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Accounting Policies of Kushal Ltd. Company

Mar 31, 2018

1. Summary of Significant Accounting Policies

A. Basis of Preparation and Presentation

The financial statements have been prepared on the Historical Cost basis.

The financial statements of the Company have been prepared to comply with the Indian Accounting Standards (‘Ind AS’), including the rules notified under the relevant provisions of the Companies Act, 2013.

Up to the year ended March 31, 2017, the Company has prepared its financial statements in accordance with the requirement of Indian Generally Accepted Accounting Principles (Indian GAAP), which includes Standards notified under the Companies (Accounting Standards) Rules, 2006 and considered as “Previous GAAP”. These financial statements are the Company''s first Ind AS Standalone financial statements.

Company’s financial statements are presented in Indian Rupees (Rs. ), which is also its functional currency.

B. Inventories

Inventories are measured at lower of cost and net realisable value after providing for obsolescence, if any. Cost of inventories comprises of cost of purchase, cost of conversion and other costs net of recoverable taxes incurred in bringing them to their respective present location and condition.

C. Property, Plant and Equipment

Property, plant and equipment are stated at cost, net of recoverable taxes, trade discount and rebates less accumulated depreciation and impairment losses, if any. Such cost includes purchase price, borrowing cost and any cost directly attributable to bringing the assets to its working condition for its intended use and adjustments arising from exchange rate variations attributable to the assets.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably. Expenses incurred on asset, net of income earned during the development stage prior to its intended use, are considered as pre - operative expenses and disclosed under Capital Work - in - Progress.

Depreciation on property, plant and equipment is provided using straight line method.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

Gains or losses arising from derecognition of property, plant and equipment are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of Profit and Loss when the asset is derecognised.

D. Leases

Leases are classified as finance leases whenever the terms of the lease, transfers substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Whether a lease is a finance lease or an operation lease depends upon the substance of transaction rather than the form.

E. Intangible Assets

Intangible Assets are stated at cost of acquisition net of recoverable taxes, trade discount and rebates less accumulated amortisation/depletion and impairment loss, if any. Such cost includes purchase price, borrowing costs, and any cost directly attributable to bringing the asset to its working condition for the intended use, net off charges on foreign exchange contracts and adjustments arising from exchange rate variations attributable to the intangible assets.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably.

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of Profit and Loss when the asset is derecognised.

F. Borrowing Costs

Borrowing costs include exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use.

Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

All other borrowing costs are charged to the Statement of Profit and Loss for the period for which they are incurred.

G. Impairment of Assets

The Company assesses at each reporting date as to whether there is any indication that any property, plant and equipment and intangible assets or group of assets, called cash generating units (CGU) may be impaired. If any such indication exists the recoverable amount of an asset or CGU is estimated to determine the extent of impairment, if any. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the CGU to which the asset belongs.

An impairment loss is recognised in the Statement of Profit and Loss to the extent, asset’s carrying amount exceeds its recoverable amount. The recoverable amount is higher of an asset’s fair value less cost of disposal and value in use. Value in use is based on the estimated future cash flows, discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and risk specific to the assets.

The impairment loss recognised in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

H. Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are reviewed at each balance date. If the outflow is no longer probable, provision is reversed to Income.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

Contingent Liability is not recognized but is disclosed, unless the possibility of outflow of economic resources is remote.

Contingent Assets are not recognized but disclosed where an inflow of benefits is probable.

I. Employee Benefits

- Short Term Employee Benefits

The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered by employees are recognised as an expense during the period when the employees render the services.

- Post-Employment Benefits

- Defined Contribution Plans

A defined contribution plan is a post-employment benefit plan under which the Company pays specified contributions to a separate entity. The Company makes specified monthly contributions towards Provident Fund and ESIC. The Company’s contribution is recognised as an expense in the Statement of Profit and Loss during the period in which the employee renders the related service.

- Defined Benefit Plans

The Company pays gratuity to the employees whoever has completed five years of service with the Company at the time of resignation/superannuation. The gratuity is paid @15 days salary for every completed year of service as per the Payment of Gratuity Act 1972. Provision for gratuity is made without the actuarial valuation.

J. Income Taxes

The tax expense for the period comprises current and deferred tax. Tax is recognised in Statement of Profit and Loss, except to the extent that it relates to items recognised in the comprehensive income or in equity. In which case, the tax is also recognised in other comprehensive income or equity.

- Current tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted at the Balance sheet date.

- Deferred tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The carrying amount of deferred tax liabilities and assets are reviewed at the end of each reporting period.

K. Foreign currencies transactions and translation

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction (average rate is used when they are a reasonable approximate of actual).

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of exchange at the reporting date.

Exchange differences arising on settlement or translation of monetary items are recognised in Statement of Profit and Loss except to the extent of exchange differences which are regarded as an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or construction of qualifying assets, are capitalized as cost of assets.

Non-monetary items that are measured in terms of historical cost in a foreign currency are recorded using the exchange rates at the date of the transaction.

Non-monetary items carried at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured.

L. Revenue Recognition

Sale of Goods

Revenue from sale of goods is recognised when

- the significant risks and rewards of ownership have been transferred to the buyer,

- it is probable that the economic benefits associated with the transaction will flow.

- The cost incurred or to be incurred in respect of the transaction can be measured reliably,

- there is no continuing effective control or managerial involvement with the goods, and the amount of revenue can be measured reliably.

Rendering of Services

Revenue from rendering of services is recognised when the outcome of a transaction can be measured reliably. Revenue associated with the transaction shall be recognized with reference to the stage of completion of the transaction at the end of reporting period. When the outcome of the transaction involving rendering of services cannot be estimated reliably, revenue shall be recognized only to the extent of the expenses recognized that are recoverable.

Revenue from sale of goods is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government.

Interest income

Interest income from a financial asset is recognised using effective interest rate method.

Dividend Income

Revenue is recognised when the Company’s right to receive the dividend has been established.

M. Financial Instruments Financial Assets

All financial assets and liabilities are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are adjusted to the fair value on initial recognition. Purchase and sale of financial assets are recognised using trade date accounting.

Investment in Subsidiaries

The Company has accounted for its investments in subsidiaries at cost.

Financial Liabilities

All financial liabilities are recognized at fair value and in case of loans, net of directly attributable cost. Fees of recurring nature are directly recognised in the Statement of Profit and Loss as finance cost.

N. Long Term Borrowings

Long term loan taken from IVL Finance Limited under ILAP of Rs. 11.77 Cr. @ 11% P.a.

The Loan is Repayable on monthly 84 instalments and the interest payable on monthly basis.

The Loan Matures in February 2025. The loan is secured by exclusive charge on Plot No. 115 A,B,TpsNo.20,Kushal House, Opp. Regenta Hotel, Off C.G Road, Navrangpura, Ahmedabad, Gujarat-380009

O. Earnings Per Share

Basic EPS is calculated by dividing profit or loss attributable to ordinary equity shareholders by the weighted average number of ordinary shares outstanding during the reporting period.

Dilutive EPS is calculated by adjusting the earnings and number of shares for the effects of dilutive options and other dilutive potential ordinary shares.

P. Operating Segments

As per Ind AS 108- “Operating Segment”, segment information has been provided under the Notes to Consolidated Ind AS Financial Statements.

Q. Disclosure of Interest in Other Entities

i) Kushal Impex Pte Ltd, Singaopre

Kushal Impex Pte. Ltd. was incorporated in the year 2014 in Singapore. It is Wholly Owned Subsidiary of Kushal Limited.

ii) Kashish Worldwide F.Z.E., Ajman, U.A.E

Kashish Worldwide F.Z.E. was incorporated in the year 2016 in Ajman, U.A.E. It is Wholly Owned Subsidiary of Kushal Limited

iii) Stallion Worldwide (Labuan) Private Limited, Malaysia

Stallion Worldwide (Labuan) Private Limited was incorporated in April, 2017 in Labuan, Malaysia. It is Wholly Owned Subsidiary of Kushal Limited. It is yet to commence its business operations.

iv) Kushal Integrated Industrial Park LLP, India

A Wholly Owned LLP in the name and style of Kushal Integrated Industrial Park LLP was incorporated on 7th June, 2017 in Ahmedabad, Gujarat with main object of development of Industrial and other park.

It’s yet to commence its business operations.

R. Cash Flows

Cash and cash equivalent comprise cash on hand and demand deposits, together with short-term, highly liquid investments that are readily convertible to a known amount of cash, and that are subject to an insignificant risk of changes. Investment having maturity of three months or less is classified as cash equivalents.

Cash flows are analysed using Indirect method into following three activities:

a. Operating activities

b. Investing activities

c. Financing activities

S. Events after the reporting period

Events after the reporting period are those events, favorable and unfavorable, that occur between the end of the reporting period and the date when the financial statements are approved by the board of directors.

Events that provide evidence of conditions that existed at the end of the reporting period are classified as adjusting events.

Events that are indicative of conditions that arose after the reporting period are classified as non-adjusting events.

(i) The Board of Directors, in its meeting held on May 1, 2017, approved a Scheme of Amalgamation of Kushal Infrastructure Private Limited, Ashapura Paper Mills Private Limited, Kushal Wealth Creators Private Limited and Riddhi Siddhi Recyclers Private Limited with Kushal Limited (Formerly known as Kushal Tradelink Limited) and their respective shareholders and creditors. The company has applied for In-principle approval from the Stock exchange/SEBI in May, 2017 and are awaiting the no objection letter from the Stock exchange/SEBI. As the final approval from SEBI as well as requisite approvals, sanctions, consents, observations, clearances from the National Company Law Tribunal (NCLT) and other concerned authorities, are pending, the accompanying Standalone Ind AS financial statements for the year ended March 31, 2018 have been prepared without giving any effect of the proposed scheme.

(ii) The Board of Directors in its meeting held on September 14, 2017 approved a Composite Scheme of Compromise and Arrangement between Rainbow Papers Limited and its Secured and Unsecured Creditors and Amalgamation of Rainbow Papers Limited with Kushal Limited (formerly known as Kushal Tradelink Limited) and their respective shareholders and creditors under Section 230-232 of the Companies Act, 2013.

T. First Time Adoption of Ind AS

The Company has adopted Ind AS with effect from 1st April, 2017 with comparatives being restated. The figures for the previous period have been restated, regrouped and reclassified wherever required to comply with the requirement of Ind AS and Schedule.

Exemptions from retrospective application

(i) Fair value as deemed cost exemption

The Company has elected to measure items of property, plant and equipment and intangible assets at its carrying amount.

(ii) Investments in Subsidiaries and Wholly Owned LLP

The Company has elected to measure investment in subsidiaries and wholly owned LLP at cost.

U. Previous year’s figures have been recast, regrouped and rearranged, wherever necessary to confirm to this year’s classification.


Mar 31, 2017

1. Corporate Information

Kushal Tradelink Limited (KTL) is a Public Company listed on BSE domiciled in India incorporated under Companies Act, 1956. The company is engaged in the business of trading of various kinds of Merchandise.

2. Summary of Significant Accounting Policies

a) Basis of Preparation of Financial Statement

i) The Financial Statements of the company have been prepared and presented in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) under the historical cost convention on an accrual basis. The company has prepared these financial statements to comply in all material respects with the Accounting Standards notified under the Companies (Accounting Standard) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 2013. The accounting policies adopted in the preparation of the financial statements are consistent with those of previous year.

ii) Use of Estimates

The preparation of the financial statements in conformity with Indian GAAP requires the management to make judgment, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities on the date of financial statements and reported amounts of revenues and expenses for the year. Although these estimates are based on Management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes different from the estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Any revision to accounting estimates is recognized prospectively in the current and future periods.

iii) Current & Non-Current Classification

All the assets and liabilities have been classified as current or non-current as per the company''s normal operating cycle and other criteria set out in Schedule III to the Companies Act, 2013. Based on the nature of activities and time between the activities performed and their subsequent realization in cash or cash equivalents, the company has ascertained its operating cycle as 12 months for the purpose of current/ non -current classification of assets and liabilities.

b) Valuation of Inventories (Stock-in-trade)

Inventories (Stock-In-Trade) are valued at lower of Cost or Net Realizable Value by following FIFO Method.

c) Cash Flow Statement

i) Cash & cash Equivalents (for purpose of cash flow statement)

Cash comprises cash on hand and demand deposit with banks. Cash Equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

ii) Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit/ (loss) before extraordinary items and tax is 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 regular revenue generating, financing and investing activities of the company are segregated.

d) Events Occurring After Balance Sheet Date

Interim Dividend declared by the Board at 15% on face value of t 2 in the board meeting held on 24th May, 2017 which is after balance sheet date 31st March ,2017 but before approval of the financial statement. It is accounted as Events Occurring after Balance Sheet date as per AS 4 “Contingencies and Events Occurring after Balance Sheet Date”.

e) Prior Period and Exceptional items

i) All identifiable items of income and expenditure pertaining to prior period are accounted through “Prior Period items”. There is no Prior period items to be reported in the financial year.

ii) Exceptional items are generally non-recurring items of income and expense within profit or loss from ordinary activities, which are of such size, nature or incidence that their disclosure is relevant to explain the performance of the Company for the year. There is no Exceptional items to be reported in the financial year.

f) Fixed Assets

Tangible fixed assets

Fixed assets are stated at cost of acquisition or construction. They are stated at historical cost less accumulated depreciation and Impairment losses, if any. Cost comprises the purchase price, import duty and other non- refundable taxes or levies and any directly attributable cost of bringing the asset to its working condition for its intended use. Borrowing cost relating to acquisition /construction of fixed assets which take substantial period of time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.

g) Depreciation

Depreciation on fixed Assets is provided on straight- line method taking useful lives and in the manner specified in Schedule II to the Companies Act, 2013 read with the relevant circulars issued by the Ministry of Corporate Affairs.

h) Revenue Recognition

Revenue is recognized when consideration can be reasonably measured and there exists reasonable certainty about amount to be realized.

i) Sales of Goods are recognized when the significant risk and rewards of ownership of the goods have been passed to the customer and net of Value added tax and return.

ii) Other Incomes are recognized on receipt of confirmation regarding acceptance of claim from the counterpart or when it is a part of oral expressed understanding.

iii) Interest Income is recognized on time proportion basis taking into account the outstanding amount and the rate applicable.

i) Foreign Currency Transactions

i) Initial Recognition and measurement

Foreign currency transaction is recorded, on initial recognition in the reporting currency by applying to the foreign currency amount at the exchange rate between the reporting currency and the foreign currency at the date of the transaction.

ii) Subsequent Measurement

Foreign currency receivables, payables and investments in subsidiary (monetary items) are subsequently measured as stated below:

At the year- end, monetary items denominated in foreign currencies, other than those covered by forward contracts are converted into rupee equivalents at the year- end exchange rates.

iii)Exchange Differences

All exchange differences arising on settlement and conversion of foreign currency transaction are included in the Statement of Profit and loss.

j) Investments

i) Investments that are readily realizable and intended to be held for not more than a year are classified as current investments. Current investments are carried at lower of cost and quoted/fair value, computed category-wise. All other investments are classified as long term investments.

ii) Long term investments are stated at cost. Provisions for diminution in the value of long term investments are made only if such a decline is other than temporary in nature in the opinion of the management.

k) Employee Benefits

i) Short term Employee Benefits

Short term employee benefits are recognized as an expense at the undiscounted amount in the Statement of Profit and loss of the year in which the related services are rendered.

Post-Employment Benefits

i) Defined Contribution Plans

The Company''s State governed Provident Fund Scheme, Employee State Insurance Scheme and Labour Welfare Fund Scheme are considered as defined contribution plans. The contribution under the schemes is recognized as an expense in the Statement of Profit and loss, as they are incurred. there are no other obligations other than the contribution payable to the respective funds.

ii) The company makes payment for earned leave on year to year basis and accordingly the same is recognized as an expense on year to year basis.

iii) The company makes provision for Gratuity and it has been recognized as an expense in the Statement of Profit and Loss.

As per Accounting Standard 15 “Employee benefits”, the disclosures as defined in the Accounting Standard are given below:

The gratuity has been recognized as an expense on the basis of age and length of service of employees of the company. It has been recognized based on demographic variables (employee turnover). Actuarial valuation of gratuity has not been made.

l) Borrowing costs

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to Statement of Profit and loss.

m) Segment Accounting

Based on guiding principles given in Accounting Standard on “ Segment Reporting”- AS 17 as specified in the companies (Accounting Standard) rules, 2006 (as amended) , single financial report contains both Standalone

financial statement and consolidated financial statement of the company. Hence, the required segment information has been appended in the Consolidated Financial Statement (CFS).

n) Related Party transactions

Disclosure of transactions with related parties, as required by Accounting Standard 18 “Related Party Disclosure” as specified in the Companies (Accounting Standard) Rules, 2006 (as amended), has been set out in a separate statement annexed to this note. Related parties as defined under paragraph 3 of the Accounting Standard 18 have been identified on the basis of representation made by the management and information available with the company.

o) Leases

Lease arrangement where risk and rewards incidental to ownership of an asset substantially vest with the Less or are recognized as Operating Leases. The Company''s significant Leasing arrangement are in respect of operating leases for immovable property which includes god owns, etc. The aggregate lease rentals payable/receivables are recognized as expenditure/income in the statement of profit and loss as per the respective lease agreements. Initial direct costs incurred specifically to earn revenues from an operating lease are recognized as an expense in the statement of profit and loss in the period in which they are incurred.

p) Earnings Per Share

The company reports basic and diluted earnings per share (EPS) in accordance with the Accounting Standard 20 as specified in the Companies (Accounting Standard) Rules, 2006 (as amended). The Basic EPS has been computed by dividing the income available to equity shareholders by the weighted average number of equity shares outstanding during the accounting year. There are no dilutive potential equity shares so Diluted EPS is same as Basic EPS.

As per paragraph 44 of AS 20, for bonus of shares issued during the year, the calculation for Basic and Diluted Earnings Per share has been adjusted for all the periods presented.

q) Provision for Tax

Tax expenses comprises of current tax and deferred tax.

i) Current Tax

Provision for taxation has been made in accordance with the direct tax laws prevailing for the relevant assessment years.

ii) Deferred Tax

In accordance with the Accounting Standard 22- Accounting for Taxes on Income, as specified in the Companies (Accounting Standard) Rules 2006 (as amended), the deferred tax for timing differences between the book profit and tax profits for the year is accounted for by using the tax rates and Laws that have been enacted or substantively enacted as of the Balance Sheet Date.

Deferred tax assets arising from timing differences are recognized to the extent there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

Net outstanding balance in Deferred Tax account is recognized as deferred tax liability /asset. The deferred tax account is used solely for reversing timing difference as and when crystallized.

Following are the major components of Deferred Tax Assets/ Deferred Tax Liabilties

a) Depreciation

b) Gratuity

c) Preliminary Expenses

During the year, company has received Dividend from Foreign Wholly Owned Subsidiary amounting to Rs. 6906.40 Lacs on which the company has paid Tax u/s 115BBD of Income Tax Act, 1961.

r) Impairment of Fixed Assets

i) The carrying amount of assets, other than inventories, is reviewed at each balance sheet

date to determine whether there is any indication of impairment. If any such indication exists, the assets recoverable amount is estimated. The recoverable amount is the greater of the asset''s net selling price and its value in the uses which is determined based on the estimated future cash flow discounted to their present values. If there is no reason to believe that as asset''s value in use materially exceeds its net selling price, the asset''s recoverable amount may be taken to be its net selling price.

ii) The impairment loss is recognized whenever the carrying amount of an asset or its cash generation unit exceeds its recoverable amount. All impairment losses are recognized in the statement of Profit and Loss.

iii) An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount and is recognized in the Statement of Profit and Loss, unless the asset is carried at revalued amount in accordance with AS 10 Accounting for Fixed Assets.

s) Provision, Contingent Liabilities and

Contingent Assets

Provision are recognized for when

i) The company has at present, legal or contractual obligation as a result of Past events

ii) It is probable that an outflow of resources embodying economic outgo or loss will be required and

iii) The amount involved can be measured reliably.

Contingent liabilities being a possible obligation as a result of Past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more future events not wholly in control of the company are not recognized in the accounts. The nature of such liabilities and an estimate of its financial effect are disclosed in notes to the Financial Statements.

Contingent assets are neither recognized nor disclosed in the financial statements.

t) Expenditure

Expenses are net of taxes recoverable, where applicable.

u) Accounting of claims

i) Claims received are accounted at the time of lodgment depending on the certainty of receipt and claims payable are accounted at the time of acceptance.

ii) Claims raised by Government authorities regarding taxes and duties, which are disputed by the company, are accounted based on legality of each claim. Adjustments, if any, are made in the year in which disputes are finally settled.

v) Doubtful debts/Advances

Provision is made in the accounts for debts/ Advances which, in the opinion of the management, are considered doubtful of recovery.

w) Details of Loans Given, Investments Made and Guarantee Given Covered U/S 186 (4) Of the Companies Act, 2013

Corporate Guarantees for SBLC issued in favor of Foreign Wholly Owned Subsidiary.

Maximum amount of Guarantee outstanding during the year- USD 11.33 Million

Amount of Guarantee Outstanding as on 31st March, 2017- NIL


Mar 31, 2016

l.Corporate Information

Kushal Tradelink Limited (KTL) is a Public Company listed on BSE domiciled in India incorporated under Companies Act, 1956. The company is engaged in the business of trading of various kinds of paper, paper waste.

2.Summary of Significant Accounting Policies a).Basis of Preparation of Financial Statement

i). The Financial Statements of the company have been prepared and presented in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) under the historical cost convention on an accrual basis. The company has prepared these financial statements to comply in all material respects with the Accounting Standards notified under the Companies (Accounting Standard) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 2013. The accounting policies adopted in the preparation of the financial statements are consistent with those of previous year.

ii) Use of Estimates

The preparation of the financial statements in conformity with Indian GAAP requires the management to make judgment, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities on the date of financial statements and reported amounts of revenues and expenses for the year. Although these estimates are based on Management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes different from the estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Any revision to accounting estimates is recognized prospectively in the current and future periods.

iii). Current & Non-Current Classification

All the assets and liabilities have been classified as current or non-current as per the company''s normal operating cycle and other criteria set out in Schedule III to the Companies Act, 2013. Based on the nature of activities and time between the activities performed and their subsequent realization in cash or cash equivalents, the company has ascertained its operating cycle as 12 months for the purpose of of current/ non -current classification of assets and liabilities.

b) Inventories

Inventories (Stock-In-Trade) are valued at lower of Cost or Net Realizable Value by following FIFO Method.

c) Cash Flow Statement

i) Cash & cash Equivalents (for purpose of cash flow statement)

Cash comprises cash on hand and demand deposit with banks. Cash Equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

ii) Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit/ (loss) before extraordinary items and tax is 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 regular revenue generating, financing and investing activities of the company are segregated.

j)Employee Benefits

Short term Employee Benefits Short term employee benefits are recognized as an expense at the undiscounted amount in the Statement of Profit and loss of the year in which the related services is rendered.

Post Employment Benefits

i) Defined Contribution Plans

The Company''s State governed Provident Fund Scheme, Employee State Insurance Scheme and Labour Welfare Fund Scheme are considered as defined contribution plans. The contribution under the schemes is recognized as an expense in the Statement of Profit and loss, as they are incurred. These are no other obligations other than the contribution payable to the respective funds

ii)The company makes payment for earned leave on year to year basis and accordingly the same is recognized as an expense on year to year basis.

iii)The company makes provision for Gratuity and it has been recognized as an expense in the Statement of Profit and Loss.

are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to Statement of Profit and loss.

l)Segment Accounting

Based on guiding principles given in Accounting Standard on " Segment Reporting"- AS 17 as specified in the companies (Accounting Standard) rules, 2006 (as amended) , single financial report contains both Standalone financial statement and consolidated financial statement of the company. Hence, the required segment information has been appended in the Consolidated Financial Statement (CFS).

m) Related Party transactions

Disclosure of transactions with related parties, as required by Accounting Standard 18 "Related Party Disclosure" as specified in the Companies (Accounting Standard) Rules, 2006 (as amended), has been set out in a separate statement annexed to this note. Related parties as defined under clause 3 of the Accounting Standard 18 have been identified on the basis of representation made by the management and information available with the company.

n)Leases

Lease arrangement where risk and rewards incidental to ownership of an asset substantially vest with the Less or are recognized as Operating Leases. The Company''s significant Leasing arrangement are in respect of operating leases for immovable property which includes residential premises, office, god owns, etc. The aggregate lease rentals payable/receivables are recognized as expenditure/income in the statement of profit and loss as per the respective lease agreements.

k)Borrowing costs

Borrowing costs that are attributable to the acquisition or construction of qualifying assets

s) Expenditure

Expenses are net of taxes recoverable, where applicable.

t) Accounting of claims

i) Claims received are accounted at the time of lodgment depending on the certainty of receipt and claims payable are accounted at the time of acceptance.

ii) Claims raised by Government authorities regarding taxes and duties, which are disputed by the company, are accounted based on legality of each claim. Adjustments, if any, are made in the year in which disputes are finally settled.

u) Doubtful debts. Advances

Provision is made in the accounts for debts/ Advances which, in the opinion of the management, are considered doubtful of recovery.

v) DETAILS OF LOANS GIVEN, INVESTMENTS MADE AND GUARANTEE GIVEN COVERED U/S 186 (4) OF THE COMPANIES ACT, 2013

Loans given and Investments made are given under the respective heads. Corporate Guarantees given by the Company in respect of loans as at 31st March, 2016: USD 11.33 Million


Mar 31, 2015

A). Basis of Preparation of Financial Statement

i). The Financial Statements of the company have been prepared and presented in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) under the historical cost convention on an accrual basis. The company has prepared these financial statements to comply in all material respects with the Accounting Standards notified under the Companies (Accounting Standard) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 2013. The accounting policies adopted in the preparation of the financial statements are consistent with those of previous year.

ii) Use of Estimates

The preparation of the financial statements in conformity with Indian GAAP requires the management to make judgment, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities on the date of financial statements and reported amounts of revenues and expenses for the year. Although these estimates are based on Management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes different from the estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Any revision to accounting estimates is recognized prospectively in the current and future periods.

iii). Current & Non-Current Classification

All the assets and liabilities have been classified as current or non-current as per the company''s normal operating cycle and other criteria set out in Schedule III to the Companies Act, 2013. Based on the nature of activities and time between the activities performed and their subsequent realization in cash or cash equivalents, the company has ascertained its operating cycle as 12 months for the purpose of current/ non –current classification of assets and liabilities.

b) Inventories

Inventories (Stock-In-Trade) are valued at lower of Cost or Net Realisable Value by following FIFO Method.

c) Cash Flow Statement

i) Cash & cash Equivalents (for purpose of cash flow statement)

Cash comprises cash on hand and demand deposit with banks. Cash Equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

ii) Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit/ (loss) before extraordinary items and tax is 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 regular revenue generating, financing and investing activities of the company are segregated.

d) Prior Period and Exceptional items

i) All identifiable items of income and expenditure pertaining to prior period are accounted through "Prior Period items".

ii) Exceptional items are generally non-recurring items of income and expense within profit or loss from ordinary activities, which are of such size, nature or incidence that their disclosure is relevant to explain the performance of the Company for the year.

e) Fixed Assets

Tangible fixed assets.

Fixed assets are stated at cost of acquisition or construction. They are stated at historical cost less accumulated depreciation and Impairment losses, if any. Cost comprises the purchase price, import duty and other non- refundable taxes or levies and any directly attributable cost of bringing the asset to its working condition for its intended use. Borrowing cost relating to acquisition /construction of fixed assets which take substantial period time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.

f) Depreciation

Depreciation on fixed Assets is provided on straight- line method taking useful lives and in the manner specified in Schedule II to the Companies Act, 2013 read with the relevant circulars issued by the Ministry of Corporate Affairs.

g) Revenue Recognition:

Revenue is recognised when consideration can be reasonably measured and there exists reasonable certainty of its recovery.

i) Sales of Goods are recognised when the significant risk and rewards of ownership of the goods have been passed to the customer and net of Value added tax and return.

ii) Other Incomes are recognised on receipt of confirmation regarding acceptance of claim form the counterpart or when it is a part of oral expressed understanding.

iii) Interest Income is recognised on time proportion basis taking into account the amount outstanding and the rate applicable.

h) Foreign Currency Transactions

i) Initial Recognition and measurement

Foreign currency transaction is recorded, on initial recognition in the reporting currency by applying to the foreign currency amount at the exchange rate between the reporting currency and the foreign currency at the date of the transaction.

ii) Subsequent Measurement

Foreign currency receivables, payables and investments in subsidiary (monetary items) are subsequently measured as stated below:

At the year- end, monetary items denominated in foreign currencies, other than those covered by forward contracts are converted into rupee equivalents at the year- end exchange rates

iii) Exchange Differences

All exchange differences arising on settlement and conversion of foreign currency transaction are included in the Statement of Profit and loss.

iv) Forward Exchange Contracts.

The Company uses foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions.

The use of such foreign currency forward contracts is governed by the company''s policies approved by the management, which provide principles on use of such financial derivatives consistent with the company''s risk management strategy. The company does not use derivative financial statements for speculative purposes.

In respect of transactions covered by forward exchange contracts, the difference between the year- end rate and the exchange rate at the date of contract is recognised as exchange difference and the premium paid on forward contracts is recognised over the life of the contracts.

i) Investments

i) Investments that are readily realizable and intended to be held for not more than a year are classified as current investments. Current investments are carried at lower of cost and quoted/fair value, computed category-wise. All other investments are classified as long term investments.

ii) Long term investments are stated at cost. Provisions for diminution in the value of long term investments are made only if such a decline is other than temporary in nature in the opinion of the management.

j) Employee Benefits

Short term Employee Benefits

Short term employee benefits are recognised as an expense at the undiscounted amount in the Statement of Profit and loss of the year in which the related services is rendered.

Post Employment Benefits

i) Defined Contribution Plans

The Company''s State governed Provident Fund Scheme, Employee State Insurance Scheme and Labour Welfare Fund Scheme are considered as defined contribution plans. The contribution under the schemes is recognised as an expense in the Statement of Profit and loss, as they are incurred. These are no other obligations other than the contribution payable to the respective funds

ii) The company makes payment for earned leave on year to year basis and accordingly the same is recognised as an expense on year to year basis.

iii) The company makes provision for Gratuity and it has been recognised as an expense in the Statement of Profit and Loss.

As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are given below :

k) Borrowing costs

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to Statement of Profit and loss.

l) Segment Accounting

Based on guiding principles given in Accounting Standard on " Segment Reporting"- AS 17 as specified in the companies (Accounting Standard) rules, 2006 (as amended) , single financial report contains both Standalone financial statement and consolidated financial statement of the company. Hence, the required segment information has been appended in the Consolidated Financial Statement (CFS).

m) Related Party transactions

Disclosure of transactions with related parties, as required by Accounting Standard 18 "Related Party Disclosure" as specified in the Companies (Accounting Standard) Rules, 2006 (as amended), has been set out in a separate statement annexed to this note. Related parties as defined under clause 3 of the Accounting Standard 18 have been identified on the basis of representation made by the management and information available with the company.

n) Leases

Lease arrangement where risk and rewards incidental to ownership of an asset substantially vest with the Lessor are recognized as Operating Leases. The Company''s significant Leasing arrangement are in respect of operating leases for immovable property which includes residential premises, office, godowns, etc. The aggregate lease rentals payable/receivables are recognized as expenditure/income in the statement of profit and loss as per the respective lease agreements.

o) Earning Per Share

The company reports basic and diluted earnings per share (EPS) in accordance with the Accounting Standard 20 as specified in the Companies (Accounting Standard) Rules, 2006 (as amended). The Basic EPS has been computed by dividing the income available to equity shareholders by the weighted average number of equity shares outstanding during the accounting year. There are no dilutive potential equity shares so Diluted EPS is same as Basis EPS.

Basic EPS: 1.97/equity share

Diluted EPS: 1.97/equity share

p) Provision for Tax

Tax expenses comprises of current tax and deferred tax.

1) Current Tax

Provision for taxation has been made in accordance with the direct tax laws prevailing for the relevant assessment years.

2) Deferred Tax

In accordance with the Accounting Standard 22- Accounting for Taxes on Income, as specified in the Companies (Accounting Standard) Rules 2006 (as amended), the deferred tax for timing differences between the book and tax profits for the year is accounted for by using the tax rates and Laws that have been enacted or substantively enacted as of the Balance Sheet Date.

Deferred tax assets arising from timing differences are recognised to the extent there is virtual certainty that the assets can be realized in future.

Net outstanding balance in Deferred Tax account is recognized as deferred tax liability /asset. The deferred tax account is used solely for reversing timing difference as and when crystallized.

q) Impairment of Fixed Assets

1) The carrying amount of assets, other than inventories, is reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets recoverable amount is estimated.

2) The impairment loss is recognized whenever the carrying amount of an asset or its cash generation unit exceeds its recoverable amount. The recoverable amount is the greater of the asset''s net selling price and value in the uses which is determined based on the estimated future cash flow discounted to their present values. All impairment losses are recognized in the statement of Profit and Loss.

3) An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount and is recognised in the Statement of Profit and Loss.

r) Provision, Contingent Liabilities and Contingent Assets

Provision are recognized for when the company has at present, legal or contractual obligation as a result of Past events, Only if it is probable that an outflow of resources embodying economic outgo or loss will be required and if the amount involved can be measured reliably.

Contingent liabilities being a possible obligation as a result of Past events, the existence of which will be confirmed only by the occurrence or non occurrence of one or more future events not wholly in control of the company are not recognized in the accounts. The nature of such liabilities and an estimate of its financial effect are disclosed in notes to the Financial Statements.

Contingent assets are neither recognized nor disclosed in the financial statements.

s) Expenditure

Expenses are net of taxes recoverable, where applicable.

t) Accounting of claims

i) Claims received are accounted at the time of lodgment depending on the certainty of receipt and claims payable are accounted at the time of acceptance.

ii) Claims raised by Government authorities regarding taxes and duties, which are disputed by the company, are accounted based on legality of each claim. Adjustments, if any, are made in the year in which disputes are finally settled.

u) Doubtful debts. Advances

Provision is made in the accounts for debts/ Advances which, in the opinion of the management, are considered doubtful of recovery.

v) Value Of Imports On Cif Basis In Respect Of

Expenditure in Foreign Currency: NIL

Earning in Foreign Exchange: USD 171435

w) Details Of Loans Given, Investments Made And Guarantee Given Covered U/S 186 (4) Of The Companies Act, 2013 Loans given and Investments made are given under the respective heads.

Corporate Guarantees given by the Company in respect of loans as at 31st March, 2015: USD 10.53 Million


Mar 31, 2014

A). Basis of Preparation of Financial Statement

i) . The Financial Statements of the company have been prepared and presented in accordance with the

Generally Accepted Accounting Principles in India (Indian GAAP) under the historical cost convention on an accrual basis. The company has prepared these financial statements to comply in all material respects with the Accounting Standards notified under the Companies (Accounting Standard) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956. The accounting policies adopted in the preparation of the financial statements are consistent with those of previous year.

ii) Use of Estimates

The preparation of the financial statements in conformity with Indian GAAP requires the management to make judgment, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities on the date of financial statements and reported amounts of revenues and expenses for the year. Although these estimates are based on Management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes different from the estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Any revision to accounting estimates is recognized prospectively in the current and future periods.

iii) . Current & Non-Current Classification

All the assets and liabilities have been classified as current or non-current as per the company''s normal operating cycle and other criteria set out in Revised Schedule VI to the companies act, 1956. Based on the nature of activities and time between the activities performed and their subsequent realization in cash or cash equivalents, the company has ascertained its operating cycle as 12 months for the purpose of current/ non -current classification of assets and liabilities.

b) Inventories

Inventories (Stock-In-Trade) are valued at lower of Cost or Net Realisable Value by following FIFO Method.

c) Cash Flow Statement

i) Cash & cash Equivalents (for purpose of cash flow statement)

Cash comprises cash on hand and demand deposit with banks. Cash Equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

ii) Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit/ (loss) before extraordinary items and tax is 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 regular revenue generating, financing and investing activities of the company are segregated.

d) Prior Period and Exceptional items

i) All identifiable items of income and expenditure pertaining to prior period are accounted through " Prior

Period items".

ii) Exceptional items are generally non-recurring items of income and expense within profit or loss from ordinary activities, which are of such size, nature or incidence that their disclosure is relevant to explain the performance of the Company for the year.

e) Depreciation

Depreciation on fixed Assets is provided on straight- line method at rates and in the manner specified in Schedule XIV to the Companies Act, 1956 read with the relevant circulars issued by the Ministry of Corporate Affairs.

f) Revenue Recognition:

Revenue is recognised when consideration can be reasonably measured and there exists reasonable certainty of its recovery.

i) Sales of Goods are recognised when the significant risk and rewards of ownership of the goods have been passed to the customer and net of Value added tax and return.

ii) Other Incomes are recognised on receipt of confirmation regarding acceptance of claim form the counterpart or when it is a part of oral expressed understanding.

iii) Interest Income is recognised on time proportion basis taking into account the amount outstanding and the rate applicable.

g) Fixed Assets Tangible fixed assets.

Fixed assets are stated at cost of acquisition or construction. They are stated at historical cost less accumulated depreciation and Impairment losses, if any. Cost comprises the purchase price, import duty and other non- refundable taxes or levies and any directly attributable cost of bringing the asset to its working condition for its intended use. Borrowing cost relating to acquisition /construction of fixed assets which take substantial period time to get ready for its intended use are also included to the extent they relate to the period till such assets are ready to be put to use.

h) Foreign Currency Transactions

i) Initial Recognition and measurement

Foreign currency transaction is recorded, on initial recognition in the reporting currency by applying to the foreign currency amount at the exchange rate between the reporting currency and the foreign currency at the date of the transaction.

ii) Subsequent Measurement

Foreign currency receivables, payables and investments in subsidiary (monetary items) are subsequently measured as stated below:

At the year- end, monetary items denominated in foreign currencies, other than those covered by forward contracts are converted into rupee equivalents at the year- end exchange rates

iii) Exchange Differences

All exchange differences arising on settlement and conversion of foreign currency transaction are included in the Statement of Profit and loss.

iv) Forward Exchange Contracts.

The Company uses foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments and forecasted transactions.

The use of such foreign currency forward contracts is governed by the company''s policies approved by the management, which provide principles on use of such financial derivatives consistent with the company''s risk management strategy. The company does not use derivative financial statements for speculative purposes.

In respect of transactions covered by forward exchange contracts, the difference between the year- end rate and the exchange rate at the date of contract is recognised as exchange difference and the premium paid on forward contracts is recognised over the life of the contracts.

i) Investments

i) . Investments that are readily realizable and intended to be held for not more than a year are classified as

current investments. All other investments are classified as long term investments.

ii) Long term investments are stated at cost Provisions for diminution in the value of long term investments are made only if such a decline is other temporary in the opinion of the management.

j) Employee Benefits

Short term Employee Benefits

Short term employees are recognised as an expense at the undiscounted amount in the Statement of Profit and loss of the year in which the related services is rendered.

Post Employment Benefits

i) . Defined Contribution Plans

The Company''s State governed Provident Fund Scheme, Employee State Insurance Scheme and Labour Welfare Fund Scheme are considered as defined contribution plans. The contribution under the schemes is recognised as an expense in the Statement of Profit and loss, as they are incurred. These are no other obligations other than the contribution payable to the respective funds

ii) The company makes payment for earned leave on year to year basis and accordingly the same is recognised as an expense on year to year basis.

iii) Till last year, the company did not make any provisions for Gratuity. However the same has been recognised as an expense on the basis of age and length of service of employees of the company, the track record of employee turnover, the retirement age and by applying appropriate discount factor.

k) Borrowing costs

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to Statement of Profit and loss.

l) Segment Accounting

Based on guiding principles given in Accounting Standard on " Segment Reporting"- AS 17 as specified in the companies (Accounting Standard) rules, 2006 (as amended) , single financial report contains both Standalone financial statement and consolidated financial statement of the company. Hence, the required segment information has been appended in the Consolidated Financial Statement (CFS).

m) Related Party transactions

Disclosure of transactions with related parties, as required by Accounting Standard 18 "Related Party Disclosure" as specified in the Companies (Accounting Standard) Rules, 2006 (as amended), has been set out in a separate statement annexed to this note. Related parties as defined under clause 3 of the Accounting Standard 18 have been identified on the basis of representation made by the management and information available with the company.

n) Leases

Lease arrangement where risk and rewards incidental to ownership of an asset substantially vest with the Lessor are recognized as Operating Leases. The Company''s significant Leasing arrangement are in respect of operating leases for immovable property which includes residential premises, office, godowns, etc. The aggregate lease rentals payable/receivables are recognized as expenditure/income in the statement of profit and loss as per the respective lease agreements.

o) Earning Per Share

The company reports basic and diluted earnings per share (EPS) in accordance with the Accounting Standard 20 as specified in the Companies (Accounting Standard )Rules,2006 (as amended). The Basic EPS has been computed by dividing the income available to equity shareholders by the weighted average number of equity shares outstanding during the accounting year. There are no dilutive potential equity shares so Diluted EPS.

p) Provision for Tax

Tax expenses comprises of current tax and deferred tax.

1) Current Tax

Provision for taxation has been made in accordance with the direct tax laws prevailing for the relevant assessment years.

2) Deferred Tax

In accordance with the Accounting Standard 22- Accounting for Taxes on Income, as specified in the Companies (Accounting Standard) Rules 2006 (as amended), the deferred tax for timing differences between the book and tax profits for the year is accounted for by using the tax rates and Laws that have been enacted or substantively enacted as of the Balance Sheet Date.

Deferred tax assets arising from timing differences are recognised to the extent there is virtual certainty that the assets can be realized in future.

Net outstanding balance in Deferred Tax account is recognized as deferred tax liability /asset. The deferred tax account is used solely for reversing timing difference as and when crystallized.

q) Impairment of Fixed Assets

1) The carrying amount of assets, other than inventories, is reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets recoverable amount is estimated.

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