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Notes to Accounts of Ginni Filaments Ltd.

Mar 31, 2021

(b) Rights, preferences and restrictions attached to equity shares

The company has one class of equity shares having a par value of ? 10/- each. 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 any of the remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(i) General reserve

General Reserve represents the statutory reserve in accordance with Indian Corporate law wherein a portion of profit is apportioned to general reserve. Under Companies Act, 1956 it was mandatory to transfer amount before a company can declare dividend. However, under Companies Act, 2013 transfer of any amount to General reserve is at the discretion of the Company.

(ii) Securities Premium

Securities premium represents the amount received in excess of par value of securities . Premium on redemption of securities is accounted in security premium available. Section 52 of Companies Act, 2013 specify restriction and utilisation of security premium.

(iii) Retained earnings

Retained earnings represents amount that can be distributed by the Company to its equity shareholders is determined based on the financial statements of the Company and also considering the requirements of the Companies Act 2013.

(iv) Capital Redemption Reserve

Capital Redemption reserve is a statutory, non-distributable reserve created on account of redemption of redeemable preference shares as per the provisions of Companies Act, 2013 which can be utilised for issue of bonus shares.

(vi) Equity Instruments Through Other Comprehensive Income

Reserve for equity instruments through other comprehensive income represents the cumulative gains and losses arising on the revaluation of equity instruments measured at fair value through other comprehensive income.

(vii) Money against share warrants

During the year ended March 31, 2021, the Company has allotted 1,50,00,000 convertible warrants each carrying a right to subscribe to one equity share per warrant, at a price of ? 12.5 per warrant, ( including security premium of ? 2.50) aggregating to ? 1,875 lacs on a preferential basis to group companies. Out of which 85,00,000 equity shares have been alloted at ? 12.5 per share (including security premium of ? 2.5 per share) against such warrants during the year on receipt of full consideration amounting to ? 1,062.50 lacs. An amount equivalent to 25% of 65,00,000 warrant pending conversion amounting to ? 203.13 lacs has been received during the year and the balance 75% of such warrant shall be payable at the time of allotment of equity shares pursuant to exercise of the options attached to warrants to subscribe equity shares. The proceeds of share warrants has been utilised for long term capital requirements, working capital requirement and general corporate purposes.

a) Terms and conditions related to term loans/demand loans

Term loans/Demand Loans are : -

(i) secured by way of first pari-passu charge on the entire immovable properties and movable fixed assets of the Company, present & future, pari-passu second charge on the entire current assets of the Company, present and future and personal guarantee of two directors.

(ii) secured by pledge of 177 lacs equity shares of the Company held by promoter and relatives.

b) Repayment schedule related to term/demand loans

(1) 11.90% Term Loan of ? 1500 lacs with outstanding balance of ? 523.41 lacs (March 31,2020: ? 829.64 lacs) is repayable in 7 quarterly installments ending in Dec, 2022.

(2) 11.90% Term Loan of ? 3100.00 lacs with outstanding balance of ? 2450.00 lacs (March 31,2020: 2950.00 lacs) is repayable in 12 quarterly installments ending in March 2024.

(3) 9.90% Term Loan of ? 1200 lacs with outstanding balance of ? 649.52 lacs (March 31,2020: Nil) is repayable in 20 quarterly installments ending in March 2026.

(4) 7.30% Demand Loan of ? 560.00 lacs with outstanding balance of ? 497.78 lacs (March 31, 2020: Nil) is repayable in 16 monthly installments ending in March 2025.

44 Impairment of assets

In accordance with Ind AS-36 on “Impairment of Assets” the Company has assessed as on the balance sheet date, whether there are any indications with regard to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account.

45 Expenditure towards Corporate Social Responsibility

In accordance with the provisions of Section 135 of the Companies Act, 2013, the company was neither required nor has incurred any expenditure towards the activities specified under Schedule VII of the Companies Act, 2013 during the year ended March 31,2021 and March 31,2020 respectively.

46 Financial instruments

a) Capital management

The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximising the return to stakeholders through efficient allocation of capital towards expansion of business, opitimisation of working capital requirements and deployment of surplus funds into various investment options.

The Company''s capital requirement is mainly to fund its capacity expansion, repayment of principal and interest on its borrowings and strategic acquisitions. The principal source of funding of the Company has been, and is expected to continue to be, cash generated from its operations supplemented by funding from borrowings from banks and financial institutions.

The Company monitors its capital using gearing ratio, which is net debt divided to total equity. Net debt includes, interest bearing loans and borrowings less cash and cash equivalents, bank balances other than cash and cash equivalents while equity includes includes all capital and reserves of the Company.

The fair value of financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties in an orderly market transaction, other than in a forced or liquidation sale.

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 asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

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

c) Financial risk management

The company has a risk management committee which has the responsibility to identify the risk and suggest the management the mitigation plan for the identified risks in accordance with the risk management policy of the Company. The risk management policies are established to ensure timely identification and evaluation of risks, setting acceptable risk thresholds, identifying and mapping controls against these risks, monitor the risks and their limits, improve risk awareness and transparency.

These risks include market risk (including currency risk and interest rate risk), liquidity risk and credit risk.

(i) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise two types of risks: foreign currency risk, interest rate risk.

Foreign currency risk management

The Company operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions primarily with respect to USD, GBP and EURO. Foreign currency risk arises from future commercial

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk because funds are borrowed at both fixed and floating interest rates. The borrowings of the Company are principally denominated in rupees and US dollars with a mix of fixed and floating rates of interest. The Company has exposure to interest rate risk, arising principally on changes in base lending rate and LIBOR rates. The Company uses a mix of interest rate sensitive financial instruments to manage the liquidity and fund requirements for its day to day operations like demand loans and working capital loans.

(ii) Liquidity risk management

Liquidity risk refers to the risk of financial distress or high financing costs arising due to shortage of liquid funds in a situation where business conditions unexpectedly deteriorate and requiring financing. The Company requires funds both for short term operational needs as well as for long term capital expenditure growth projects. The Company relies on a mix of borrowings, capital infusion and excess operating cash flows to meet its needs for funds. The current committed lines of credit are sufficient to meet its short to medium term expansion needs. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

(iii) Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Customer credit risk is managed centrally by the Company and subject to established policy, procedures and control relating to customer credit risk management. The company also assesses the

creditworthiness of the customers internally to whom goods are sold on credit terms in the normal course of business. The credit limit of each customer is defined in accordance with this assessment. Outstanding customer receivables are regularly monitored and any shipments to overseas customers are generally covered by letters of credit.

The impairment analysis is performed on client to client basis for the debtors that are past due at the end of each reporting date. The company has not considered an allowance for doubtful debts in case of trade receivables that are past due but there has not been a significant change in the credit quality and the amounts are still considered recoverable.

47 During the year ended 31 March 2020, the Company has partly received insurance claim on account of loss of cotton stock/property occurred due to fire. As per the management''s assessment, the balance amount of insurance claim amounting to ? 361.51 lacs outstanding as at 31 March 2021 is considered to be recoverable and related arbitration proceedings are in process.

48 Exceptional items during the current year amounting to ? 240.65 lacs (March 31, 2020: ? 550.77 lacs) includes following: -

(i) Gain on disposal of leasehold land amounting to ?240.65 lacs (March 31,2020: ? 982.28 lacs)

(ii) Write down of raw material/finished goods to its net realisable value amounting to ? Nil (March 31,2020: 431.51 lacs) due to sharp decline in raw material prices.

49 Previous year figures have been regrouped/ rearranged, wherever considered necessary to conform to current year''s classification.

See accompanying notes to the financial statements 1 to 49As per our report of even date attached


Mar 31, 2018

Notes forming part of the financial statements for the year ended March 31, 2018

c) Details of security for working capital term loan

Working Capital loans of Rs, 100.31 Lacs are secured by: -

(i) secured by third charge on current assets and property, plant and equipment of the Company,

(ii) guaranteed by one director of the Company.

d) Terms and conditions for preference shares

75 Lacs (March 31, 2017: 75 Lacs and April 1, 2016: 75 Lacs) 8% cumulative redeemable preference shares are redeemable at par on or before December 31, 2018.

e) Repayment schedule

(i) Term Loan of Rs, 1500 Lacs with outstanding balance of Rs, 1229.76 lacs (March 31, 2017: Rs, 1389.76 lacs) is repayable in 20 quarterly installments ending in March, 2023.

(ii) Term Loan of Rs, 650 Lacs with outstanding balance of Rs, 260 lacs lacs (March 31, 2017: Rs, 380 Lacs is repayable in 7 quarterly installments ending in December, 2019.

(iii) Other term loans and debentures with cumulative outstanding balance of Rs, 1015.25 lacs (March 31, 2017: Rs, 5096.74 lacs) is repayable in 1 quarterly installment payable in the month of June, 2018

e) The assessing officer made certain disallowances at the time of assessment of income tax for the A.Y. 2000-01 to A.Y. 2012-13. The Company has filed appeal against such orders of assessing officer before appropriate authorities. On account of this, the brought forward losses/depreciation stands exhausted during A.Y. 2014-15 and there is contingent liability of Rs, 1005.01 lacs till the A.Y. 2017-18. However, there is pending demand of income tax as on March 31, 2018 against the aforesaid disallowances for the amount of Rs, 536.12 Lacs against which the company has deposited Rs, 266.54 Lacs. The management believe that the disallowances made by the assessing officer and disputed demand of income tax, sales tax, excise and electricity and on account of claims against the Company shall not sustain before the appropriate authorities. The management believes that the ultimate outcome of these litigation/proceedings will not have a material adverse effect on the company’s financial position and results of operations.

* The Company has contested demand under excise, income tax (TDS), sales tax and deposited Rs, 39.82 Lacs (PY 3746 Lacs).

Notes forming part of the financial statements for the year ended March 31, 2018 42 Related party disclosures

The related party disclosures in accordance with the requirements of Ind AS - 24 “Related Party Disclosures” has been given below: -(a) Name and nature of related party relationships

(i) Enterprises over which Key Management personnel are able to exercise significant influence

SRJ Edu Services Pvt. Ltd. (Formerly known as Jairpuria Edu Services Private Limited)

RRJ Infra Industries Pvt. Ltd. (Formerly known as Kanpur Constructions Pvt.Ltd.)

Raghukul Trading Pvt. Ltd Lochan Agro Pvt. Ltd.

Shree Bhawani Anand Pvt.Ltd.

Ginni Nonwoven Pvt. Ltd.

Laxmi Texknit Pvt. Ltd.

Greymat Multi Services Pvt. Ltd.

Oval Infratech Services Pvt. Ltd.

Orden Multi Services Pvt. Ltd.

SSY Infra Services Pvt. Ltd.

Yesjay Infratech Pvt. Ltd.

(ii) Key Managerial Personnel (KMP)

Shri Shishir Jaipuria

Shri Saket Jaipuria Shri Suresh Singhvi

Shri R. R. Maheshwari (resigned w.e.f April 30, 2017)

Shri Bharat Singh *

Shri Rajesh Tripathi (resigned w.e.f. February 20, 2017) *

(* in view of Companies Act, 2013)

(iii) Relative of Key Managerial Personnel

Smt. Suniti Devi Jaipuria Smt. Sunita Jaipuria Smt. Anika Jaipuria Shri Yash Jaipuria Shri Sharad Jaipuria Smt.Archana Khaitan

44 Impairment of assets

In accordance with Ind AS-36 on “Impairment of Assets” the Company has assessed as on the balance sheet date, whether there are any indications with regard to the impairment of any of the assets. Based on such assessment it has been ascertained that no potential loss is present and therefore, formal estimate of recoverable amount has not been made. Accordingly no impairment loss has been provided in the books of account

45 Expenditure towards Corporate Social Responsibility

In accordance with the provisions of Section 135 of the Companies Act, 2013, the company has incurred expenditure of Rs, 3.52 lacs and also envisaged an expenditure of '' 32.11 lacs towards the approved activities specified under Schedule VII of the Companies Act, 2013 (March 31, 2017: '' 45.86 lacs).

46 Disclosures in accordance with the requirements under Ind AS-10 “Events after the reporting date” On 29th April 2018, the stock of cotton was damaged due to major fire incident occurred at the Kosi Plant of the Company. In the opinion of the management, the estimated loss of inventories amounting to approx. Rs. 1900 Lacs (net of salvage value) is fully insured by the insurance policies taken by the Company.

47A Financial instruments

a) Capital management

The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximizing the return to stakeholders through efficient allocation of capital towards expansion of business, optimization of working capital requirements and deployment of surplus funds into various investment options.

The Company’s capital requirement is mainly to fund its capacity expansion, repayment of principal and interest on its borrowings and strategic acquisitions. The principal source of funding of the Company has been, and is expected to continue to be, cash generated from its operations supplemented by funding from borrowings from banks and financial institutions.

The Company monitors its capital using gearing ratio, which is net debt divided to total equity. Net debt includes, interest bearing loans and borrowings less cash and cash equivalents, bank balances other than cash and cash equivalents while equity includes all capital and reserves of the Company.

# includes current maturities of long term debt

The fair value of financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties in an orderly market transaction, other than in a forced or liquidation sale.

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 asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

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

c) Financial risk management

The company has a risk management committee which has the responsibility to identify the risk and suggest the management the mitigation plan for the identified risks in accordance with the risk management policy of the Company. The risk management policies are established to ensure timely identification and evaluation of risks, setting acceptable risk thresholds, identifying and mapping controls against these risks, monitor the risks and their limits, improve risk awareness and transparency.

These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The Company seeks to minimize the effects of these risks by using derivative financial instruments, credit limit to exposures, etc., to hedge risk exposures.

(i) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: foreign currency risk, interest rate risk, investment risk.

Foreign currency risk management

The Company operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions primarily with respect to USD, GBP and EURO. Foreign currency risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not the Company’s functional currency. The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies, including the use of derivatives like foreign exchange forward contracts to hedge exposure to foreign currency risk.

(ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk because funds are borrowed at both fixed and floating interest rates. The borrowings of the Company are principally denominated in rupees and US dollars with a mix of fixed and floating rates of interest. The Company has exposure to interest rate risk, arising principally on changes in base lending rate and LIBOR rates. The Company uses a mix of interest rate sensitive financial instruments to manage the liquidity and fund requirements for its day to day operations like demand loans and working capital loans.

The following table provides a break-up of the Company’s fixed and floating rate borrowings: -

(iii) Liquidity risk management

Liquidity risk refers to the risk of financial distress or high financing costs arising due to shortage of liquid funds in a situation where business conditions unexpectedly deteriorate and requiring financing. The Company requires funds both for short term operational needs as well as for long term capital expenditure growth projects. The Company relies on a mix of borrowings, capital infusion and excess operating cash flows to meet its needs for funds. The current committed lines of credit are sufficient to meet its short to medium term expansion needs. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

Maturity profile of financial liabilities:

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date.

(iv) Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Customer credit risk is managed centrally by the Company and subject to established policy, procedures and control relating to customer credit risk management. The company also assesses the creditworthiness of the customers internally to whom goods are sold on credit terms in the normal course of business. The credit limit of each customer is defined in accordance with this assessment. Outstanding customer receivables are regularly monitored and any shipments to overseas customers are generally covered by letters of credit.

The impairment analysis is performed on client to client basis for the debtors that are past due at the end of each reporting date. The company has not considered an allowance for doubtful debts in case of trade receivables that are past due but there has not been a significant change in the credit quality and the amounts are still considered recoverable.

Note : Trade receivables are net of provision for doubtful debt and bills discounted.

47B First time adoption of Ind-AS

These financial statements, for the year ended March 31, 2018, are the first financial statement that has been prepared in accordance with Ind-AS. For periods up to and including the year ended March 31, 2017, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP).

In preparing these financial statements, the Company’s opening balance sheet was prepared as at April 1, 2016, the Company’s date of transition to Ind-AS. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at April 1, 2016 and the financial statements as at and for the year ended March 31, 2017.

(i) Exemptions applied :

Ind-AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind-AS. The Company has, accordingly, applied following exemptions:

The Company has elected to consider carrying amount of all items of Property, Plant and Equipment’s (PPE) and Intangible assets per Indian GAAP, as deemed cost at the date of transition.

Notes to the reconciliation of equity as at 1st April 2016 and 31st March 2017 and Total comprehensive income for the year ended 31st March 2017

(i) Preference shares considered as borrowings:

Cumulative redeemable preference shares issued by the Company have been classified as borrowings and recognized at amortized cost on transition date as against part of Equity share capital under previous GAAP The difference on the transition date has been recognized in opening retained earnings net of related deferred taxes. Interest charge at effective interest rate on such borrowings has been recognized as finance cost in subsequent periods as against appropriation of dividend at coupon rate from reserves under the previous GAAP

(ii) Financial liabilities and related transaction costs

Borrowings and other financial liabilities which were recognized at historical cost under previous GAAP have been recognized at amortized cost under IND AS with the difference been adjusted to opening retained earnings. Under previous GAAP, transaction costs incurred in connection with borrowings were charged to statement of profit and loss . Under IND AS, transaction costs are deducted from the initial recognition amount of the financial liability and charged over the tenure of borrowing using the effective interest method.

(iii) Excise duty:

Under previous GAAP, revenue from sale of goods was presented net of excise duty whereas under IND AS the revenue from sale of goods is presented inclusive of excise duty. The excise duty is presented on the face of the Statement of Profit and Loss as part of expenses.

(iv) Fair valuation of investments

Investments in equity investments have been measured at fair value through other comprehensive income (FVTOCI). The difference between the fair value and previous GAAP carrying value on transition date has been recognized as an adjustment to opening retained earnings / separate component of other equity.

(v) Financial assets at amortized cost

Certain financial assets held on with an objective to collect contractual cash flows in the nature of principal and interest have been recognized at amortized cost on transition date as against historical cost under the previous GAAP with the difference been adjusted to the opening retained earnings.

(vi) Defined benefit liabilities

Under IND AS, Remeasurements i.e. actuarial gains and losses and the return on plan assets are recognized in other comprehensive income instead of profit or loss in previous GAAP 48 Previous year figures have been regrouped/rearranged, wherever considered necessary to conform to current year’s classification.


Mar 31, 2017

NOTE 1.

DEPRECIATION

Consequent to the enactment of the Companies Act 2013 (the Act) and its applicability for accounting period commencing after 1st April, 2014, the Company has reviewed and revised the estimated useful lives of its fixed assets except continuous process plant in accordance with provisions of the Schedule II of the Act. The management has got technically evaluated the useful life of the continuous process plants as on 1st April,2014 and has accordingly charged depreciation on it.

NOTE 2.

LITIGATION

The Company is subject to legal proceedings and claims which have arisen in the ordinary course of business. The Company''s management does not reasonably expect that these legal actions when ultimately concluded and determined, will have a material and adverse affect on the Company''s results of operations or financial condition.

NOTE 3.

DEFINED BENEFIT PLAN

Consequent upon adoption of Accounting Standard on ''Employees benefits'' (AS-15) (Revised 2005) issued by the Institute of Chartered Accountants of India, as required by the Standard, the following disclosures are made:

Note:

1- The Company has disclosed business segments as the primary segment. Segments have been identified taking into account the nature of the products, differential risks and returns, the organizational structure and internal reporting system. The company''s operations predominantly relate to manufacturing of textiles.

2- Types of products and services in each business segment: Textiles: Yarn, Fabric Nonwoven Fabrics and Garments. Others: Consumer Products i.e. Wipes and Others

Company has entered into contracts of forward booking keeping in view the net foreign exchange surplus on exports earning in foreign exchange considering imports and foreign currency loans.

Net foreign exchange exposures as on 31st March, 2017 are fully hedged for exports receivable and imports and other foreign currency expenses. Foreign currency loans are not hedged for its full repayment periods.

NOTE 4

RELATED PARTIES DISCLOSURE

Related parties and transactions with them as specified in the Accounting Standard 18 on "Related Parties Disclosures" issued by ICAI has been identified and given below on the basis of information available with the company and the same has been relied upon by the auditors

Related Parties & Relationship

a) Enterprises that directly or indirectly through one or more intermediaries, control or are controlled by or are under common control with the company (this includes holding companies, subsidiaries and fellow subsidiaries): Nil

b) Associates and joint ventures: Nil

c) Key management personnel and Individuals owning directly or indirectly, an interest in the voting power that give them control or significant influence over the company, and the relatives of such individuals.

1) Key management personnel:

i) Shri Shishir Jaipuria,

ii) Shri Saket Jaipuria

iii) Shri S. Singhvi

iv) Shri R. R. Maheshwari

2) Relative:

i) Smt. Suniti Devi Jaipuria

ii) Smt. Sunita Jaipuria

iii) Smt. Anika Jaipuria

iv) Shri Yash Jaipuria

v) Shri Sharad Jaipuria

vi) Smt.Archana Khaitan

d) Enterprises over which Key Management personnel are able to exercise significant influence:

i) Shree Bhawani Anand Pvt.Ltd.

ii) SRJ Edu Services Pvt. Ltd.

iii) Kanpur Constructions Pvt.Ltd.

iv) Raghukul Trading Pvt.Ltd

v) Lochan Agro Pvt. Ltd.

vi) Ginni Nonwoven Pvt. Ltd.

Vii) Laxmi Texknit Pvt. Ltd.

viii) Greymat Multi Services Pvt. Ltd.

ix) Oval Infratech Services Pvt. Ltd.

x) Orden Multi Services Pvt. Ltd.

xi) SSY Infra Services Pvt. Ltd.

xii) Yesjay Infratech Pvt. Ltd.


Mar 31, 2016

iv) The assessing officer made certain disallowances at the time of assessment of income tax for the A.Y. 2000-01 to AY-2013-14. The Company has filed appeal against such orders of assessing officer before appropriate authorities. On account of this the brought forward losses/depreciation stands exhausted during A.Y. 2014-15 and there is contingent liability of Rs.781 lacs till the A.Y. 2015-16. However, there is no pending demand of income tax as on 31st March,2016 against the aforesaid disallowances.

v). The payment of Bonus Act, 1965 was amended vide notification dated 31st December,2015 making retrospective amendment of payment of bonus effective from financial year 2014-2015. Due to this amendment, there is incremental liability of Rs.83.37 lakh towards payment of bonus for financial year 2014-15. Hon’ble Kerala High Court vide its order dated 27th January,2016 and Hon’ble Karnataka High Court vide its order dated 2nd Ferbruary,2016 have stayed the retrospective applicability of notification. Commissioner of Labour (Uttar Pradesh) has also stayed enforcement of the said amendment till the further orders of aforesaid High Courts. The Company has received legal opinion from reputed Supreme Court Lawyer confirming that the stay of notification by High Courts is also applicable to the Company and its units. The management believes that no liability will arise on account of such retrospective amendment. The management believe that the disallowances made by the assessing officer and disputed demand of income tax, sales tax, excise, bonus, electricity and on account of claims against the Company shall not sustain before the appropriate authorities. The management believes that the ultimate outcome of these litigation/proceedings will not have a material adverse effect on the company’s financial position and results of operations.

NOTE 1 DEPRECIATION

Consequent to the enactment of the Companies Act 2013 (the Act) and its applicability for accounting period commencing after 1st April, 2014, the Company has reviewed and revised the estimated useful lives of its fixed assets except continuous process plant in accordance with provisions of the Schedule II of the Act. The management has got technically evaluated the useful life of the continuous process plants as on 1st April, 2014 and has accordingly charged depreciation on it.

NOTE 2 LITIGATION

The Company is subject to legal proceedings and claims which have arisen in the ordinary course of business. The Company’s management does not reasonably expect that these legal actions when ultimately concluded and determined, will have a material and adverse affect on the Company’s results of operations or financial condition.

NOTE 3

DEFINED BENEFIT PLAN

Consequent upon adoption of Accounting Standard on ‘Employees benefits’ (AS-15) (Revised 2005) issued by the Institute of Chartered Accountants of India, as required by the Standard, the following disclosures are made:

Company has entered into contracts of forward booking keeping in view the net foreign exchange surplus on exports earning in foreign exchange considering imports and foreign currency loans.

Net foreign exchange exposures as on 31st March,2016 are fully hedged for exports receivable and imports and other foreign currency expenses. Foreign currency loans are not hedged for its full repayment periods.

NOTE 4.

RELATED PARTIES DISCLOSURE

Related parties and transactions with them as specified in the Accounting Standard 18 on “Related Parties Disclosures” issued by ICAI has been identified and given below on the basis of information available with the company and the same has been relied upon by the auditors.

Related Parties & Relationship

a) Enterprises that directly, or indirectly through one or more intermediaries, control or are controlled by or are under common control with the company (this includes holding companies, subsidiaries and fellow subsidiaries): Nil

b) Associates and joint ventures: Nil

c) Key management personnel and Individuals owning directly or indirectly, an interest in the voting power that give them control or significant influence over the company, and the relatives of such individuals.


Mar 31, 2015

COMPANY OVERVIEW

Ginni Filaments Ltd is a textile company manufacturing cotton yarn, knitted fabric, non-woven fabric, garments and wipes at its factories located at Kosi Kalan (UP), Panoli (Gujarat), Noida (U.P.) and Haridwar (Uttarakhand).

2.(A) Term Loans of Rs. 11703.46 Lacs * are (i) secured by mortgage by deposit of the Title Deeds of immovable properties {pending Mortgage of Term Loan of Rs. NIL (Previous year Rs. 639.83 Lacs)} and by hypothecation of Company's movable properties, ranking pari-passu, subject to prior charge on current assets in favour of Company's bankers for working capital.(ii) guaranteed by one Director (iii) secured by pledge of Rs. 61.55 lacs equity shares of the company held by promoter and relative for Term Loan of Rs. 37.97 Lacs (previous year 48.54 Lacs) and further secured by pledge of 115.45 Lacs shares of the company held by promotersRs. and relatives for Term Loans of Rs. 11122.65 Lacs (Previous Year Rs. 14280.02 Lacs), ranking pari pasu with the Debentures and working capital loans. (iv) Term Loans of Rs. 11122.65 Lacs are repayable in 13 quarterly instalments from 30th June, 2015 to 30th June, 2018 & Term Loans of Rs. 580.81 Lacs is repayable in 19 quarterly instalments from 30th June, 2015 to 31st Dec, 2019

(B) Working Capital Term Loans of Rs. 1322.63 lacs* (previous year Rs. 1699.55 lacs) are secured by third charge on current & fixed assets of the company and guaranteed by one Director and repayable in 13 quarterly instalments from 30th June, 2015 to 30th June, 2018

(C) Loan of Rs. 21.52 Lacs* (previous year Rs. 27.50 Lacs) from others are secured against hypothecation of vehicles. Loan of Rs. 17.78 Lacs is repayable in 35 instalments from 01.04.2015 to 01.02.2018 and Loan of Rs. 3.74 Lacs is repayable in 36 instalments from 01.04.2015 to 01.03.2018.

3. EXCEPTIONAL ITEMS

Exceptional Items include a provision for Rs. 293.80 Lacs (previous year 1671.00 Lacs) towards recompense amount in respect of interest cost payable under CDR guidelines and Nil (previous year Rs. 322.54 Lacs) towards gain on acquisition of part of freehold land of company by National Highway Authority.

The recompense liability has been provided in accounts as advised by monitoring bank State Bank of India as per RBI and CDR guidelines. The difference, if any in amount payable shall be adjusted on final settlement/determination of liability with CDR Cell.

(Rs. in Lacs)

Note 4 2014-15 2013-14

CONTINGENT LIABILITIES

(a) Contingent liabilities not provided for:

i) Bills discounted with banks 2334.82 5239.50

ii) Disputed demands under excise, income tax, sales tax and electricity etc 130.20 152.41

iii) Claims against the company not acknowledged as debt 133.90 113.54

iv) The assessing officer made certain disallowances at the time of assessment of income tax for the AY 2000-01 to AY- 2012-13. The Company has filed appeal against such orders of assessing officer before appropriate authorities. On account of this, the brought forward losses/ depreciation stands exhausted during AY 2014-15 and there is contingent liability of Rs. 1259 lacs (excluding interest) till the AY-2015-16. However, there is no pending demand of income tax as on 31st March, 2015 against the aforesaid disallowances.

The management believe that the disallowances made by the assessing officer and disputed demand of income tax, sales tax, excise and electricity and on account of claims against the Company shall not sustain before the appropriate authorities. The management believes that the ultimate outcome of these litigations/proceedings will not have a material adverse effect on the company's financial position and results of operations.

(b) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) : 1516.47 1959.47

NOTE 5

DEPRECIATION

(i) Consequent to the enactment of the Companies Act 2013 (the Act) and its applicability for accounting period commencing after 1st April, 2014, the Company has reviewed and revised the estimated useful lives of its fixed assets except continuous process plant in accordance with provisions of the Schedule II of the Act. The management has got technically evaluated the useful life of the continuous process plants as on 1st April, 2014 and has accordingly charged depreciation on it. Therefore, the depreciation charged for the year ended 31st March, 2015 is higher by Rs. 387.72 lacs.

(ii) In respect of assets of which useful life has expired before 1st April, 2014, depreciation of Rs. 226.08 lacs has also been charged to Statement of Profit and Loss as permitted vide MCA notification GSR 627 (E) dated 29th August, 2014 in connection with amendment in Schedule II of the Companies Act, 2013

NOTE 6

LITIGATION

The Company is subject to legal proceedings and claims which have arisen in the ordinary course of business. The Company's management does not reasonably expect that these legal actions when ultimately concluded and determined, will have a material and adverse affect on the Company's results of operations or financial condition.

Note 7

RELATED PARTIES DISCLOSURE

Related parties and transactions with them as specified in the Accounting Standard 18 on "Related Parties Disclosures" issued by ICAI has been identified and given below on the basis of information available with the company and the same has been relied upon by the Auditors.

Note 8

Balance of receivables, creditors and advances are subject to confirmation and /or reconciliation.


Mar 31, 2014

Note 1

COMPANY OVERVIEW

Ginni Filaments Ltd is a textile company manufacturing cotton yarn, knitted fabric, non-woven fabric, garments and wipes at its factories located at Kosi kalan (UP), Panoli (Gujarat), Noida (U.P.) and Haridwar (Uttarakhand).

(Rs. in Lacs) Note 2 2013-14 2012-13

CONTINGENT LIABILITIES

1. Contingent liabilities not provided for:

i) Bills discounted with banks 5239.50 5789.43

ii) Disputed demands under excise, income tax,sales tax and electricity etc 152.41 182.26

iii) Claims against the company not acknowledged as debt 113.54 100.34

2. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) : 1959.47 1303.48

Note 3

DEFINED BENEFIT PLAN

Consequent upon adoption of Accounting Standard on ''Employees benefits'' (AS-15) (Revised 2005) issued by the Institute of Chartered Accountants of India, as required by the Standard, the following disclosures are made:

Note 4

DISCLOSURE IN RESPECT OF DERIVATIVE INSTRUMENTS:

Company has entered into contracts of forward booking keeping in view the net foreign exchange surplus on exports earning in foreign exchange considering imports and foreign currency loans.

Net foreign exchange exposures as on 31st March, 2014 are fully hedged for exports receivable and imports and other foreign currency expenses. Foreign currency loans are not hedged for its full repayment periods.

Note 5

RELATED PARTIES DISCLOSURE

Related parties and transactions with them as specified in the Accounting Standard 18 on "Related Parties Disclosures" issued by ICAI has been identified and given below on the basis of information available with the company and the same has been relied upon by the auditors.

Related Parties & Relationship

a) Enterprises that directly, or indirectly through one or more intermediaries, control or are controlled by or are under common control with the company (this includes holding companies, subsidiaries and fellow subsidiaries): Nil

b) Associates and joint ventures: Nil

c) Key management personnel and Individuals owning directly or indirectly, an interest in the voting power that give them control or significant influence over the company, and the relatives of such individuals.

1) Key management personnel :

i) Dr. Rajaram Jaipuria,

ii) Shri Shishir Jaipuria,

iii) Shri Saket Jaipuria

iv) Shri Suresh Singhvi

v) Shri Ram Ratan Maheshwari

2) Relative :

i) Smt. Suniti Devi Jaipuria

ii) Smt. Sunita Jaipuria

iii) Smt. Anika Jaipuria

iv) Shri Yash Jaipuria

v) Shri Sharad Jaipuria

vi) Smt. Archana Khaitan

d) Enterprises over which Key Management personnel are able to exercise significant influence:

i) Shree Bhawani Anand Pvt.Ltd.

ii) Jaipuria Edu Services Pvt. Ltd.

iii) Kanpur Builders Pvt.Ltd.

iv) Raghukul Trading Pvt. Ltd

v) Lochan Agro Pvt. Ltd.

vi) Ginni Nonwoven Pvt. Ltd.

Note 6

Balance of receibables, creditors and advances are subject to confirmation and /or reconciliation.


Mar 31, 2013

Note 1

COMPANY OVERVIEW

Ginni Filaments Ltd is a textile company manufacturing cotton yarn, knitted fabric, non-woven fabric, garments and wipes at its factories located at Kosi kalan (UP), Panoli (Gujarat), Noida (U.P.) and Haridwar (Uttarakhand).

Keeping in view of the principle of prudence as per Accounting Standard 1 on "Disclosure of Accounting Policies" outstanding derivative contracts at the Balance Sheet date are now marked to market and accordingly, the resulting mark to market losses / gains are recognized in the Profit and Loss Account.

Note 2 2010-11 2011-12

CONTINGENT LIABILITIES

1. Contingent liabilities not provided for:

i) Bills discounted with banks 5789.43 5722.94

ii) Disputed demands under excise, income tax, sales tax and electricity etc 182.26 253.65

iii) Claims against the company not acknowledged as debt 100.34 84.48

2. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) : 1303.48 745.76

Note 3

DEFINED BENEFIT PLAN

Consequent upon adoption of Accounting Standard on ''Employees benefits'' (AS-15) (Revised 2005) issued by the Institute of Chartered Accountants of India, as required by the Standard, the following disclosures are made:

Note 4

DISCLOSURE IN RESPECT OF DERIVATIVE INSTRUMENTS:

Forward booking and derivative contracts entered into by the Company and have remained outstanding as on 31/03/2013 are as under:

Company has entered into contracts of forward booking keeping in view the net foreign exchange surplus on exports earning in foreign exchange considering imports and foreign currency loans.

Net foreign exchange exposures as on 31st March, 2013 are fully hedged for exports receivable and imports and other foreign currency expenses. Foreign currency loans are not hedged for its full repayment periods.

Note 5

RELATED PARTIES DISCLOSURE

Related parties and transactions with them as specified in the Accounting Standard 18 on "Related Parties Disclosures" issued by ICAI has been identified and given below on the basis of information available with the company and the same has been relied upon by the auditors.

Related Parties & Relationship

a) Enterprises that directly, or indirectly through one or more intermediaries, control or are controlled by or are under common control with the company (this includes holding companies, subsidiaries and fellow subsidiaries): Nil

b) Associates and joint ventures: Nil

c) Key management personnel and Individuals owning directly or indirectly, an interest in the voting power that give them control or significant influence over the company, and the relatives of such individuals.

Note 6

Balance of debtors, creditors and advances are subject to confirmation and /or reconciliation.


Mar 31, 2012

COMPANY OVERVIEW

Ginni Filaments Ltd is a textile company manufacturing cotton yarn, knitted fabric, non-woven fabric garments and wipes at its factories located at Kosi (UP), Panoli (Gujarat), Noida and Haridwar.

CONTINGENT LIABILITIES 2011-2012 2010-2011

1. Contingent liabilities not provided for:

i) Bills discounted with banks 5,722.94 6,702.01

ii) Disputed demands under excise, income tax, sales tax and electricity etc 253.65 92.02

iii) Claims against the company not acknowledged as debt 84.48 68.99

2. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances): 745.76 625.96

Company has entered into contracts of forward booking keeping in view the net foreign exchange surplus on exports earning in foreign exchange considering imports and foreign currency loans.

Net foreign exchange exposures as on 31/03/2012 are fully hedged for exports receivable and imports and other foreign currency expenses. Foreign currency loans are not hedged for its full repayment periods.

Note 2

RELATED PARTIES DISCLOSURE

Related parties and transactions with them as specified in the Accounting Standard 18 on "Related Parties Disclosures" issued by ICAI has been identified and given below on the basis of information available with the company and the same has been relied upon by the auditors. Related Parties & Relationship

a) Enterprises that directly, or indirectly through one or more intermediaries, control or are controlled by or are under common control with the company (this includes holding companies, subsidiaries and fellow subsidiaries): Nil

b) Associates and joint ventures: Nil

c) Key management personnel and Individuals owning directly or indirectly, an interest in the voting power that give them control or significant influence over the company, and the relatives of such individuals.

Them

1) Key management personnel : 2) Relative :

i) Dr. Rajaram Jaipuria, i) Smt. Suniti Devi Jaipuria

ii) Shri Shishir Jaipuria ii) Smt. Sunita Jaipuria

iii) Shri Saket Jaipuria iii) Smt. Anika Jaipuria

iv) Shri S. Singhvi iv) Shri Yash Jaipuria

v) Shri R. R. Maheshwari v) Shri Sharad Jaipuria

vi) Smt.Archana Khaitan

EARNING PER SHARE

The earning per share has been calculated as specified in Accounting Standard 20 on "Earnings per Share" issued by Institute of Chartered Accountants of India, the related disclosures are as below-

Note 3

Balance of debtors, creditors and advances are subject to confirmation and /or reconciliation.

Note 4

The financial statements for the year ended 31st March, 2011 had been prepared as per the then applicable, pre-revised schedule VI to the Companies Act,1956. Consequent to the notification under the Companies Act,1956, the financial statements for the year ended 31st March, 2012 are prepared under revised Schedule VI. Accordingly the previous year figures have also been reclassified to confirm to this year's classifications.


Mar 31, 2011

(Rs. in Lacs)

2010-2011 2009-2010

1. Contingent liabilities not provided for:

i) Bills discounted with banks 6702.01 3288.97

ii) Disputed demands under excise, income tax, sales tax and electricity etc 92.02 88.41

iii) Claims against the company not acknowledged as debt 68.99 61.19

2. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) : 625.96 95.41

3. Balance of debtors, creditors and advances are subject to confirmation and /or reconciliation.

4. Sales include Net Gain of Rs.23.07 lacs (previous year Net Loss of Rs. 95.72 lacs) on account of exchange rate fluctuation and adjustment of Rs. 341.79 lacs (previous year Rs.246.93 lacs) on account of discounts, rebate and claims.

The information as required to be disclosed under the Micro and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

5. 8% Cumulative Redeemable Preference Shares are redeemable at par on or before 31st Dec, 2018. Accumulated dividend on Preference Shares for the year is Rs. 60 lacs.(previous year Rs. 25 lacs)

6. Secured loans of Rs. 2597.44 lacs are repayable within next twelve months.

7. Defined Benefit Plan: Consequent upon adoption of Accounting Standard on Employees benefits (AS-15) (Revised 2005) issued by the Institute of Chartered Accountants of India, as required by the Standard, the following disclosures are made:

Company has entered into contracts of forward booking keeping in view the net foreign exchange surplus on exports earning in foreign exchange considering imports and foreign currency loans.

Net foreign exchange exposures as on 31/03/2011 are fully hedged for exports receivable and imports and other foreign currency expenses. Foreign currency loans are not hedged for its full repayment periods.

8. Related parties and transactions with them as specified in the Accounting Standard 18 on "Related Parties Disclosures" issued by ICAI has been identified and given below on the basis of information available with the company and the same has been relied upon by the auditors.

Related Parties & Relationship

a) Enterprises that directly, or indirectly through one or more intermediaries, control or are controlled by or are under common control with the company (this includes holding companies, subsidiaries and fellow subsidiaries): Nil

b) Associates and joint ventures: Nil

c) Key management personnel and Individuals owning directly or indirectly, an interest in the voting power that give them control or significant influence over the company, and the relatives of such individuals.

1) Key management personnel :

i) Dr. Rajaram Jaipuria ii) Shri Shishir Jaipuria iii) Shri Saket Jaipuria

iv) Shri S. Singhvi v) Shri R. R. Maheshwari

2) Relative :

i) Smt. Suniti Devi Jaipuria

ii) Smt. Sunita Jaipuria

iii) Smt. Anika Jaipuria

iv) Shri Yash Jaipuria

v) Shri Sharad Jaipuria

vi) Smt. Archana Khaitan

9. Previous years figures have been regrouped wherever necessary.


Mar 31, 2010

(Rs. in Lacs) 2009-2010 2008-2009 1. Contingent liabilities not provided for: i) Bills discounted with banks 3288.97 4574.49 ii) Disputed demands under excise, income tax, sales tax and electricity etc 88.41 69.11 iii) Claims against the company not acknowledged as debt 61.19 45.45

2. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances): 95.41 175.85 3. Balance of some debtors, creditors and advances are subject to confirmation and /or reconciliation.

4. Sales include Net Loss of Rs.95.72 lacs (previous year Net Gain of Rs. 2.18 lacs) on account of exchange rate fluctuation and adjustment of Rs.246.93 lacs (previous year Rs. 221.72 lacs) on account of discounts, rebate and claims.

The information as required to be disclosed under the Micro and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

5. 8% Cumulative Redeemable Preference Shares are redeemable at par on or before 31" Dec, 2018. Accumulated dividend on Preference Shares for the year is Rs. 25 lacs.

6. Secured loans of Rs. 1443.24 lacs are repayable within next twelve months.

7. Defined Benefit Plan

Consequent upon adoption of Accounting Standard on Employees benefits (AS-15) (Revised 2005) issued by the Institute of Chartered Accountants of India, as required by the Standard, the following disclosures are made:

Company has entered into contracts of forward booking keeping in view the net foreign exchange surplus on exports earning in foreign exchange considering imports and foreign currency loans.

Net foreign exchange exposures as on 31/03/2010 are fully hedged for exports receivable and imports and other foreign currency expenses. Foreign currency loans are not hedged for its full repayment periods.

8. Pursuant to clause 46 of Accounting Standard-11, the company has exercised the option to capitalize the exchange differences arising on long term foreign currency loans. Had this option not been exercised, the current year profit of the company would have been increased by Rs. 64.49 Lacs.

9. Disclosure regarding amalgamation:

Ganesh Synthetics Private Limited, Abhinav Investments Private Limited, Goodworth Merchants Private Limited, engaged in investment activities and Ginni Power Limited, engaged in power generation business (the transferee Companies) have been amalgamated with the company. The Scheme of amalgamation (the Scheme) was sanctioned by the Honble High Court of Judicature at Allahabad vide its order dated 19,h December 2009 issued on 5,h January 2010. The scheme became effective on 16,n January 2010, the Appointed Date of the Scheme being 30" November 2007. In accordance with the said scheme and as per approval of the Honble High Court:

a) The assets, liabilities, rights and obligations of transferee Companies have been transferred to and vested with the company with effect from 30th November 2007 and have been recorded at their respective carrying amounts under the Purchase Method of accounting for amalgamation,

b) 2,22,95,386 Equity Shares of Rs. 10/- each have been issued to the eligible Equity shareholders of the transferee Companies whose names are registered in the register of members on record date, without payment being received in cash

c) 1,09,07,946 Equity Shares of Rs. 10/- each held by transferee Companies have been cancelled.

d) The share premium of Rs. 637.69 lacs has been accounted for on net equity share issued after cancellation as per scheme of amalgamation approved by Honble High Court at Allahabad.

e) The difference between the assets and liabilities acquired of the transferee Companies amounting to Rs.27.63 Lacs has been recognized as Goodwill which has been written off and charged to Profit and Loss Account in the year ended 31st March 2010.

f) The transferee Companies carried on all its business and activities for the benefit of and in trust for, the company from the Appointed

Date. Thus the profit or income accruing or arising to Transferee Companies, or expenditure or losses arising or incurred by them from the Appointed Date are treated as the profit or income or expenditure or loss, as the case may be, of the Company. The Scheme has accordingly been given effect to in these accounts.

g) Net Loss of Rs 14.02 lacs for the period from 01.12.2007 to 31.03.2009 has been accounted for during the year on account of amalgamation.

10. Related parties and transactions with them as specified in the Accounting Standard 18 on "Related Parties Disclosures" issued by ICAI has been identified and given below on the basis of information available with the company and the same has been relied upon by the auditors. Related Parties & Relationship

a) Enterprises that directly, or indirectly through one or more intermediaries, control or are controlled by or are under common control with the company (this includes holding companies, subsidiaries and fellow subsidiaries): Nil

b) Associates and joint ventures: Nil

c) Key management personnel and Individuals owning directly or indirectly, an interest in the voting power that give them control or significant influence over the company, and the relatives of such individuals.

1) Key management personnel : i) Dr. Rajaram Jaipuria,

ii) Shri Shishir Jaipuria,

iii) Shri S. Singhvi

iv) Shri R. R. Maheswari

2) Relative

i) Smt. Suniti Devi Jaipuria

ii) Smt. Sunita Jaipuria

iii) Shri Saket Jaipuria iv) Shri Yash Jaipuria v) Shri Sharad Jaipuria

vi) Smt.Archana Khaitan

d) Enterprises over which Key Management personnel are able to exercise significant influence:

i) Shree Bhawani Anand Pvt.Ltd.

ii) Ginni Biotex Pvt. Ltd.

iii) Kanpur Builders Pvt.Ltd.

iv) Raghukul Properties & Investments Pvt.Ltd

11. Previous years figures have been regrouped wherever necessary.

12. Additional information pursuant to the provisions of paragraph 3 & 4 of part II of Schedule VI of the Companies Act, 1956.

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