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Notes to Accounts of Inditrade Capital Ltd.

Mar 31, 2015

1. Company overview

Inditrade Capital Limited ( formerly known as JRG Securities Limited) ("the Company") was incorporated on 17 October 1994. The Company is primarily engaged in the business as brokers for securities trading in various stock exchanges and to act as a depository participant.

2. Share capital

a) Terms / rights attached to equity shares

The Company has only one class of shares of equity share having a par value of Rs.10 per share. Each holder of the equity share is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed (if any) by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

b) Shares allotted as fully paid up pursuant to contracts(s) without payment being received in cash (during 5 years immediately preceding March 31,2015)

The company has not made any issue of Bonus Shares or Shares in consideration other than cash in pursuance of any contract during the period of 5 years preceding the reporting period.

c) Details of the shares reserved for issue under options

The Company issued options under the Employees stock option plan 2005 ("2005 Plan") in the financial year 2005-2006. The 2005 Plan covers all non- promoter directors and employees of the Company (collectively referred to as "eligible employees") and its subsidiaries. Under the plan, the Company granted 1,79,100 options on 3 September 2005. The Compensation Committee granted the options on the basis of performance, criticality and potential of the employees as identified by management.

The Company had computed the fair value of the options for the purpose of accounting of employee compensation cost/ expense over the vesting period of the options. The estimated fair value of each stock option granted on 3 September 2005 was Rs. 0.28. This has been calculated based on independent valuation report, which has been estimated under the Black Scholes option pricing model. The exercise price for these options granted is Rs. 10. The inputs were the share price at grant date of Rs. 10.67, exercise price of Rs. 10, expected volatility of NIL ( the Company was not listed at the time of grant of options), expected

3. Contingent liabilities and commitments

Particulars As at 31 March 2015 31 March 2014

Contingent liabilities

a) Guarantees

Guarantees on behalf of subsidiary 7,00,00,000 7,00,00,000 companies

b) Other money for which the company is contingently liable

Income tax matters, pending decisions on various appeals made by the Company 1,97,81,966 1,67,84,040 and by the Department

Provident Fund dues disputed in appeal against which Rs. 7,84,476 is paid 2,55,72,295 31,37,903 under dispute and included under advances

Other Claims against the company not 4,30,58,000 4,13,46,000 acknowledges as debt

c) The Company is involved in claim and proceedings including show cause notice received from Securities and Exchange Board of India (SEBI) which arise in the ordinary course of the business. However there are no such matters pending that the Company expects to be material in relation to its business.

4. Deferred taxes

The Company has not recognized the net deferred tax asset in respect of unabsorbed depreciation or carried forward loss under taxation laws as the management believes that there exists no virtual certainty in relation to its realization as on the balance sheet date.

5. Related party disclosures

Names of related parties and nature of relationship:

Company having significant Duckworth Limited, Mauritius influence Barings India Private Equity Fund II Limited (holding Company of Duckworth Limited)

Subsidiary and step down Inditrade Derivatives and Commodities subsidiary Companies Limited

Inditrade Insurance Broking Private Limited

JRG Fincorp Limited

Inditrade Business Consultants Limited

Key managerial personnel Vinod Mohan (Manager cum Company Secretary)( From 11th November 2014)

Geniya Banerjee (CFO)

Guruswamy Raj ( From 14th March 2014 to 1st November 2014 )

6. Segment reporting

a) Primary segment information (by business segments)

The Company is engaged in the business of providing broking and broking related services i.e. depository participant services to predominantly retail clients. Accordingly the primary segments have been identified as broking (including broking related services) Thus, it operates in a single primary segment.

b) Secondary segment reporting (by geographical segments)

The Company caters only to the needs of the domestic market. Hence there are no reportable geographical segments.

7. Security margins from clients

In order to secure the performance by the clients of their obligations, commitments and liabilities to the Company, securities etc are placed as margins by creation of pledge in favour of/transfer to the Company's depository account. Such securities etc are held by the Company in a fiduciary capacity on behalf of its clients and are not recognised in the financial statements. In case such margins are received in cash, the same are disclosed under current liabilities.

8. Micro, Small and Medium Enterprises Development Act, 2006

The management has identified enterprises which have provided goods and services to the Company and which qualify under the definition of "Micro and Small Enterprises" as defined under Micro, Small and Medium Enterprises Development Act, 2006 ("the Act"). Accordingly, based on the information received and available with the Company ,there are no amounts payable to such enterprises as at 31 March 2015.

9. JRG ESOP Trust

As per the requirements of Securities Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines 1999 ('SEBI guidelines'), since the stock option plan is administered through a trust, the accounts of the Company are prepared as if the Company itself is administering the employee stock option plan. Pursuant to such requirement of the SEBI guidelines the equity shares issued to the JRG ESOP Trust and not exercised by the employees as on 31 March 2014 have been presented as a deduction from the share capital. The bank balance of the JRG ESOP Trust as on 31 March 2015 net of the loan granted and capital contribution to the JRG ESOP Trust by the Company has been presented as bank balance of the Company.

10. The Company has established a comprehensive system of maintenance information and documents as required by the transfer pricing legislation under sections 92- 92F of the Income-tax Act, 1961. Since the law requires existence of such information and documentation to be contemporaneous in nature, the Company is in the process of updating this information. The Company is required to update and put in place information latest by the due date for filling of its income tax return. Management is of the opinion that its international transactions are at arm's length so that the aforesaid update will not have any impact on the financial statements.

11. The management of the Company has identified tangible fixed assets and their major components and has reviewed / determined their remaining useful lives. Accordingly, the depreciation on tangible fixed assets is provided for in accordance with the provisions of Schedule II to the Companies Act, 2013, except in respect of VSAT Equipments where the useful life is estimated to be 10 years based on technical assessment.

In respect of assets whose remaining useful life is already exhausted as at April 1, 2014, depreciation of Rs. 26,90,079 has been adjusted against the opening balance of Retained Earnings as on that date.

Consequent to the above, depreciation for the year is lower by Rs. 1,59,85,607.This being a technical matter, has been relied upon by the auditors.

12. Prior year figures have been reclassified / regrouped wherever necessary to conform to the current year's classification.


Mar 31, 2014

1. Company overview

Inditrade Capital Limited ( formerly known as JRG Securities Limited) ("the Company") was incorporated on 17 October 1994. The Company is primarily engaged in the business as brokers for securities trading in various stock exchanges and to act as a depository participant.

2. a) Terms / rights attached to equity shares

The Company has only one class of shares of equity share having a par value of Rs. 10 per share. Each holder of the equity share is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed (if any) by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

b) Shares allotted as fully paid up pursuant to contract(s) without payment being received in cash (during 5 years immediately preceding March 31,2014) The company has not made any issue of Bonus Shares or Shares in consideration other than cash in pursuance of any contract during the period of 5 years preceding the reporting period.

c) Details of the shares reserved for issue under options

The Company issued options under the Employees stock option plan 2005 ("2005 Plan") in the financial year 2005-2006. The 2005 Plan covers all non- promoter directors and employees of the Company (collectively referred to as "eligible employees") and its subsidiaries. Under the plan, the Company granted 179,100 options on 3 September 2005. The Compensation Committee granted the options on the basis of performance, criticality and potential of the employees as identified by management.

The Company had computed the fair value of the options for the purpose of accounting of employee compensation cost/ expense over the vesting period of the options. The estimated fair value of each stock option granted on 3 September 2005 was Rs. 0.28. This has been calculated based on independent valuation report, which has been estimated under the Black Scholes option pricing model. The exercise price for these options granted is Rs. 10. The inputs were the share price at grant date of Rs. 10.67, exercise price of Rs. 10, expected volatility of NIL ( the Company was not listed at the time of grant of options), expected dividends 7.5%, contractual life of 4.05 years, and a risk-free interest rate of 6.59%. The vesting period for these options granted under the 2005 plan varies from 12 months to 36 months. Out of the 179,100 options granted on 3 September 2005, 50,220 options were forfeited and 111,005 options were exercised up to 31 March 2012.

During the financial year 2007-2008, the 2005 plan was merged with JRG Employee Stock option plan 2008 ("2008 Plan"). The 2008 Plan was approved on 15 July 2008 at the annual general meeting of shareholders and was effective from the same date. The objective of this 2008 Plan is to encourage ownership of the Company''s equity by its employees on an ongoing basis. The ESOP 2008 is intended to reward the employees for their contribution to the successful operation of Inditrade Capital Limited (formerly known as JRG Securities Limited) and to provide an incentive to continue contributing to the success of the company. The new plan provides that the lock-in period and other terms and conditions of this scheme shall apply ipso facto as they applied to the options issued under 2005 Plan.

3. CONTINGENT LIABILITIES AND COMMITMENTS

Particulars As at As at 31 March, 2014 31 March, 2013

Contingent liabilities

a) Guarantees

Guarantee issued by the bank - 7,50,00,000

Guarantees on behalf of subsidiary companies 7,00,00,000 12,00,00,000

b) Other money for which the company is contingently liable

Income tax matters, pending decisions on various appeals made by the Company and by the Department 1,67,84,040 1,67,73,200

Provident Fund dues disputed in appeal against which Rs. 7,84,476 is 31,37,903 - paid under dispute and included under advances

Other Claims against the company not acknowledged as debt 4,13,46,000 1,23,96,000

c) The Company is involved in claim and proceedings including show cause notice received from Securities and Exchange Board of India (SEBI) which arise in the ordinary course of the business. However there are no such matters pending that the Company expects to be material in relation to its business.

Commitments

Other commitments - 1,00,000

4. DEFERRED TAXES

The Company has not recognized the net deferred tax asset in respect of unabsorbed depreciation or carried forward loss under taxation laws as the management believes that there exists no virtual certainty in relation to its realization as on the balance sheet date.

5. RELATED PARTY DISCLOSURES

Names of related parties and nature of relationship:

Company having significant influence

Duckworth Limited, Mauritius

Subsidiary and step down subsidiary Companies

Inditrade Derivatives and Commodities Limited (formerly known as JRG Wealth Management Limited)

Inditrade Insurance Broking Private Limited (formerly known as JRG Insurance Broking Private Limited)

JRG Fincorp Limited

Inditrade Business Consultants Limited (formerly known as JRG Business Investment Consultants Limited)

Key managerial personnel

Anand Tandon (Managing Director from 6th August 2013 to 13th February 2014) Gopichand S (Managing Director from 25th January 2012 to 6th August 2013

Guruswami Raj G (Manager cum Company Secretary)

6. SEGMENT REPORTING

a) Primary segment information (by business segments)

The Company is engaged in the business of providing broking and broking related services i.e. depository participant services to predominantly retail clients. Accordingly the primary segments have been identified as broking (including broking related services). Thus, it operates in a single primary segment.

b) Secondary segment reporting (by geographical segments)

The Company caters only to the needs of the domestic market. Hence there are no reportable geographical segments.

7. SECURITY MARGINS FROM CLIENTS.

In order to secure the performance by the clients of their obligations, commitments and liabilities to the Company, securities etc are placed as margins by creation of pledge in favour of/transfer to the Company''s depository account. Such securities etc are held by the Company in a fiduciary capacity on behalf of its clients and are not recognised in the financial statements. In case such margins are received in cash, the same are disclosed under current liabilities.

8. MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

The management has identified enterprises which have provided goods and services to the Company and which qualify under the definition of "Micro and Small Enterprises" as defined under Micro, Small and Medium Enterprises Development Act, 2006 ("the Act"). Accordingly, based on the information received and available with the Company ,there are no amounts payable to such enterprises as at 31 March 2014.

9. FOREIGN CURRENCY FORWARD CONTRACTS

The Company does not use foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations.

10. JRG ESOP TRUST

As per the requirements of Securities Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines 1999 (''SEBI guidelines''), since the stock option plan is administered through a trust, the accounts of the Company are prepared as if the Company itself is administering the employee stock option plan. Pursuant to such requirement of the SEBI guidelines the equity shares issued to the JRG ESOP Trust and not exercised by the employees as on 31 March 2014 have been presented as a deduction from the share capital. The bank balance of the JRG ESOP Trust as on 31 March 2014 net of the loan granted and capital contribution to the JRG ESOP Trust by the Company has been presented as bank balance of the Company.

11. The Company has established a comprehensive system of maintenance of information and documents as required by the transfer pricing legislation under sections 92-92F of the Income-tax Act, 1961. Since the law requires existence of such information and documentation to be contemporaneous in nature, the Company is in the process of updating this information. The Company is required to update and put in place information latest by the due date for filing of its income tax return. Management is of the opinion that its transactions are at arm''s length so that the aforesaid update will not have any impact on the financial statements.

12. Prior year figures have been reclassified / regrouped wherever necessary to conform to the current year''s classification.


Mar 31, 2013

1. COMPANY OVERVIEW

JRG Securities Limited ("JRG" or "the Company") was incorporated on 17 October 1994.The Company is primarily engaged in the business as brokers for securities trading in various stock exchanges and to act as a depository participant.

2. SEGMENT REPORTING

a) Primary segment information (by business segment)

The Company is engaged in the business of providing broking and broking related services i.e. depository participant services to predominantly retail clients. Accordingly the primary segments have been identified as broking (including broking related services)Thus, it operates in a single primary segment.

b) Secondary segment reporting (by geographical segments)

The Company caters only to the needs of the domestic market. Hence there are no reportable geographical segments.

3. SECURITY MARGINS FROM CLIENTS

In order to secure the performance by the clients of their obligations, commitments and liabilities to the Company, securities etc are placed as margins by creation of pledge in favour of/transfer to the Company''s depository account. Such securities etc are held by the Company in a fiduciary capacity on behalf of its clients and are not recognised in the financial statements. In case such margins are received in cash, the same are disclosed under current liabilities.

4. MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

The management has identified enterprises which have provided goods and services to the Company and which qualify under the definition of "Micro and Small Enterprises" as defined under Micro, Small and Medium Enterprises Development Act, 2006 ("the Act"). Accordingly, based on the information

5. The petition filed by Mr. Regi Jacob, Mr. Giby Mathew and Mr. Jiji Antony ("Original Promoters") before the Company Law Board (''CLB''), u/s 397 & 398 of the Company''s Act, 1956, has been withdrawn by the petitioners and the CLB has passed an order disposing off the petition.

6. JRG ESOPTRUST

As per the requirements of Securities Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines 1999 (''SEBI Guidelines''), since the stock option plan is administered through a trust, the accounts of the Company are prepared as if the Company itself is administering the employee stock option plan. Pursuant to such requirement of the SEBI guidelines the equity shares issued to the JRG ESOPTrust and not exercised by the employees as on 31 March 2013 have been presented as a deduction from the share capital. The bank balance of the JRG ESOPTrust as on 31 March 2013 net of the loan granted and capital contribution to the JRG ESOPTrust by the Company has been presented as bank balance of the Company.

7. The Company has established a comprehensive system of maintenance of information and documents as required by the transfer pricing legislation under sections 92- 92F of the Income-tax Act, 1961. Since the law requires existence of such information and documentation to be contemporaneous in nature, the Company is in the process of updating this information. The Company is required to update and put in place information latest by the due date for filling of its income tax return. Management is of the opinion that its international transactions are at arm''s length so that the aforesaid update will not have any impact on the financial statements.

8. Exceptional item during the previous year represents expenses incurred in relation to the deferred rights issue of equity shares.

9. Prior year figures have been reclassified / regrouped wherever necessary to conform to the current year''s classification.


Mar 31, 2012

1. COMPANY OVERVIEW

JRG Securities Limited ("JRG" or "the Company") was incorporated on 17 October 1994. The Company is primarily engaged in the business as brokers for securities trading in various stock exchanges and to act as a depository participant.

a) Terms / rights attached to equity shares

The Company has only one class of shares of equity share having a par value of Rs.10 per share. Each holder of the equity share is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed (if any) by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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. However, no such preferential amounts exist currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

b) Details of the shares reserved for issue under options

The Company issued options under the Employees stock option plan 2005 ("2005 Plan") in the financial year 2005-2006. The 2005 Plan covers all non- promoter directors and employees of the Company (collectively referred to as "eligible employees") and its subsidiaries. Under the plan, the Company granted 179,100 options on 3 September 2005. The Compensation Committee granted the options on the basis of performance, criticality and potential of the employees as identified by management.

The Company had computed the fair value of the options for the purpose of accounting of employee compensation cost/ expense over the vesting period of the options. The estimated fair value of each stock option granted on 3 September 2005 was Rs.0.28. This has been calculated based on independent valuation report, which has been estimated under the Black Scholes option pricing model. The exercise price for these options granted is Rs.10. The inputs were the share price at grant date of Rs.10.67, exercise price of Rs.10, expected volatility of 0% ( the Company was not listed at the time of grant of options), expected dividends 7.5%, contractual life of 4.05 years, and a risk-free interest rate of 6.59%. The vesting period for these options granted under the 2005 plan varies from 12 months to 36 months. Out of the 179,100 options granted on 3 September 2005, 50,220 options were forfeited and 110,005 options were exercised up to 31 March 2010.

During the financial year 2007-2008, the 2005 plan was merged with JRG Employee Stock option plan 2008 ("2008 Plan"). The 2008 Plan was approved on 15 July 2008 at the annual general meeting of shareholders and was effective from the same date. The objective of this 2008 Plan is to encourage ownership of the Company's equity by its employees on an ongoing basis. The ESOP 2008 is intended to reward the employees for their contribution to the successful operation of JRG Securities Limited and to provide an incentive to continue contributing to the success of the company. The new plan provides that the lock-in period and other terms and conditions of this scheme shall apply ipso facto as they applied to the options issued under 2005 Plan.

2.1 Contingent liabilities and commitments (All amounts are in Indian Rupees except share data or as stated)

Particulars March 31, 2012 March 31, 2011

I. Contingent liabilities

a) Guarantees

- Guarantee issued by the bank 117,500,000 252,500,000

- Guarantees on behalf of subsidiary companies 120,000,000 120,000,000 Other money for which the company is contingently liable

- Income tax matters 13,638,660 10,319,170

b) Claims against the company not acknowledged as debt 10,671,264 10,259,025

c) In addition to above, the Company is also in the process of replying / has responded to show cause notices and queries from regulatory authorities including Securities and Exchange Board of India , which arise in the ordinary course of the business. However there are no such matters pending that the Company expects to be material in relation to its business.

II. Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for 10,868,095 513,446

Other commitments 272,882 -

* Includes interest payable to the extent of Rs.4,060,263 as at 31-March-12 ** Includes interest outstanding of Rs.2,668,348 as at 31-March-12

# The remuneration payable to the former managing director of the Company was in excess of the limits approved by the share holders at the Annual General Meeting by Rs.490,500. The excess amount of Rs.490,500 paid to him has been shown as recoverable under loans and advances.

2.2 Segment reporting

a) Primary segment information (by business segments)

The Company is engaged in the business of providing broking and broking related services i.e. depository participant services to predominantly retail clients. Accordingly the primary segments have been identified as broking (including broking related services) Thus, it operates in a single primary segment.

b) Secondary segment reporting (by geographical segments)

The Company caters only to the needs of the domestic market. Hence there are no reportable geographical segments.

2.3 Security margins from clients.

In order to secure the performance by the clients of their obligations, commitments and liabilities to the Company, securities etc are placed as margins by creation of pledge in favor of/transfer to the Company's depository account. Such securities etc are held by the Company in a fiduciary capacity on behalf of its clients and are not recognized in the financial statements. In case such margins are received in cash, the same are disclosed under current liabilities.

* In the Annual General meeting of the Company held on 25 July 2009, the shareholders had consented for the change in the utilization of the aforesaid monies totaling to Rs.366.66 lakhs, raised by the Company during the IPO of its shares, from those specified in the object clause in the prospectus, inter alia to utilize for expansion activities of the Company in India for opening new branches, infrastructure development for I-Trade and other infrastructural requirements.

Amount pending utilization as on 31 March 2012 has been maintained in fixed deposits with the banks.

2.4 Micro, Small and Medium Enterprises Development Act, 2006

The management has identified enterprises which have provided goods and services to the Company and which qualify under the definition of "Micro and Small Enterprises" as defined under Micro, Small and Medium Enterprises Development Act, 2006 ("the Act"). Accordingly, based on the information received and available with the Company ,there are no amounts payable to such enterprises as at 31 March 2012.

2.5 On 7 June 2010, Mr. Regi Jacob, Mr. Giby Mathew and Mr. Jiji Antony ("Original Promoters") filed a petition under Section 397 and Section 398 of the Companies Act before the Company Law Board ("CLB") to prevent the misuse of management powers by the Company and prayed for an injunction to stop the Company from going ahead with a proposed rights issue. The Original Promoters alleged that the Company is proposing the rights issue to bring the shareholding of the Original Promoters below the prescribed limits so that their special rights cease to exist while they continue to remain obligated to not compete. The Original Promoters also alleged that the resolution approving the proposed rights issue dated 25 May 2010 was in contravention of the Articles of Association, oppressive, invalid, null and void.

The Company denied the allegations in entirety and filed its comprehensive response to the CLB. The CLB granted stay on the matter on 6 July 2010 ("Interim Injunction"). The CLB, vide order dated 11 October 2010, vacated the Interim Injunction and allowed the Company to proceed with the rights issue specifically mentioning that the veto power of the Original Promoters is not applicable in the case of rights issue ("the Order").

Aggrieved by the Order, the Original Promoters appealed before the High Court of Kerala on 19 October 2010 ("Appeal"). The Court vide order dated 1 December 2010, disposed off the Appeal and directed the Original Promoters to approach CLB with a direction to the CLB to dispose of the matter within three months. Such order passed by CLB was further upheld by Hon'ble Kerala High Court. The Original Promoters filed an amended petition under Section 397/398. The Company and the other respondents filed a reply to the amended petition under Section 397/398 of the Companies Act, 1956 on 26 April 2012. The matter is now listed on 28 June 2012 for filing of rejoinder and arguments with the CLB.

2.6 JRG ESOP Trust

As per the requirements of Securities Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines 1999 ('SEBI guidelines'), since the stock option plan is administered through a trust, the accounts of the Company are prepared as if the Company itself is administering the employee stock option plan. Pursuant to such requirement of the SEBI guidelines the equity shares issued to the JRG ESOP Trust and not exercised by the employees as on 31 March 2012 have been presented as a deduction from the share capital. The bank balance of the JRG ESOP Trust as on 31 March 2012 net of the loan granted and capital contribution to the JRG ESOP Trust by the Company has been presented as bank balance of the Company.

2.7 Exceptional item represents expenses incurred in relation to the deferred rights issue of equity shares.

2.8 Prior year comparatives

Till the year ended 31 March 2011, the company was using pre-revised Schedule VI to the Companies Act 1956, for preparation and presentation of its financial statements. During the year ended 31 March 2012, the revised Schedule VI notified under the Companies Act 1956, has become applicable to the company. The company has reclassified previous year figures to conform to this year's classification. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of balance sheet.

 
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