Note 3.12 Previous year’s figures have been regrouped and rearranged wherever necessary to make them comparable with the current year figures.

Note No. 4 Financial Instruments:

Note No. 4.1 Capital Management

A) The primary objective of the company’s capital management is to ensure that it maintains a healthy capital ratio in order to support its business and maximise shareholder’s value. The company’s objective when managing capital is to safeguard their ability to continue as a going concern so that they can continue to provide returns for shareholders and benefits for other stake holders. The company is focused on keeping strong total equity base to ensure independence, security, as well as a high financial flexibility for potential future borrowings, if required without where the risk profile of the company.

C) Since the company is has a “zero” borrowings as on reporting date and previous reporting date and as on the date of transition into Ind As the gearing ratio i.e net debt to equity ratio is mathematically calculated to be “Zero”.

Note No. 4.2 Fair Valuation Techniques

The fair values of the financial assets and liabilities are included at the amount that would be received on sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

A) The following methods and assumptions were used to estimate the fair values

The fair value of cash and cash equivalents, trade receivables and payables, financial liabilities and assets aapproximate their carrying amount largely due to the short-term nature of these instruments. The management considers that the carrying amounts of financial assets and financial liabilities recognised at nominal cost/amortised cost in the financial statements approximate their fair values. The investments are designated and recognised through Other Comprehensive Income and the fair value is measured at the quoted market value.

B) Fair value hierarchy

Level 1: Level 1 hierarchy includes inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date

Level 2: Inputs other than quoted prices included within level 1 that are observable either directly or indirectly for the asset or liability.

Level 3: Inputs for the asset or liability which are not based on observable market data (unobservable inputs).

Note: Figures in round brackets ( ) indicate figures as at March 31, 2017 and in brackets [ ] indicate figures as at April 01, 2016.

During the above periods, there were no transfers between Level 1 and Level 2 Note No-6.4 Financial risk management framework

A) The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Board of Directors monitors the compliance with the Company’s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

The risk management framework aims at,

i) Improve financial risk awareness and risk transparency

ii) Identify, control and monitor key risks

iii) Identify risk accumulations

iv) Provide management with reliable information on the Company’s risk situation

v) Improve financial returns

B) The company’s activities expose it to credit risk, liquidity risk and market risk. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk.

This note explains the sources of company’s risk from financial instruments and the method adopted to overcome the risk:

a) Credit risk:

i) Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables), from cash and cash equivalents, deposits with banks. The management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis

ii) Financial assets that are neither past due nor impaired

Cash and cash equivalents, deposits with banks, security deposits, investments in securities & mutual funds are neither past due nor impaired. Cash and cash equivalents, deposits are held with banks which are reputed and credit worthy banking institutions. Hence the expected credit loss is negligible. Investments in investments in securities & mutual funds are actively traded in the stock markets and there is no collateral held against these because the counterparties are entities with high credit ratings assigned by the various credit rating agencies. Hence the expected credit loss is negligible

iii) Financial assets that are past due but not impaired

Credit risk arising from trade receivables is managed in accordance with the Company’s established policy, procedures and control relating to customer credit risk management. The average credit period on sales of products is less than 30 days. All trade receivables are reviewed and assessed for default on a quarterly basis. For trade receivables, as a practical expedient, the Company computes credit loss allowance based on a provision matrix. The provision matrix is prepared based on historically observed default rates over the expected life of trade receivables and is adjusted for forward-looking estimates. The provision matrix at the end of the reporting period is as follows:

Note: Since all the receivables are within the credit period; there is no risk and the expected credit loss is negligible

b) Liquidity risk

i) Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company’s objective is to maintain optimum level of liquidity to meet it’s cash and collateral requirements at all times. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit line to meet obligations. Due to the dynamic nature of underlying business, company maintains flexibility in funding by maintaining availability under committed credit lines.

ii) Maturities of financial liabilities

The following table shows the estimated maturity analysis for non-derivative financial liabilities

c) Market risk-Commercial risk

i) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure/liability will fluctuate because of changes in foreign exchange rates. Since Company’s operations are being carried out in India and since all the material balances are denominated in its functional currency and there are no foreign currency borrowings, liabilities, the Company does not carry any material exposure to currency fluctuation risk. The Company’s exposure to foreign currencies is immaterial and hence no sensitivity analysis is presented.

ii) Commercial risk

The commercial risk is the risk due to the change in market prices of raw materials and finished goods and it is measured though sensitivity analysis by taking variance of 5%.

d) Market risk-Security investments prices

i) The price risk arises from the investments held by the company which has been classified in the financial statements as financial assets through other comprehensive income and the same are held for receiving contractual cash flows and for sale. The company has adopted a policy of diversification of portfolio for mitigating the price risk.

ii) Equity Price Sensitivity Analysis:

The sensitivity analysis below have been determined based on the exposure to equity price risks for Investments in equity shares (including investments in equity oriented mutual funds) of companies.

If equity prices had been 5% higher/lower, profit for the year ended 31st March, 2018 would increase/ decrease by Rs.87,26,034 (for the year ended 31st March, 2017: increase / decrease by Rs.62,67,330) as a result of the change in fair value of equity investments which are designated as FVTOCI.

Note No: 5 First time adoption of Ind As -Disclosures, Reconciliations etc.

These are the company’s first financial statements prepared in accordance with Ind AS. For the purpose of transition to Ind AS, the Company has followed the guidance prescribed in Ind AS 101 - “First Time adoption of Indian Accounting Standards”. The transition to Ind AS has resulted in changes in the presentation of the financial statements, disclosures in the notes thereto and accounting policies and principles.

The Company has prepared the opening balance sheet as per Ind As as of 1st April, 2016 (the transition date) by recognising all assets and liabilities whose recognition is required by Ind AS, not recognising items of assets or liabilities which are not permitted by Ind AS, by reclassifying items from previous GAAP to Ind AS as required under Ind AS, and applying Ind AS in measurement of recognised assets and liabilities.

However, this principle is subject to certain mandatory exceptions and optional exemptions allowed by the Company as detailed below:

Note No- 5.1

Optional Exemptions from retrospective application:

a) Deemed cost for property, plant and equipment:

The company may elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of tranisition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of tranisition. Accordingly, the company has opted this exemption for all of its property, plant and equipment.

b) De-commissioning Liability included in the cost of property, plant and equipment

Under Ind AS 16 Property, Plant and Equipment, the cost of an item of property, plant and equipment in costs of dismantling and removing the item and restoring the site on which is located the obligation for which item is acquired or as a consequence of having used the item during a particular period for purposes other than to produce inventories during that period. An entity shall account for changes in decommissioning liability in accordance with Appendix A to Ind AS 16, which requires specified changes in a decommissioning, restoration or similar liability to be added or deducted from the cost of the asset to which it relates. Ind AS 101 provides an exemption whereby a first time adopter need not comply with requirements for changes in decommissioning liabilities that occurred before the date of transition to Ind AS and prescribes an alternative treatment if the exemption is used.

Accordingly, the company has opted this exemption and applied the following procedure:

i) A decommissioning liability is measured in accordance with Ind AS 37 at the date of transition to Ind AS.

ii) To the extent the liability is within the scope of Appendix A of Ind AS 16, estimated the liability that would have been included in the cost of related asset when the liability first arose and discounted by using best estimate of the historical risk adjusted discount rate over the intervening period, and

iii) calculated the accumulated depreciation on that amount, as at the date of transition to Ind ASs, on the basis of the current estimate of the useful life of the asset, using the depreciation policy adopted by the entity in accordance with Ind AS.

c) Designation of previously recognised financial instruments

Under Ind AS 109, at initial recognition of a financial asset, an entity may make an irrevocable election to present subsequent changes in the fair value of an investment in an equity instrument in other comprehensive income. Ind AS 101 allows such designation of previously recognized financial assets, as fair value through other comprehensive income on the basis of the facts and circumstances that existed at the date of transition to Ind AS.Accordingly, the Company has designated its investments in quoted equity instruments at fair value through other comprehensive income on the basis of the facts and circumstances that existed at the date of transition to Ind AS.

Note No- 5.2 Mandatory Exceptions from retrospective application:

a) Estimates

On assessment of the estimates made under the previous GAAP financial statements, the Company has concluded that there is no necessity to revise the estimates under Ind AS, as there is no objective evidence of an error in those estimates. However, estimates that were required under Ind AS but not required under previous GAAP are made by the Company for the relevant reporting dates reflecting conditions existing as at that date.

b) Fair value measurement of financial instruments at initial recognition

Under Ind AS 109, at initial recognition of financial instruments, an entity shall measure a financial instrument at its fair value i.e the transaction price. Ind AS 101 allows to apply such requirements prospectively to transactions entered into on or after the date of transition to Ind AS. Accordingly, the company has opted this exemption . Therefore, transactions that occured prior to the date of transition to Ind AS have not been retrospectively restated.

c) Impairment of financial assets:

The Company has applied the impairment requirements of Ind AS 109 retrospectively; however, as permitted by Ind AS 101, it has used reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial instruments were initially recognised in order to compare it with the credit risk at the transition date. Further, the Company has not undertaken an exhaustive search for information when determining, at the date of transition to Ind ASs, whether there have been significant increases in credit risk since initial recognition, as permitted by Ind AS 101.

(F) Explanatory Notes to reconciliation between Previous GAAP and Ind AS

a. Investments in quoted equity instruments and other quoted instruments designated at FVTOCI

As per Ind AS 109, equity instruments designated at FVTOCI has to be measured at fair value and the gains/losses on restatement has to be recognised in the Other Comprehensive Income net of related taxes, as a separate component of equity. At the date of transition to Ind AS, difference between the instruments fair value and Indian GAAP carrying amount has been recognised in retained earnings.

b. Property, Plant and Equipment

As per Ind AS 16, the cost of PPE shall include the initial estimate of costs of dismantling and removing the item and restoring the site on which it is located. Accordingly, the company recognised the estimated decommissioning costs of the leased premises on which the plant is super structured as part of its Plant & Machinery. For discounting the estimated dismantling cost, the company has taken total leased premises life based on the estimated lease period which the company expects to enter into aggrement with Visakhapatnam Port trust for its new proposed expansion project at Visakhapatnam.

c. Provision for Decommissioning liability

As per Ind AS 37, a provision has to be recognised when an entity has a present obligation arising from past events and the settlement of which is expected to result in an outflow of resources. Further, the same has to be measured at present value of the expenditure expected to be required to settle the obligation. Accordingly, the company has recognised a provision for decommisioning liability equivalent to the discounted value of the estimated decommissioning costs as at the date of transition to Ind As. The differential amount of asset recognised and provision created has been adjusted in retained earnings.

d. Excise Duty

Under Ind AS, sale of goods includes excise duty. Excise duty on sale of goods is separately presented on the face of statement of profit and loss as part of expenses. This change has resulted in an increase in total revenue by Rs.4,59,62,417/- with a corresponding increase in excise duty expenses in other expenses for the year ended 31 March, 2017. However, there is no impact on the total equity and profit.

e. Other Comprehensive Income

Under previous GAAP, there was no concept of other comprehensive income. Under Ind AS, specified items of income, expense, gains, or losses are required to be presented in other comprehensive income, accordingly actuarial gains and losses on remeasurement of defuned benefit obligations and Equity instruments at FVTOCI and its tax effects are recognised in this

f. Remeasurement of Defined Benefit Plan

Under previous GAAP and Ind AS, the Company recognizes cost related to its post-employment defined benefit plan on an actuarial basis. Under previous GAAP, the entire cost, including remeasurement, are charged to Statement of profit and loss.

Consequently, the tax effect on the same has also been recognised in OCI instead of statement of profit and loss.

Under Ind AS, the entity is permitted to transfer amounts recognized in the Other Comprehensive Income within equity. The Company has taken recourse of the said provision and has transferred all re-measurement costs recognized relating prior to the transition date from Retained earnings as on the date of transition as permitted under Ind AS.

On transition, this has resulted in reclassification of re-measurement losses on defined benefit plans of Rs.3,93,245/- for the year ended March 31, 2017 from Statement of profit and loss to OCI.

g. Taxation

Deferred tax has been recognized in respect of on accounting differences between previous GAAP and Ind AS. These adjustments have resulted in net total increase in deferred tax asset and increase in equity by Rs.16,68,447 as on March 31, 2017 and by Rs.18,04,047 April,1, 2016 respectively. Deferred tax asset has been recognised for Provision for de-commissioning liability and adjustments has been made for defined benefit obligations.

h. Cash and cash equivalents

Under previous GAAP, bank fixed deposits whose original maturity of more than 3 months are considered as part of cash and cash equivalents. Under Ind AS these fixed deposits are not considered as component of cash and cash equivalents and accordingly these fixed deposits are not considered in opening and closing cash equivalents. This change does not affect total equity as at date of transition to Ind AS and as at 31st March, 2017.


Mar 31, 2016

1. Employee Benefits:

2. General Description of the Post Employment Benefits - Defined Benefit Plans

3. 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.

4. 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.

5. Reconciliation of present value of defined benefit obligations

6. All the defined benefit plans are unfounded.

7. Expenses recognized in the Statement of Profit & Loss Account.

8. Pending Forward Contracts:

Statement of forward contracts for hedging of foreign currency fluctuation risk on certain firm commitments and forecasted transactions, outstanding as on 31-03-2016:

9. Contingent liabilities:

10. Claims against the Company not acknowledged as debts:

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

12.. 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/-

13. Company received show cause notice from the Additional Commissioner of Central Excise and letter from Superintendent of Central Excise for short payment of Duty on sale of coal fines amounting to Rs.16,66,610/-. The Show cause notice is not adjudicated as on 31st March, 2016 and the Company replied that there is no manufacturing activity involved for separation of coal fines, and the duty paid by the Company is correct.

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

15. 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.71,26,206/-and Rs. 54,73,653/- respectively.

16. Segment Reporting:

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

17. Related Party Transaction:

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

Associate 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 & Admn).


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

(xvii) After selecting the resolution you have decided to vote on, click on "SUBMIT". A confirmation box will be displayed. If you wish to confirm your vote, click on "OK", else to change your vote, click on "CANCEL" and accordingly modify your vote.

(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 [email protected]

- After receiving the login details they have to create a User ID to able to link the account(s) which they wish to vote and then cast their vote on

- The list of accounts should be mailed to [email protected] 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 [email protected].

(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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