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Notes to Accounts of Kushal Ltd.

Mar 31, 2018

1. Corporate Information

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

(a) The Company has only One Class of Shares referred to as Equity Shares having a Face Value of Rs. 2/per share. Each holder of Equity Share is entitled to One Vote per Share.

Note 2 Corporate Social Responsibility (CSR)

(a) CSR amount required to be spent as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof by the Company during the year is 18.43 Lakh.

(b) Expenditure incurred and spent related to Corporate Social Responsibility is Rs. 18.46 Lakh.


Mar 31, 2017

* Issue of 118633305 equity shares as bonus shares (bonus ratio 1:1)

**Split of shares in the ratio of 1:5 in financial year 2015-16

(b) The Company has only One Class of Shares referred to as Equity Shares having a Face Value of t 2/- per share. Each holder of Equity Share is entitled to One Vote per Share.

(c) The company has issued bonus shares in the ratio of 1:1 on 18th March, 2017 to the shareholders as on record date 17th March, 2017

Note 28 Related Party Transaction

As per the Accounting Standard 18, disclosures of transactions with related parties (As identified by the Management), as defined in Accounting Standard are given below:

a) Wholly Owned Subsidiary Company

1) Kushal Impex Pte. Ltd. Singapore

2) Kashish World Wide F.Z.E, Ajman, U.A.E.

b) Associates

1) Ashapura Paper Mills Private Limited

2) Kushal Wealth Creators Private Limited

3) Riddhi Siddhi Recyclers Private Limited

c) Key Managerial Personnel

1) Sandeep Agrawal (Chairman and Managing Director)

2) Mahendra Agrawal (Whole Time Director- resigned on 20.01.2017)

3) Manoj Agrawal (Executive Director- appointed on 14.11.2016)

4) Kushal Agrawal (Additional Director- appointed on 20.01.2017)

5) CA Vimal Shah (Chief Financial Officer)

6) CS Mittali Christachary (Company Secretary)

d) Relatives of Key Managerial Personnel with whom transactions done during the Year

1) Sudha Agrawal

2) Tulsiram Agrawal

Note 1.

Expenditure related to Corporate Social Responsibility as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof :

Kushal Tradelink Limited has constituted the Corporate Social Responsibility Committee consisting of 3 Directors as member of committee.

Average net profit of the company for last three financial years is Rs, 787.70 Lakhs. Prescribed CSR Expenditure is Rs, 15.75 Lakh.

Details of CSR spent during the financial year.

(a) Total amount spent for the financial year: Rs, 23.25 Lakhs

(b) Amount unspent, if any: NIL

Note: Total Amount of Rs, 23.25 Lakhs was spent during the year including amount of Rs, 7.34 Lakhs (CSR Expenditure of FY 2015-16 for which provision was made last year)

Note 2.

As per the Accounting Standard 21 on “Consolidated Financial Statements” as specified in the Companies (Accounting Standard) Rules 2006 (as amended), the company has presented consolidated financial statements separately.

Note 3. Issue of Bonus Shares & Capitalization of Reserves

The company has issued bonus share in the ratio of 1:1 on 18th March ,2017 to the shareholders as on record date 17th March,2017. Paid Up Capital of the company has been increased from Rs 2372.67 Lacs (before bonus) to Rs. 4745.33 Lacs (after bonus).

As per Section 63 of Companies Act, 2013, Securities Premium amounting to Rs, 1982.00 Lacs and Free Reserves amounting to Rs, 390.67 Lacs has been capitalized for the purpose of Issue of fully paid Bonus Shares.

Note 4.

The company had declared following Interim Dividends during the Financial Year

1) 1st Interim Dividend of Rs, 71179983 (30% of Face value of Equity shares of Rs, 2 each)

2) 2nd Interim Dividend of Rs, 71179983 (30% of Face value of Equity shares of Rs, 2 each)

3) 3rd Interim Dividend of Rs, 71179983 (30% of Face value of Equity shares of Rs, 2 each

4) 4th Interim Dividend (Proposed) of Rs, 71179983 (15% of face value of equity shares of Rs, 2 each)

Note 5.

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).

For the purposes of this clause, the term ''Specified Bank Notes'' shall have the same meaning provided in the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated the 8th November, 2016.

Note 6.

During the financial year 2015-16, the Dividend Distribution Tax has been directly routed through Reserve & Surplus under surplus / (deficit) in statement of Profit & Loss in note no 4. However, in the year under consideration the company has debited / routed the Dividend Distribution Tax through provision for Current Tax in Statement of Profit & Loss and accordingly previous year figures has been regrouped - rearranged.

Note 7.

Previous year''s figure have been recast, regrouped and rearranged, wherever necessary to confirm to this year''s classification.


Mar 31, 2016

B. The Company has only One Class of Shares referred to as Equity Shares having a Face Value of -- 2/per share. Each holder of Equity Share is entitled to One Vote per Share.

C. The company has issued 7021629 fully paid shares of Face Value of *.10 each by capitalization of Securities Premium on 31.08.2011

The working capital facilities are secured by hypothecation of Current Assets of the company and mortgage of some of the Fixed Assets and Investment properties of the company. Further, they are secured by some personal properties of promoters and Personal guarantee as well as personal guarantee of Executive Directors and their relatives.

*Disclosures required u/s 22 of MSMED Act, 2006: There are no Overdue Principal remaining unpaid to any supplier. Further, there are no interest paid/ accrued/ due to any such supplier.

Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the management. This has been relied upon by the auditors.

As per the Accounting Standard 18, disclosures of transactions with related parties (As identified by the Management), as defined in Accounting Standard are given below:

a) Subsidiary Company

1)Kushal Impex Pte. Ltd. Singapore

2)Kashish World Wide F.Z.E, Ajman, U.A.E.

b) Associates with whom transactions done during the Year

Ashapura Paper Mills Pvt. Ltd.

c) Key Managerial Personnel

1)Sandeep Agrawal (CMD)

2)Mahendra Agrawal (WTD)

3)CA Vimal Shah (Chief Financial Officer)

4)CS MittaliChristachary (Company Secretary)

d) Relatives of Key Managerial Personnel with whom transactions done during the Year

1)Manoj Agrawal

2)Sudha Agrawal

3)Tulsiram Agrawal

Expenditure related to Corporate Social Responsibility as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof :

Kushal Trade link Limited has constituted the Corporate Social Responsibility Committee consisting of 3 Directors as member of committee.

Average net profit of the company for last three financial years is Rs,672.64 Lacs. Prescribed CSR Expenditure (two per cent. of the amount as in item 3 above) is Rs,13.45 Lacs.Details of CSR spent during the financial year.

(a) Total amount spent for the financial year: Rs,6.11 Lacs

(b) Amount unspent, if any; Rs, 7.34 Lacs*

Note: Total Amount of Rs,16.11 Lacs was spent during the year including amount of Rs, 10.00 Lacs (CSR Expenditure of FY 2014-15 for which provision was made last year)

Note 1

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

Defined Contribution Plans

More so, the company has provided Rs, 2.57 Lacs (P.Y. 2.77 Lacs) towards the Provision for Gratuity. However, the company is in process to get actuarial valuation for the Provision of Gratuity and made investment accordingly.

Note 2

As per the Accounting Standard 21 on "Consolidated Financial Statements" as specified in the Companies (Accounting Standard) Rules 2006 (as amended), the company has presented consolidated financial statements separately.

The Ministry of Corporate Affairs, Government of India vide its General Circular No: 2/2011 dated 8Th February, 2011 has granted general exemption to the Holding Companies from attaching balance sheet of subsidiary companies with the balance sheet of the Holding Company as per section 212(8) of the Companies Act, 1956 subject to fulfillment of certain conditions. Accordingly the Board of Directors of the company has passed the resolution giving consent for not attaching the balance sheet of the subsidiary company with that of the company.

Note 3

Previous year''s figure have been recast, regrouped and rearranged, wherever necessary to confirm to this year''s classification.

Note 4

General Disclosure

Principal Products dealt with

Note 5

The company had declared Interim Dividend of Rs, 94906644 (40% of Face value of Equity shares of Rs,2 each and Rs,142359966 (60% of Face Value of Equity shares of Rs,2 each.) totaling to RS,237266610 in the year.

Note 6

Disclosure as per Regulation 34(3) and 53(f) of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015


Mar 31, 2015

1. Corporate Information

Kushal Tradelink Limited (KTL) is a Public Company domiciled in India incorporated under Companies Act, 1956. The company along with its WOS (Kushal Group) is engaged in the business of trading of various kinds of paper, paper waste and other merchandise.

Note 2

Contingent Liabilities and Commitments

(Rs in Lacs) Particulars For the year ended For the year ended 31 March, 2015 31 March, 2014

In respect of SBLCs issued in favour of WOS (Amount outstanding at the close of the year) 6590.73 1803.00

Total 6590.73 1803.00

In respect to the Demand raised by Income Tax Authority against which the company had filed an appeal b efore the higher authority for the A Y

Total 6590.73 1803.00

Related Party Transaction

As per the Accounting Standard 18, disclosures of transactions with related parties (As identified by the Management), as defined in Accounting Standard are given below:

a) Subsidiary Company Kushal Impex Pte. Ltd. Singapore

b) Associates with whom transactions done during the Year

1) Ashapura Paper Mills Pvt. Ltd.

c) Key Managerial Personnel

1) Sandeep Agrawal (CMD)

2) Mahendra Agrawal (WTD)

3) CA Vimal Shah (Chief Financial Officer)

d) Relatives of Key Managerial Personnel with whom transactions done during the Year

1) Manoj Agrawal

2) Sudha Agrawal

3) Tulsiram Agrawal

Note 3

Expenditure related to Corporate Social Responsibility as per Section 135 of the Companies Act, 2013 read with Schedule VII thereof :

Kushal Tradelink Limited has constituted the Corporate Social Responsibility Committee consisting of 3 Directors as member of committee.

During the Financial Year, as the part of the CSR activity, our company was planning to organize a health camp or a camp of any social cause of similar nature to help to raise awareness among the population. The Approximate budget of the camp came to Rs. 15-20 lacs.

However, the amount to be spent on CSR activities at the end of this financial year i.e. 2% of the average of the last three preceding years (FY 11-12, 12-13, 13-14) amounted to Rs. 10.05 Lacs. As the company fall short of the budget to organize the aforesaid activity, the board have postponed to organize the health camp till next year and have decided to make a provision for CSR for this financial year and spend the same altogether in the financial year 2015-16.

Hence, the company has not spent on the Corporate Social Responsibility in this financial year and instead made a provision for CSR.

Note 4

As per Accounting Standard 21 on "Consolidated Financial Statements" as specified in the Companies (Accounting Standard) Rules 2006 (as amended), the company has been presented consolidated financial statements separately.

Note 5

Previous year''s figure have been recast, regrouped and rearranged, wherever necessary to confirm to this year''s classification.


Mar 31, 2014

1. Corporate Information

Kushal Tradelink Limited (KTL) is a Public Company domiciled in India incorporated under Companies Act, 1956. The company along with its WOS (Kushal Group) is engaged in the business of trading of various kind of paper, paper waste and other merchandise.

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.

Note 28 Contingent Liabilities and Commitments

(Rs in Lacs)

Particulars For the year ended For the year ended 31 March, 2014 31 March, 2013

In respect of SBLCs issued in favour of WOS (Amount outstanding at the close of the year) 1803.00 NIL

Total 1803.00 NIL

Note 29 Related Party Transaction

As per the Accounting Standard 18, disclosures of transactions with related parties (As identified by the Management), as defined in Accounting Standard are given below:

a) Subsidiary Company Kushal Impex Pte. Ltd. Singapore

b) Associates with whom transactions done during the Year

1) Ashapura Paper Mills Pvt. Ltd.

c) Key Managerial Personnel

1) Sandeep Agrawal (CMD)

2) Mahendra Agrawal (WTD)

3) CA Vimal Shah (Chief Financial Officer)

d) Relatives of Key Managerial Personnel with whom transactions done during the Year

1) Manoj Agrawal

2) Sudha Agrawal

3) Tulsiram Agrawal

Note 3

As per the Accounting Standard 21 on "Consolidated Financial Statements" as specified in the Companies (Accounting Standard) Rules 2006 (as amended), the company has presented consolidated financial statements separately.

Note 4

The Ministry of Corporate Affairs, Government of India vide its General Circular No: 2/2011 dated 8Th February, 2011 has granted general exemption to the Holding Companies from attaching balance sheet of subsidiary companies with the balance sheet of the Holding Company as per section 212(8) of the Companies Act, 1956 subject to fulfillment of certain conditions. Accordingly the Board of Directors of the company has passed the resolution giving consent for not attaching the balance sheet of the subsidiary company with that of the company.

Note 5

Previous year''s figure have been recast, regrouped and rearranged, wherever necessary to confirm to this year''s classification.

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