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Accounting Policies of Rail Vikas Nigam Ltd. Company

Mar 31, 2018

Note 2

2.1 Basis of Preparation

a) Statement of Compliance

The financial statements as at and for year ended March 31,2018 have been prepared in accordance with Indian Accounting Standards (Ind-AS) notified under section 133 of the Companies Act 2013 as Companies (Indian Accounting Standards) Rules, 2015 .Companies (Indian accounting standards) Amendment Rules 2016 and Companies (Indian Accounting Standards) Amendment Rules 2017.

b) Basis of Measurement

The financial statements have been prepared under the historical cost convention and on an accrual basis, except for the following items that have been measured at fair value as required by relevant Ind-AS. (i) Defined benefit Plan and other long term employee benefits (ii) Certain financial assets and liabilities measured affair value."

c) Useof estimates and judgment

The preparation of financial statements is in conformity with Ind AS, requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, disclosure of contingent assets and liabilities at the date of financial statements and the reported amount of income and expenses. Examples of such estimates include estimates of future obligations under employee retirement benefit plans and estimated useful life of property, plant and equipment actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on a periodic basis. Future results could differ due to changes in these estimates and difference between the actual result and the estimates are recognized in the period in which the results are known /materialize.

All financial information presented in Indian rupees and all values are rounded to the nearest lakhs rupees with two decimal points except where otherwise stated. Dueto rounding off, the numbers presented throughout the document may not add up precisely to the totals and percentages may not precisely reflect the absolute figures."

2.2 Cash Flow Statement

Cash flow statement is reported using the indirect method, whereby profit / (loss) before tax is

iii. Present value of the estimated costs of dismantling & removing the items & restoring the site on which it is located if recognition criteria are met.

b) Cost of replacement, major inspection, repair of significant parts and borrowing costs for long-term construction projects are capitalized if the recognition criteria are met.

c) Upon sale of assets cost and accumulated depreciation are eliminated from the financial statements and the resultant gains or losses are recognized in the statement of profit and loss.

d) Amounts paid towards the acquisition of property, plant and equipment outstanding as of each reporting date and the cost of property, plant and equipment not ready for intended use before such date are disclosed under capital work- in-progress."

Depreciation

a) Depreciation on Property, plant and Equipment is provided on Straight Line basis (SLM) over the useful life of the assets as specified in Schedule II of the Companies Act, 2013 except in the case of (i) Furniture & Fixtures and (ii) Mobiles Phones & Tablets. In both the categories of these assets, Management has estimated the useful life after taking into consideration the economic benefits embodied in these assets and other factors such as technical obsolescence and wear and tear etc.

The estimated useful life of assets for current and comparative period of significant items of property plant and equipment are as follows:

Particulars Useful Life

Furniture and fixtures 4 year

Computers 3 year

Mobile phones 2 year Office Equipment’s

(excluding Mobile Phones) 5 year

adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the company are segregated based on the available information."

Amendment to lnd-AS7

Effective April 1,2017, the company has adopted the amendment to Ind-AS 7, which require 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 noncash 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 disclosures requirement. The adoption of amendment did not have any material effect on the financial statements.

2.3 Exceptional Items

On certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities of the Company, is such that its disclosure improves an understanding of the performance of the Company. Such income or expense is classified as an exceptional item and accordingly disclosed in the Notes to Accounts."

2.4 Property, plant and equipment

a) Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses, if any. Cost of asset includes the following

i. Cost directly attributable to the acquisition of the assets

ii. Incidental expenditure during the construction period is capitalized as part of the indirect construction cost to the extent to which the expenditure is directly related to construction or is incidental thereto. basis from the date that they are available for use.

The estimated useful life of acquired software''s are finite (3 years). Amortization methods, useful lives and residual values are reviewed at each reporting date."

2.6 Impairment of non-financial assets

An asset is treated as impaired when the carrying cost of assets exceeds its recoverable value and impairment loss is charged to the Statement of Profit & Loss in the year in which an asset is identified as impaired. At each reporting date company assesses the estimate amount of impairment loss. The impairment loss recognized in prior accounting periods is reversed if there has been a change in the estimate of recoverable amount and such losses either no longer exists or has decreased. Reversal of impaired loss is recognized in the Statement of Profit & Loss.”

2.7 Investments in subsidiaries, and Joint Arrangements

a) Investment in Subsidiaries

Investments in subsidiaries are accounted for at cost less impairment loss, if any, in separate financial statements.

b) Joint Arrangement

Investment in joint arrangement are classified as either joint operation or joint ventures. The classification depends on the contractual rights and obligations of each investors rather than the legal structure of the joint arrangement. Company has both joint ventures and joint operations.

i) Joint Operations

Company recognizes its direct right to the assets, liabilities, revenue and expenses of joint operations and its share of any jointly held or incurred assets, liabilities, revenue and expenses.

(b) Each part of an item of Property, Plant and Equipment is depreciated separately if the cost of part is significant in relation to the total cost of the item and useful life of that part is different from the useful life of remaining asset.

(c) Leasehold improvements are amortized over the lower of estimated useful life and lease term.

(d) Depreciation methods, useful lives and residual values are reviewed at each reporting date.

(e) Depreciation on individual assets acquired for Rs, 5000/- or less is depreciated at the rate of 100% taking in to consideration the commercial life in the year of purchase itself.”

2.5 Intangible Assets

Intangible assets are recognized when it is probable that the future economic benefits that are attributable to the asset will flow to the enterprise and the cost of the asset can be measured reliably. Intangible assets are stated at historical cost less accumulated amortization and impairment loss, if any.

Intangible assets comprise of license fees, other implementation costs for system software and other application software acquired for in-house use. The costs are capitalized in the year in which the relevant software is implemented for use. The cost of an intangible asset comprises its purchase price, including any import duties and other taxes, and any directly attributable expenditure on making the asset ready for its intended use. intangible assets not ready for intended use as on reporting date is recognized as intangible assets under development."

Amortization of Intangible Assets

Intangible assets are amortized over their respective estimated useful lives on a straight-line

(a) Projects executed for Ministry of Railways (MOR): Revenue from project execution is determined by adding aggregate cost plus margin agreed with MOR and any subsequent clarifications received in this respect.

(b) Works Executed by Zonal Railways on behalf of RVNL - Revenue from works executed by Zonal Railways on RVNL projects is determined on the basis of statement of Expenditure submitted by the respective Zonal Railways.

(c) Deposit works (cost plus contract) related to JCEs (Jointly Controlled Entities) in the form of Special Purpose Vehicles and others): Contract revenue is determined by adding the aggregate cost plus proportionate margin (Direction & General Charges) based on fixed percentage as agreed with the customer.

(d) In case of IRFC funded projects, interest component on installments received from Ministry of Railway''s in netted against the interest payable on IRFC borrowings.

(e) Claims are accounted as income in the year of acceptance by client or evidence of acceptance received."

2.10 Other Revenue Recognition

i. Dividend income is recognized when the right to receive is established.

ii. Interest income is recognized on a time proportion basis taking into account the amount outstanding and the interest rate applicable using Effective Interest Rate Method."

2.11 Employee Benefits

a) Short Term Employee Benefits

All employee benefits payable wholly within twelve months of rendering the services are classified as short term employee benefits. Benefits such as salaries, wages, and short

ii) Joint Venture

Investments in Joint Venture are accounted for at cost less impairment loss, if any, in separate financial statements."

2.8 Inventories & Project Accounting

(a) Project Work-in-Progress is valued at the contract rates and construction material at site is stated at cost. Payments made to Zonal Railways for acquiring land included in project Work-in-Progress is stated at cost.

(b) IRFC Funded Projects: In accordance with revised Procedure Order dt. 30.12.2016 of MoR, PWIP of IRFC funded projects are Shown as Lease Receivable. The amount of expenditure for the period including opening balance on IRFC funded projects are transferred from PWIP to Lease Receivable and from the subsequent financial year adjustments will be carried out periodically.

(c) The value of projects which are transferred from the project Work in Progress (PWIP) is determined by adding direct expenditure plus management fee as agreed with MoR.

(d) MoR Funded Projects: In accordance with revised Procedure Order dt. 30.12.2016 of MoR, PWIP of MoR funded projects are adjusted against fund received from MoR. The amount of expenditure on MoR funded projects recognized during the year including opening balances of PWIP for MoR funded project are being adjusted as at 31.03.2017 from the fund received from MoR and from the subsequent financial year adjustments will be carried out periodically."

2.9 Revenue Recognition

Revenue is recognized based on the nature of activity, when consideration can be reasonably measured and there exists reasonable certainty of its recovery. Revenue from construction/project related activity is recognized as follows:

f) Re-measurements recognized in Other Comprehensive Income are comprising actuarial gains or losses that are not reclassified to profit or loss from Other Comprehensive Income in subsequent periods.

2.12 Functional and presentation currency

Items included in the financial statements are measured using the currency of the primary economic environment in which the Company operates. (Functional Currency) The financial statements are presented in Indian rupees, which is the presentation currency of company.

Foreign Currency Transactions

I. All foreign currency transactions are translated into functional Currency at the rate prevalent on the date of transaction.

ii. Non-monetary items are translated at the rate on the date of initial transaction.

Hi. Monetary items denominated in foreign currency are translated at the prevailing closing buying rate at each reporting date.

iv. Foreign exchange gain or losses in respect of monetary and non-monetary items is recognized in statement of profit and loss."

2.13 Borrowing Cost

Borrowing costs that are attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of cost of such asset till such time as the asset is ready for its intended use. A qualifying asset is an asset that necessarily requires a substantial period of time to get ready for its intended use. All other borrowing costs are recognized as an expense in the period in which they are incurred."

2.14 Tax expenses represents the sum of current tax and deferred tax

a) Current Income Tax

i. Taxes including current income-tax are term compensated absences, LTC etc. are recognized in the period in which the employee renders the related service.

b) Long Term Employee Benefits :

The obligation for long-term employee benefits such as long-term compensated absences& half pay leave is recognized in the same manner as in the case of defined benefit plans as mentioned in (c)(iii) below

c) Post-Employment Benefits

i. Defined contribution plans: The Company makes defined contribution to the Regional Provident Fund Commissioner in respect of provident fund scheme, CGIS and employee state insurance scheme. The contribution paid/payable under the schemes is recognized during the period in which the employee renders the related service.

ii. Defined contribution plans: The Company makes defined contribution to the RVNL Medical and Welfare Trust in respect of RVNL Medical and Welfare Scheme. The contribution paid/payable under the schemes is recognized during the period in which the employee renders the related service.

iii. Defined benefit plans: Gratuity is a post-employment defined benefit plan. The liability recognized in the balance sheet is the present value of the defined benefit obligation at the balance sheet date less fair value of plan assets. The defined benefit obligation is calculated by an independent actuary using projected unit credit (PUC) method. Actuarial gains and losses are recognized immediately in the Profit & Loss Account.

d) Retirement benefits of the ‘staff on deputation’ have been accounted for on the basis of the guidelines of the Ministry of Railways.

e) Actuarial gains or losses are recognized in Other Comprehensive Income.

2.15 Leases

a) Company as a lessee Finance Lease:-

(I) that transfers substantially all the risks and rewards incidental to ownership of an asset

(ii) are capitalized at lease inception at lower of fair value or present value of minimum lease payment

(iii) Payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability.

(iv) Finance charges are recognized in finance costs in the statement of profit and loss.

(v) Depreciated over the useful life of the asset. However, if there is no reasonable certainty to obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset and the lease term.

Operating Lease:-

I. is classified as operating lease when significant portion of the risk and rewards are not transferred to the company.

ii. payment are charged to profit and loss on straight-line basis over the lease term except where lease payment are structured to increase in line with expected general inflation to compensate for the expected inflationary cost increase

b) Company as a lessor

Finance Lease

i. is recognized when substantially all of the risks and rewards of ownership transfer from the company to the lessee.

ii. Payment due are recorded as receivables at the company’s net investment in the leases.

computed using the applicable tax rates and tax laws.

ii. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the countries where the company operates and generates taxable income.

Hi. Current income tax assets and liabilities for current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities Liability for additional taxes, if any, is provided / paid as and when assessments are completed.

iv. Current tax related to OCI Item are recognized in Other Comprehensive Income (OCI).

b) Deferred tax

I. Deferred income tax is recognized using balance sheet approach.

ii. Deferred income tax assets and liabilities are recognized for temporary differences which is computed using the tax rates and tax laws that have been enacted or substantively enacted at the reporting date.

iii. Deferred income tax asset are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.

iv. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.

v. Deferred tax related to OCI Item are recognized in Other Comprehensive Income (OCI)."

i) A present obligation arising from a past event, when it is not probable that an outflow of resources will be required to settle the obligation; or

ii) A reliable estimate of the present obligation cannot be made; or

iii) A possible obligation, unless the probability of outflow of resource is remote.

(b) Contingent assets is disclosed where an inflow of economic benefits is probable.

(c) Contingent Liability and Provisions needed against Contingent Liability and Contingent Assets are reviewed at each Reporting date.

(d) Contingent Liability is net of estimated provisions considering possible outflow on settlement."

2.18 Earnings Per Share

In determining earnings per share, the Company considers the net profit attributable to equity shareholders. The number of shares used in computing basic earnings per share is the weighted average number of shares outstanding during the year. The dilutive earning per share is not computed as there is no dilution involved during the year.

2.19 Liquidated Damages and Penalties

Credit items arising on account of Liquidated Damages and Penalties during execution of contract or due to termination of contract etc. are carried as “Retention Money” under “other Current Liabilities” until the final Closure of the Project. Thereafter, i.e. on financial closure of the Project, such leftover balances of liquidity Damages and Penalties are credited to the total cost of the concerned project.

2.20 Stale Cheques Policy

Cheques which have not been cleared within the validity period of 3 months are credited to the stale

Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the net investment outstanding in respect of the lease.

Operating Lease

i. are the leases in which the company does not transfer substantially all the risks and rewards of ownership to the lessee, ii. incomes are recognized as income in the statement of profit & loss on straight-line basis over the lease term except where lease payment are structured to increase in line with expected general inflation expected general inflation to compensate for the expected inflationary cost increase"

2.16 Provisions

Provision is recognized when:

i) The Company has a present obligation as a result of a past event,

ii) A probable outflow of resources is expected to settle the obligation and

iii) A reliable estimate of the amount of the

obligation can be made.

Reimbursement of the expenditure required to settle a provision is recognized as per contract provisions or when it is virtually certain that reimbursement will be received. Provisions are reviewed at each Balance Sheet date,

a) Discounting of Provisions

Provision which expected to be settled beyond 12 months are measured at the present value by using pretax discount rate that reflects the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expenses."

2.17 Contingent Liabilities and contingent Assets

(a) Contingent Liabilities are disclosed in either of the following cases:

2.23 Dividend to equity holders

Dividend paid/payable shall be recognized in the year in which the related dividends are approved by shareholders or board of directors as appropriate.

2.24 Financial instruments:-

(A) Initial recognition and measurement

Financial Instruments are recognized at its fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial instruments.

(B) Subsequent measurement

(I) Financial Assets

Financial assets are classified in following categories:

a) At Amortized Cost

b) Fair value through Other Comprehensive Income.

c) Fair value through Profit and loss account.

a. Debt instrument at Amortized Cost

A financial asset shall be measured at amortized cost if both of the following conditions are met:

(a) the financial asset is held within a business model whose objective is to hold financial assets 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.

Financial assets measured at amortized cost using effective interest rate method less impairment if any. The EIR amortization is included in finance income in the statement of profit and loss.

b. Debt instrument at FVTOCI

A debt instrument is classified as at the FVTOCI if both of the following criteria are met:

cheque account. Items which are more than 3 yrs.’ old and could not be cleared in stale cheque account are credited to the head which was earlier debited while making payments except deductions made from salary of staff which are credited to misc income."

2.21 Operating Segment

Operating segments are reported in the manner consistent with the internal reporting provided by the Chief Operating Decision Maker (CODM). Chairman and Managing Director of the company has been identified as CODM. Company has identified only one reportable segment i.e. Development of Railway Infrastructure.

2.22 Fair Value Measurement

Company measures financial instruments at fair value at each reporting date. 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. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

- in the principal market for the asset or liability, or

- in the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible to the company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

b) Financial liabilities at FVTPL

The company has not designated in any financial liabilities at FVTPL.

b. Derecognition Financial Asset

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized only when the contractual rights to the cash flows from the asset expires or it transfers the financial assets and substantially all risks s and rewards of the ownership of the asset. Financial Liability

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 a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the income statement."

c. Impairment of financial assets:

Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss. The Company follows1 simplified approach1 for recognition of impairment loss allowance on trade receivable. The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognizes impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition Company assesses on a forward looking basis the expected credit losses associated with its assets carried at amortized cost and FVTOCI debt instruments. The impairment methodology applies on whether there has been significant increase in credit risk.

- The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and

- The asset’s contractual cash flows represent SPPI.

Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the Other Comprehensive Income (OCI). However, the company recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in the P&L. On derecognition of the asset, cumulative gain or loss previously recognized in OCI is reclassified from the equity to P&L. Interest earned is recognized using the EIR method."

c. Debt instrument at FVTPL

FVTPL is a residual category for financial Assets. Any financial assets, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL. In addition, the company may elect to designate financial asset, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. If doing so reduces or eliminates a measurement or recognition inconsistency. The company has not designated any financial asset as at FVTPL. Financial assets included within the FVTPL category are measured at fair value with all changes recognized in the P&L. Investment in Equity instruments are measured through FVTPL.

(ii) Financial liabilities

a) Financial liabilities at Amortized Cost Financial liabilities at amortized cost represented by trade and other payables, security deposits and retention money are initially recognized at fair value, and subsequently carried at amortized cost using the effective interest rate method.

not been classified as held for sale, and (ii) its recoverable amount at the date when the disposal group ceases to be classified as held for sale."

2.26 IND AS 115 Revenue from Contracts with Customers

MCA had notified IND AS 115 on Revenue from Contracts with Customers on dated March 28,

2018. The standard establishes a new five step model that will apply to revenue arising from Contracts with customers. Under IND AS 115, revenue is recognized at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The principles in IND AS 115 provide a more structured approach to measuring and recognizing revenue. The new revenue standard is applicable to all entities and will supersede all current revenue recognition requirements under IND AS.

The effective date of IND AS 115 is annual periods beginning on or after 1st April 2018. The Company is required to adopt the standard by the Financial Year commencing 1st April 2018. The Company is currently evaluating the requirements of IND AS 115 and has not yet determined the impact on the financial statements.

2.25 Non-current Assets (or disposal groups) held for Sale

Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. The sale is considered highly probable only when the asset or disposal group is available for immediate sale in its present condition, it is unlikely that the sale will be withdrawn and sale is expected within one year from the date of the classification. Disposal groups classified as held for sale are stated at the lower of carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately in the statement of financial positional the criteria stated by IND AS 105 “Non-current Assets Held for Sale and Discontinued Operations” are no longer met, the disposal group ceases to be classified as held for sale. Non-current asset that ceases to be classified as held for sale are measured at the lower of (i) its carrying amount before the asset was classified as held for sale, adjusted for depreciation that would have been recognized had that asset

a. Land cost included in Project Work in Progress represents payments made through various Zonal Railways/ to concerned authority for the purpose of acquisition of land. The payment made amounts to Rs, 89,379.92 Lakhs (2016-17^21,898.56 Lakhs) during the period. The land so acquired is in the name of the concerned Zonal Railway.

b. The Company is executing projects assigned by MOR. In some of the projects, initially transferred to the Company, work was already in progress and some of the Zonal Railways had incurred expenditure on those projects prior to their transfer to the Company. The expenditure made by the concerned Railways prior to the formation of the Company has not been taken into account.

c. In the opinion of the Management, the value of current assets, loans and advances on realization in the ordinary course of business, will not be less than the value at which these have been stated in the Balance Sheet.

d. "Interest on mobilization Advance, recovered from the Contractors as per the terms and conditions of the contract, is being credited to the other income of the company."

Existing Procedure of Recognition of Interest on Mobilization Advance: Interest on Mobilization Advance given to the Contractors is presently being credited to the project in terms of Railway Board’s guidelines issued vide letter No. 2011/AC-III/34/1 dated 14.02.2013.

Background and overview: In this regard, it may be stated that till 2014-15 funds for execution of projects were being provided to RVNL well in advance by MoR. Accordingly, interest earned on the sum of mobilization advance given to contractors out of the ‘Project Advance ‘provided by MoR, was also logically credited to the project cost, which in turn formed receipt of the MoR and appropriately disclosed in notes to account of Financial Statement.

Reasons for Change:As per Revised Order vide letter No. 2011/AC-II/1/6/RVNL dated 30.12.2016 wherein a new mechanism of periodical reimbursement of project expenditure incurred by RVNL out of its own resources has been set forth .Consequently, MoR is now releasing funds against a demand for reimbursement of project expenditure submitted by RVNL and not extending any ‘Project Advance’. The entire process of actual release of funds by MoR takes around one month’s time after submission of the demand by RVNL.

Under the revised mechanism, total expenditure against a project including the Mobilization Advance to contractors is met out from RVNL’s own resources. As such, the interest earned on Mobilization Advance should be a receipt of RVNL.

Financial Impact: It may further be pointed out that as per the March accounts of RVNL, interest on Mobilization Advance for the year ending March, 2018 works out to Rs, 3034.55 lakhs.

In view of the position explained above, the interest on Mobilization Advance should now legitimately be part of RVNL’s receipts, against the loss of interest on blocked working capital of RVNL.

e. As per Ministry of Railway’s letter no. 2004/W-1/RVNL/15 dated 24.4.2006, it was advised that “after physical completion of the work by RVNL, the asset should be straight away transferred to the concerned Zonal Railway who will add the value of the created asset in their block account.” From 2007-08 onwards, Ministry of Railways was releasing funds to RVNL for execution of projects as a “Project Advance”. Accordingly, it was not practical for the Zonal Railways to book the expenditure against projects as and when it occurred. Further, as per Procedure Order issued by Ministry of Railways dated 17.12.2013 for Budgeting, Release/Accountable of funds to/by RVNL and financial transfer of completed projects by RVNL, it was directed that after handing over of the complete project by RVNLfor operation and maintenance to Zonal Railways, RVNL would provide the complete details of booking of expenditure to Railway Board to facilitate the financial transfer of the project to the concerned railway. However, from 2016-17 onwards, in terms of revised Procedure Order dated 30.12.2016, the Ministry of Railways decided that funds will be released to RVNL for project execution on “reimbursement” basis. At the time of reimbursement the Ministry of Railways is advising the Zonal Railways the project wise actual expenditure incurred by RVNL. This amount is to be accounted for by the Zonal Railways against the specific project directly. At the end of the Financial Year, RVNL is also intimating the total expenditure incurred against the project during the year. As the expenditure is to be accounted for in the Block Account of the respective railways in the same year, the expenditure incurred on projects and accounted for in the books of railways have been adjusted against the fund received from MoR.

f. Total project Work in progress of Rs, 734130.39 lakhs has been transferred during the period out of this ^ 83671.16 lakhs transferred for the IRFC Projects in including opening balance oR 73955.44 lakhs.

g. Other work in progress contains the preliminary expenses incurred on Construction of Flats near Safdarjung Airport under the agreement of sharing with various PSUs. The land used for construction of Flats is related to MoR and MoR will occupy 50% of total flats to be constructed against consideration of land used. The lease period of Land will be 30 years.

h. Work of feasibility study was entrusted to HSRCL through RVNL. Hence, the total actual expenditure incurred on feasibility study of Rs, 4079.84 lakhs has been transferred to RVNL by HSRCL. In the books of RVNL total expenditure was recognized under other project work in progress and now has been adjusted with the fund received from MoR.

(I) On dated 23rd March 2018, the interim dividend of Rs, 0.50 per share was approved and paid for FY 2017-18, on dated 22nd December 2017, the interim dividend of Rs, 0.24 per share was approved and paid for FY 2017-18 (total interim dividend during FY 2017-18 of Rs, 15450.00 lakhs and DDT of Rs, 3145.26 lakhs).

(ii) On dated 22nd September 2017, the final dividend of Rs, 0.06 per share was approved for FY 2016-17, Interim dividend of Rs, 0.68 per share was paid during the F.Y. 2016-17 (total dividend of Rs, 15,450.00 lakhs and DDT ofRs, 3145.26 lakhs).

Terms of Repayment:

(iii) There is a moratorium period of 3 years for each year’s loan. During the said moratorium period, no amount on account of interest and principal shall be payable. The interest shall be charged on yearly basis and repayment of loan shall be once in a year (for a period of 12 years) after the completion of moratorium period. Ministry of Railways would make available to RVNL the required funds thereafter, to enable them to do the debt servicing. The debt servicing will pass through RVNL books.

(iv) Company has borrowed funds Rs, 9250.00 lakhs amount (Financial year 2016-17:Rs, 3,713.00 Lakhs) during the period from Indian Railway Finance Corporation (IRFC). The outstanding borrowing is Rs, 2,03,795.50 Lakhs (as at 31.03.2017 : Rs, 2,16,403.00 Lakhs, which includes current liability i.e. repayable in next twelve months Rs, 24,132.50 Lakhs (as at 31.03.2017: Rs, 21,857.50 Lakhs).

(v) The Interest Liability has been assessed on the amount disbursed in the F.Y. 2005-06 to 2017-18 by applying the Interest rate as advised by the IRFC for each Financial year (2017-18: 8.75% estimated, 2016-17 :8.19%, 2015-16 :8.68%, 2014-15 :9.56%, 2013-14 :9.60%, 2012-13 :9.41%, 2011-12 :10.12%, 2010-11 :9.12%, 2009-10 :8.92%, 2008-09 :9.96%, 2007-08 :10.24%, 2006-07 :9.73%,2005-06:8.06%)The interest accrued but not due on the IRFC loan amount has been shown in the Balance Sheet as recoverable from MoR under Current Assets & Non-Current assets (for the interest non recoverable in next 12 Months) and the interest payable but not due under the Current Liabilities and Non-Current Liabilities (for the interest not payable in next 12 Months) payable to IRFC.

Sensitivity analysis:

The above 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 recognized within the statement of financial position.

Leave Encashment including Half pay Leave is payable to employees on retirement. The amount of Leave Encashment payable is based on past service and salary at time of retirement.

There are no Investment held against the provision for gratuity and leave encashment.

# RVNL Medical and Welfare Scheme

Company has provided contribution of Rs, 256.37 lakhs (Previous year Rs, 163.10 lakhs) in RVNL Medical Scheme and Rs, Nil (Previous Year Rs, Nil) in RVNLWelfare Scheme of RVNL Medical and Welfare Trust.

20.1 In accordance with Railway Board’s letter No. 2004/W-1/RVNL/15 dated 04.01.2012 RVNL has accounted Consolidated Management fee @ 9.25% in case of Metro Projects and 8.5% in case of Other Plan Heads on the expenditure incurred by RVNL on MoR projects. As per the directions of MoR, all expenditure in the nature of consultancies related to Project Management are being charged directly to project. D&G charges payable to Railway up to 0.25 % of cost of projects are allocated to the projects on actual funds released to the respective Zonal Railway, Expenditure incurred on D&G (Supervision) are being charged to the Statement of Profit & Loss account. The miscellaneous receipts from sale proceeds of Tender and other income has been credited to the Statement Profit & Loss account.

20.2 In respect of SPV projects, construction works have been undertaken by RVNL as per the terms and conditions of the Model Construction agreement for execution of SPV Projects issued by MoR and revenue recognized accordingly. In respect of Kutch Railways Company Limited (KRCL), revenue is recognized based on bills raised and payments received although acceptance of Formal Construction Agreement by KRCL is pending.

20.3 In respect of Deposit Work of Simar Port and Rewas Port Turnover of Rs, 29.26 lakhs has been accounted and adjusted with the outstanding balances of respective parties.

22.1 Expenditure against contracts awarded by the Company is recognized on completion of measurements and testing certified by the Engineer.

22.2 Expenditure of execution of projects done by the Zonal Railways on behalf of the Company on MoR projects is accounted for on the basis of statement of estimated expenditure received from respective Zonal Railways and is adjusted allocation-wise as and when the final expenditure statement is received.

22.3 With the rationalization of the revenue stream of RVNL, the expenses incurred on supervision and monitoring directly allocable to the projects have been reviewed in terms of Railway Board''s letter no 2004/W-1/RVNL/15 dated 04/01/2012, the pattern of booking of expenditure on Zonal Railways and general accounting practices. The expenditure incurred on this account related to execution of Deposit Works (for SPV and others) have been charged to the Statement of Profit and Loss.

26.1 The company has taken offices and residential premises under operating lease. The lease agreement are for period form 11 months to 3 years and are cancellable & renewable by consent. Rent expenses includes Rs, 51.50 lakhs during the year ended 31.03.2018 and Rs, 54.92 Lakhs during the year ended 31.03.2017 for amortization of deferred expense recognized due to fair valuation of security deposits.

26.2 The company has reversed the provision of 7th pay commission ofRs, 635.60 lakhs, Rs, 0.13 lakhs for service tax payable to Statutory Auditor. It has been shown as exceptional item in the Statement of Profit & Loss.

27.1 As per the Companies Act, 2013, an amount equivalent to 2% of Average PBT of immediately preceding 3 Financial Year i.e. Rs, 767.35 Lakhs is required to be spent during the year on Corporate Social Responsibility (CSR) Activities.

Further, company manages its capital structure to make adjustments in light of changes in economic conditions and the requirements of the financial covenants. Company has borrowed the funds form IRFC for railway projects, for repayment of IRFC loan Ministry of Railways would make available to RVNL the required funds thereafter, to enable them to do the debt servicing. The debt servicing will pass through RVNL books.

In order to achieve this overall objective, the Company capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.

No changes were made in the objectives, policies or processes for managing capital during the year ended 31 March 2018.

I) The carrying amounts of trade receivables, trade payables, cash and cash equivalents and other short term trade receivables and payables which are due to be settled within 12 months are considered to the same as their fair values, due to short-term nature.

ii) Long term variable rate borrowings and lease receivables are evaluated by company on parameters such as interest rates, specific country risk factors and other risk factors. Based on this evaluation the fair value of such payables are not materially different from their carrying amount.

iii) The fair value of Security Deposits and Earnest Money Deposit, Performance Security Deposit, Miscellaneous Deposit and Retention Money are calculated based on cash flows discounted using current market rate. Interest rate of fixed deposits as on the beginning of financial year is being considered as discounting rate, for F Y 2017-18 rate used is 6.10%. They are classified as level 3 fair values in fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit risk.

iv) Investment in unquoted equity of subsidiaries and joint ventures are stated at cost as per exemption provided by Para 10 of IND AS 27.

v) Staff loans and advances have been continued at carrying value as measurement implications are immaterial.

Fair Value hierarchy

Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2- Inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly (i.e. as prices) or indirectly (i.e. derived form prices)

Level 3- Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)

(iii) Financial risk management

The Company’s principal financial liabilities comprise Borrowings from IRFC, trade payables and other payables. The main purpose of these financial liabilities is to finance the company’s operations. The Company’s principal financial assets include trade and lease receivables and cash and cash equivalents that derive directly from its operations. The Company''s is expose to market risk, credit risk and liquidity risk. The company financial risk activities are governed by appropriated policies and procedures and that financial risk are identified, measured and managed in accordance with the companies policies and risk objectives. The board of directors reviews and agrees policies for managing each of these risk, which are summarized below:

a) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instruments will fluctuate because of changes in market prices. Market risk comprises Interest rate risk and foreign currency risk. Financial instruments affected by market risk includes loans and borrowing, deposits and other non-derivative financial instruments.

i) Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instruments will fluctuate because of change in market interest rate and in case of IRFC loan for payment of interest and principal Ministry of Railways would make available to RVNL the required funds therefore the risk related to IRFC loan is nil, debt servicing will pass through RVNL books only.

ii) Foreign Currency Risk

Company has taken services from outside India for project expenses and is exposed to foreign currency risk arising from such foreign currency transactions, due to immateriality of foreign exchange amount company does not hedge any risk.

b) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s receivables from customers. The company is exposed to credit risk from its financial activities including deposits with banks, financial institutions and other financial instruments. There is negligible risk for receivable from Ministry of railways also company does not have any history of bad debts.

Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed in accordance with the companies policy. Investment of surplus are made only with approved with counterparty on the basis of the financial quotes received from the counterparty.

c) Liquidity risk

Liquidity risk is the risk that the company will not be able to meet its financial obligations as they become due. The company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the company''s reputation. The company''s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The company has no bank borrowings. The company believes that the working capital is sufficient to meet its current operational requirements. Any short term- surplus cash generated, over and above the amount required for working capital management and other operational requirements, are retained as cash and investment in short-term deposits with banks. The said investments are made in instruments with appropriate maturities and sufficient liquidity.


Mar 31, 2011

Basis of Accounting

The financial statements are prepared on accrual basis and under historical cost convention and in accordance with all applicable accounting standards specified in Companies (Accounting Standard Rules) 2006 including relevant presentation requirements of the Companies Act,1956. However, certain escalation and other claims by customers, which are not ascertainable /acknowledged, are not taken into account.

Management makes estimates and assumptions regarding the amounts of income and expenses in accordance with Generally Accepted Accounting Principles (GAAP) in the preparation of the financial statements. The difference between the actual results and estimates are recognized in the period in which determined.

The significant accounting policies adopted by the Company are given below.

1. Fixed Assets

(i) Fixed assets are stated at the cost of acquisition inclusive of inward freight, duties and taxes and incidental expenses related to acquisition. The expenses also include applicable borrowing cost if any.

(ii) Intangible assets comprise of license fees, other implementation cost for system software and other application software acquired for in-house use. The costs are capitalized in the year in which the relevant software is implemented for use.

2. Depreciation

(i) Depreciation on individual assets acquired for Rs 5000/- or less is depreciated at the rate of 100% in the year of purchase itself.

(ii) Depreciation is provided on pro-rata basis on the straight-line method over the estimated useful lives of the assets determined as follows:

Furniture and Fixture 23.75%

Computers 31.67%

Office Equipments 19.00%

(Excluding Mobile Phones)

Mobile Phones 47.50%

(iii) Leasehold improvements are amortized over the period of lease from the year in which such improvements are capitalized.

(iv) Capitalized software costs are amortized @ 33.33% on pro rata basis except where the estimated useful life is less than three years.

3. Impairment of assets

All assets other than inventories, investments other than interest in Jointly Controlled Entities (JCEs) and deferred tax asset are reviewed for impairment, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets, whose carrying amount value exceeds their recoverable amount, are written down to the recoverable amount.

4. Investments

Long-term investments, including interests in incorporated Jointly Controlled Entities (JCEs), are carried at cost, after providing for any diminution in value, if such diminution is of other than temporary nature. Short-term investments are carried at lower of cost or market value. The determination of carrying amount of such investments is done on the basis of specific identification.

5. Inventories

Project Work-in-Progress is valued at the contract rates and construction material at site is stated at cost. Payments made to Zonal Railways for acquiring land included in project Work-in-Progress is stated at cost.

6. Revenue recognition

Revenue is recognized based on the nature of activity, when consideration can be reasonably measured and there exists reasonable certainty of its recovery. Revenue from construction/project related activity is recognized as follows:

(i) Projects executed for Ministry of Railways (MOR): Revenue from project execution is determined by adding aggregate cost plus margin agreed with MOR and any subsequent clarification received in this respect.

(ii) Deposit works (cost plus contract) related to JCEs (Jointly Controlled Entities in the form of Special Purpose Vehicles and others): Contract revenue is determined by adding the aggregate cost plus proportionate margin (Direction & General Charges) based on fixed percentage as agreed with the customer.

(iii) Claims are accounted as income in the year of acceptance by client or evidence of acceptance received.

(iv) Interest on investment is accounted on accrual basis, inclusive of related tax deducted at source.

(v) Other items of income are accounted as and when the right to receive arises.

7. Employee Benefits

a) Short term employee benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits. Benefits such as salaries, wages, and short- term compensated absences, etc. are recognized in the period in which the employee renders the related service.

b) Post employment benefits

i. Defined contribution plans: The Company makes defined contribution to Regional Provident Fund Commissioner in respect of provident fund scheme and employee state insurance scheme. The contribution paid/payable under the schemes is recognized during the period in which the employee renders the related service.

ii. Defined benefit plans: Gratuity is a post employment defined benefit plan. The liability recognized in the balance sheet is the present value of the defined benefit obligation at the balance sheet date less fair value of plan assets. The defined benefit obligation is calculated annually by an independent actuary using projected unit credit (PUC) method. Actuarial gains and losses are recognized immediately in the Profit & Loss Account.

c) Long Term Employee Benefits

The obligation for long-term employee benefits such as long-term compensated absences, is recognized in the same manner as in the case of defined benefit plans as mentioned in (b) (ii) above

d) Retirement benefits of the ''staff on deputation'' have been accounted for on the basis of the guidelines of the Ministry of Railways.

8. Foreign currency transaction

Transactions in foreign currency are accounted for at the exchange rate prevailing on the date of transactions. Gains/ Losses arising out of settlement are charged/credited to the profit and loss account.

9. Borrowing cost

Borrowing costs that are attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of cost of such asset till such time as the asset is ready for its intended use. A qualifying asset is an asset that necessarily requires a substantial period of time to get ready for its intended use. All other borrowing costs are recognized as an expense in the period in which they are incurred.

10. Taxes on Income

Tax on income for the current year is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961, and based on the expected outcome of the assessment/appeals.

Deferred tax is recognized on timing differences between the accounting income and the taxable income for the year and quantified using the tax rates and laws substantially enacted as on the balance sheet date.

Deferred tax assets in respect of unabsorbed depreciation/brought forward losses are recognized to the extent there is virtual certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

Other deferred tax assets are recognized and carried forward to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized

11. Provisions and contingencies

The company creates a provision when there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of obligation. A disclosure of a contingent liability is made where there is a possible obligation that probably will not require an outflow of resources or where a reliable estimate of the obligation can not be made.

12. Lease Rental

Lease rental in respect of operating lease is charged to project work in progress and administrative expenses in the profit and loss account.


Mar 31, 2010

The financial statements Are prepared on accrual bails and under historical cost convention and m accordance with all applicable accounting standards specified in Companies (Accounting Standard Rules) 2006 including relevant presentation requirements Of the Companies Act. 1956. However certain escalation and other claims by customers which are not ascertains We /acknowledged, are not taken into account Management makes estimates and assumptions regarding the amounts of income and expenses in accordance with Generally Accepted Accounting Principles (GAAP) in the preparation of the financial statements. The difference between the actual results and estimates are recognized in the period in which determined

The significant accounting policies adopted by the Company are given below

1. Fixed Assets

(i) Fined assets are stated at the cost of acquisition inclusive of inward freight duties and taxes and incidental experience related to acquisition The expands also include applicable borrows cost if any.

(II) Intangible assets comprise of license fees, other implementation cost for system software and other application software acquired for in-house use. The costs are capitalized in the year in which the relevant software is implemented for use,

2. Depreciation

(I) Depreciation on Individual assets acquired for Rs. 5000/- or less Is provided at the rate of 100% on pro-rata basis

(ii) Depreciation it provided on pro-rate basis on the straight-line method over the estimated useful lives of the assets determined at follows:

(iii) Leasehold Improvements are amortized over the period of lease from the year In which such improvements are capitalized

(iv) Capitalized software costs are amortized 9,33.33% on proata basis except where the estimated useful life is less than three years.

3. Impairment of assets

All assets other than inventories, investments and deferred tax asset are reviewed for Impairment, whenever events or changes In circumstances Indicate that the carrying amount may not be recoverable Assets, whose carrying amount value exceeds their recoverable amount are written down to the recoverable amount.

4. Investments

Long-term Investments. Including interests In Incorporated Jointly Controlled Entitle* (KET), are carried at cost, after providing for any diminution in value, If such diminution Is of other than temporary nature. Short term investments are earned at lower of cost or market value The determination of carrying amount of such investments is done on the basis of specific identification.

5. Inventories

Project Work in Progress is valued at the contract rates and construction material at site is stated at cost, Payments ''node to Zonal Railways for acquiring land Included in project Work-ln-Progress is stated at cost.

6. Revenue recognition

Revenue is recognized based on the nature of activity, when consideration can be reasonably measured and there exists reasonable certainty of Its recovery, Revenue from construction/project related activity is recognized as follows:

(i) Protects related to Ministry of Railways (MOR) Revenue from project execution It determined by adding aggregate cost plus margin agreed with MOR and any subsequent clarification received n this respect,

(II) Deposit works (cost plus contract) related to JCEs (Jointly Controlled Entitles in the form of Special Purpose Vehicles and others) Contract revenue determined by adding the aggregate cost plus proportionate margin (Direction & General Charges) based on fixed percentage as agreed with the customer,

(iii) Claims are accounted at income in the year of acceptance by client or evidence of acceptance received

(iv) Interest on investment is accounted on accrual basis, inclusive of retailed tan deducted at source

(v) Other items of income are accounted as and when the right to receive arises.

7. Employee Benefits

a) Short term employee benefits

Ail employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits. Benefit such as salaries, wages, and short- term compensated absences, etc are recognized In the period which the employee renders the related service.

b) Post employment benefits

i. Defined contribution plans The Company makes defined contribution to Regional Provident fund Commissioner in respect of provident fund scheme and employee state insurance scheme. The contribution paid/ payable under the schemes is recognized during the period in which the employee renders the related service M. Defined benefit plans- Gratuity It a post employment defined benefit plan, The liability recognized in the balance sheet is the present value of the defined benefit obligation at the balance sheet date less fair value of plan assets The defined benefit obligation is calculated annually by an independent actuary using protected unit credit (PUC) method Actuarial gains and losses are recognized immediately in the Profit & loss Account

e) Long Term Employee Benefits

The obligation for long-term employee benefits such as long-term compensated absences, i recognized In the same manner as In the case of defined benefit plans as mentioned in (b) (ii) above

d) Retirement benefits of the staff on deputation'' have been accounted tor on the basis of the guidelines of the Ministry of Railways.

8. Foreign currency transaction

Transactions in foreign currency are accounted for al the exchange rate prevailing on the data of transactions. Gams / Losses arising out of settlement ore charged / credited to the profit and loss account

9. Borrowing cost

Borrowing costs that are attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of cost of such asset till such time as the asset is ready for its intended use A qualifying asset Is an asset that necessarily requires a substantial period of time to get ready (or Its Intended use All other borrowing costs are recognized as an expense In the period In which they are incurred.

10. Taxes on Income

Tax on income for the current year is determined on the basis of taxable income and tax credits corrupted In accordance with the provisions of the Income Tax Act, 1961. and based on the expected outcome of the assessment/appeals

Deferred tax is recognized on timing differences between the accounting income and the taxable income for the yea'' and quantified using the tax rates and laws substantially enacted as on the balance sheet date Defer red in respect of unabsorbed depreciation/ brought forward losses and recognized to extent there Is virtual certainty that sufficient future taxable Income will be available against the such deferred tax assets can be realized Other deferred tax assets are recognized and earned forward to the extent that there Is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized

11. Provisions and contingencies

The company creates a provision when there re present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of obligation A disclosure of a contingent liability Is made where there Is a possible obligation that probably will not require an outflow of resources or where a reliable estimate of the obligation can not be made.

12. Miscellaneous Expenditure

Preliminary expenses are amortized over i period of five years from the year of commencement of Business operations.

13. Lease Rental

Lease rental in respect of operating lease Is charged to project work in progress and administrative expenses in the profit and loss account.

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