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Accounting Policies of Patel Integrated Logistics Ltd. Company

Mar 31, 2015

A. Basis for preparation of Financial Statements:

The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the applicable Accounting Standards prescribed under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014, the provision of the Act (to the extent notified) and guidelines issued by the Securities and Exchange Board of India (SEBI).

The preparation of the financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumption that affect the reported amount of assets and liabilities as at the balance sheet date, reported amount of revenues and expenses during the year and disclosure of contingent liabilities as at that date. The estimates and assumption used in the financial statements are based upon the management's evaluation of the relevant facts and circumstances as of the date of financial statements.

b. Fixed Assets and Depreciation:

i. All fixed assets are stated at cost of acquisition which includes amounts added on revaluation, less accumulated depreciation and impairment losses.

ii. Assets acquired on financial lease on or after April 1,2001 are capitalised at their fair values,

iii. Depreciation / Amortisation

Depreciation on all assets, including those revalued, and those valued at market price is provided under straight line method at the rates and in the manner prescribed under Part-C of Schedule II of the Companies Act, 2013 (the "Act"). Additional depreciation on account of revised method of calculation of depreciation amounting to Rs. 3,30,58,946/- (net off deferred tax of Rs. 1,58,77,396/-) is adjusted against retained earnings as at 1st April, 2014.

iv. Depreciation on additions to assets or sale or disposal of assets is calculated on a pro-rata basis from / to the date of addition / deduction.

v. Computer Softwares are amortised over a period of three years, being the economic useful life as estimated by the management.

vi. Cost of leasehold land is amortised over the residual period of the lease.

vii. Assets taken on financial lease are depreciated over their useful life.

c. Impairment of Assets:

Impairment loss if applicable is provided to the extent the carrying amount of assets exceeds their recoverable amount and the same is charged to the Profit and Loss Account in the year in which an asset is identified as impaired.

d. Investments:

i. Non - Current Investments are stated at cost as they are made with long-term perspective. Provision for diminution, if any, in value of investments is made to recognize a decline other than temporary in the value of the investment and valuation is done on global basis.

ii. Membership shares of a Co-operative Housing Society related to office premise are included under Non - Current Investments.

iii. Profit / Loss on sale of Non - Current Investments is computed on FIFO basis.

e. Policy For Revenue Recognition:

i. Revenue / Income and Cost / Expenditure are generally accounted on accrual basis as they are earned / incurred, except those with significant uncertainties.

ii. Amounts recovered towards demurrage and delivery charges are accounted at the time when they are ultimately realised. Freight includes recoverable on undelivered consignments as certified by the management and recoveries for other allied services.

iii. Income on account of Co-Loading and Cargo division is recognized on booking of courier & cargo load.

iv. Cargo Freight charges has been accounted on gross basis and commission received if any, against the same has been accounted as revenue from operation under the head commission.

v. Dividend income from investment is recognised as and when received.

vi. Other incomes are accounted for on accrual basis except when the recovery is uncertain, it is accounted for on receipt basis.

vii. Claims made against the Company are evaluated as to type thereof, period for which they are outstanding and appropriate provision made. Claims are stated net of recoveries from Insurance Companies and others.

viii. Administrative and other expenses are stated net of recoveries wherever applicable.

f. Retirement Benefits (Staff Benefits):

i. The Company has taken a policy with Life Insurance Corporation of India under the Group Gratuity Scheme to cover gratuity liability to the extent of Rs. 10,00,000/- per employee and the premium is accrued on yearly basis. Additional liability if any, in excess of Rs. 10,00,000/- per employee is provided for on payment basis in respect of gratuity entitlement.

ii. Leave encashment is accounted on the basis of actuarial valuation as at the close of the financial year.

g. Foreign Currency Transactions:

i. Current Assets / Liabilities denominated in foreign currency are restated at the rates prevailing at the year end or at the rates at which forward cover has been booked, whichever is applicable.

ii. Difference, if any, on settlement / restatement is taken to Profit and Loss Account.

h. Taxes on Income:

i. Current tax is determined as the amount of tax payable in respect of taxable income for the year.

ii. Deferred tax liabilities and assets are recognised at substantively enacted tax rates, subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent years. Deferred tax assets are recognised and carried forward only to the extent there is a reasonable certainty that sufficient future taxable income will be available against such deferred tax can be realised.

i. Provision and contingencies:

A provision is recognized when the company has legal and constructive obligation as a result of a past event, for which it is probable that cash outflow will be required and a reliable estimate can be made of the amount of the obligation.

A contingent liability is disclosed when the company has possible or present obligation where it is not certain that an outflow of resources will be required to settle it.




Mar 31, 2014

A. Basis for preparation of Financial Statements:

The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the applicable Accounting Standards notifi ed under Section 211[3c] of the Companies Act, 1956 and the relevant provisions thereof.

All assets and liabilities have been classifi ed 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 service and the time between acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current / non – current classifi cation of assets and liabilities.

The preparation of the financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumption that affect the reported amounts of assets and liabilities as at the balance sheet date, reported amounts of revenues and expenses during the year and disclosure of contingent liabilities as at that date. The estimates and assumption used in the financial statements are based upon the managements evaluation of the relevant facts and circumstances as of the date of financial statements.

b. Fixed Assets and Depreciation:

i. All fixed assets are stated at cost of acquisition which includes amounts added on revaluation, less accumulated depreciation and impairment losses.

ii. Assets acquired on financial lease on or after April 1, 2001 are capitalised at their fair values.

iii. Depreciation / Amortisation

Depreciation on all assets, including those revalued, and those valued at market price is provided under straight line method at the rates and in the manner prescribed under Schedule XIV to the Companies Act, 1956.

iv. Depreciation on additions to assets or sale or disposal of assets is calculated on a pro-rata basis from / to the date of addition / deduction.

v. Computer Software is amortised over a period of three years, being the economic useful life as estimated by the management.

vi. Cost of leasehold land is amortised over the residual period of the lease.

vii. Assets taken on financial lease are depreciated over their useful life.

c. Impairment of Assets:

Impairment loss if applicable is provided to the extent the carrying amount of assets exceeds their recoverable amount and the same is charged to the Profit and Loss Account in the year in which an asset is identifi ed as impaired.

d. Investments:

i. Non – Current Investments are stated at cost as they are made with long-term perspective. Provision for diminution, if any, in value of investments is made to recognize a decline other than temporary in the value of the investment and valuation is done on global basis.

ii. Membership shares of a Co-operative Housing Society related to offi ce premise are included under Non - Current Investments.

iii. Profit / Loss on sale of Non – Current Investments is computed on FIFO basis.

e. Policy For Revenue Recognition:

i. Revenue / Income and Cost / Expenditure are generally accounted on accrual basis as they are earned / incurred, except those with signifi cant uncertainties.

ii. Amounts recovered towards demurrage and delivery charges are accounted at the time when they are ultimately realised. Freight includes recoverable on undelivered consignments as certifi ed by the management and recoveries for other allied services.

iii. Income on account of Co-Loading and Cargo division is recognized on booking of courier & cargo load.

iv. Cargo Freight charges has been accounted on gross basis and commission received if any, against the same has been accounted as revenue from operation under the head commission against cargo freight charges

v. Dividend income from investment is recognised as and when received.

vi. Other incomes are accounted for on accrual basis except when the recovery is uncertain, it is accounted for on receipt basis.

vii. Claims made against the Company are evaluated as to type thereof, period for which they are outstanding and appropriate provision made. Claims are stated net of recoveries from Insurance Companies and others.

viii. Administrative and other expenses are stated net of recoveries wherever applicable.

f. Retirement Benefits (Staff Benefits):

i. The Company has taken a policy with Life Insurance Corporation of India under the Group Gratuity Scheme to cover gratuity liability to the extent of Rs.10,00,000/- per employee and the premium is accrued on yearly basis. Additional liability if any, in excess of Rs.10,00,000/- per employee is provided for on payment basis in respect of gratuity entitlement.

ii. Leave encashment is accounted on the basis of actuarial valuation as at the close of the financial year.

g. Foreign Currency Transactions:

i. Current Assets / Liabilities denominated in foreign currency are restated at the rates prevailing at the year end or at the rates at which forward cover has been booked, whichever is applicable.

ii. Difference, if any, on settlement / restatement is taken to Profi t and Loss Account.

h. Taxes on Income:

i. Current tax is determined as the amount of tax payable in respect of taxable income for the year.

ii. Deferred tax liabilities and assets are recognised at substantively enacted tax rates, subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent years. Deferred tax assets are recognised and carried forward only to the extent there is a reasonable certainty that suffi cient future taxable income will be available against such deferred tax can be realised.

i. Provision and contingencies:

A provision is recognized when the company has legal and constructive obligation as a result of a past event, for which it is probable that cash outfl ow will be required and a reliable estimate can be made of the amount of the obligation. A contingent liability is disclosed when the company has possible or present obligation where it is not certain that an outfl ow of resources will be required to settle it. Contingent assets are neither recognized nor disclosed.

2.2 Rights, preferences and restrictions attached to the equity shares -

The Company has one class of equity shares having a par value of Rs.10/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.

4.2 Term loan liability referred above is secured by office building.

7.1 Working Capital Loans From Banks : Secured by :

Pari Passu Hypothecation charges on all the present & future book debts ( Less than 90 Days ) and movable assets other than those acquired under hire purchase agreement. Collateral Security -

- Personal Gurantee of Wholetime Director designated as Executive Vice Chairman.

- Equitable Mortgage of certain properties :

a) owned and situated at Mumbai

b) owned by A S Patel Trust situated at Mumbai.

8.1 The Company has not received any intimation from its Vendors regarding their status under Micro, Small and Medium Enterprises Development Act, 2006 and hence the disclosure, if any under the said Act has not been made.

11.1 Building includes Rs. 250/- in respect of shares held in the Society.

11.3 Buildings worth Rs.58,77,423/- included in Gross Block are revalued on the basis of the replacement value as at 30.06.1987 and the office premises worth Rs.2,48,44,368/- included in Gross Block are revalued on the basis of the replacement value as at 31.03.1993. They are stated at revalued fi gures less accumulated depreciation.

11.4 Computer software - Refer note No. 1(b)(v).


Mar 31, 2013

A. Basis for preparation of Financial Statements:

The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the applicable Accounting Standards notifed under Section 211[3c] of the Companies Act, 1956 and the relevant provisions thereof.

All assets and liabilities have been classifed 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 service and the time between acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current / non - current classifcation of assets and liabilities.

The preparation of the fnancial statements in conformity with generally accepted accounting principles requires the use of estimates and assumption that affect the reported amounts of assets and liabilities as at the balance sheet date, reported amounts of revenues and expenses during the year and disclosure of contingent liabilities as at that date. The estimates and assumption used in the fnancial statements are based upon the managements evaluation of the relevant facts and circumstances as of the date of fnancial statements.

b. Fixed Assets and Depreciation:

i. All fxed assets are stated at cost of acquisition which includes amounts added on revaluation, less accumulated depreciation and impairment losses.

ii. Assets acquired on fnancial lease on or after April 1, 2001 are capitalised at their fair values.

iii. Depreciation / Amortisation

Depreciation on all assets, including those revalued, and those valued at market price is provided under straight line method at the rates and in the manner prescribed under Schedule XIV to the Companies Act, 1956.

iv Depreciation on additions to assets or sale or disposal of assets is calculated on a pro-rata basis from / to the date of addition / deduction.

v. Computer Software is amortised over a period of three years, being the economic useful life as estimated by the management.

vi. Cost of leasehold land is amortised over the residual period of the lease.

vii. Assets taken on fnancial lease are depreciated over their useful life.

c. Impairment of Assets:

Impairment loss if applicable is provided to the extent the carrying amount of assets exceeds their recoverable amount and the same is charged to the Proft and Loss Account in the year in which an asset is identifed as impaired.

d. Investments:

i. Non - Current Investments are stated at cost as they are made with long-term perspective. Provision for diminution, if any, in value of investments is made to recognize a decline other than temporary in the value of the investment and valuation is done on global basis.

ii. Membership shares of a Co-operative Housing Society related to offce premise are included under Non - Current Investments.

iii. Proft / Loss on sale of Non - Current Investments is computed on FIFO basis.

e. Policy For Revenue Recognition:

i. Revenue / Income and Cost / Expenditure are generally accounted on accrual basis as they are earned / incurred, except those with signifcant uncertainties.

ii. Amounts recovered towards demurrage and delivery charges are accounted at the time when they are ultimately realised. Freight includes recoverable on undelivered consignments as certifed by the management and recoveries for other allied services.

iii. Income on account of Co-Loading and Cargo division is recognized on booking of courier & cargo load.

iv. Income from Money transfer business is accounted for when the remittance amount is paid to the receiving party.

v. Dividend income from investment is recognised as and when received.

vi. Other incomes are accounted for on accrual basis except when the recovery is uncertain, it is accounted for on receipt basis.

vii. Claims made against the Company are evaluated as to type thereof, period for which they are outstanding and appropriate provision made. Claims are stated net of recoveries from Insurance Companies and others.

viii. Administrative and other expenses are stated net of recoveries wherever applicable.

f. Retirement Benefts (Staff Benefts):

i. The Company has taken a policy with Life Insurance Corporation of India under the Group Gratuity Scheme to cover gratuity liability to the extent of Rs.10,00,000/- per employee and the premium is accrued on yearly basis. Additional liability if any, in excess of Rs.10,00,000/- per employee is provided for on payment basis in respect of gratuity entitlement.

ii. Leave encashment is accounted on the basis of actuarial valuation as at the close of the fnancial year.

g. Foreign Currency Transactions:

i. Current Assets / Liabilities denominated in foreign currency are restated at the rates prevailing at the year end or at the rates at which forward cover has been booked, whichever is applicable.

ii. Difference, if any, on settlement / restatement is taken to Proft and Loss Account.

h. Taxes on Income:

i. Current tax is determined as the amount of tax payable in respect of taxable income for the year.

ii. Deferred tax liabilities and assets are recognised at substantively enacted tax rates, subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent years. Deferred tax assets are recognised and carried forward only to the extent there is a reasonable certainty that suffcient future taxable income will be available against such deferred tax can be realised.

i. Provision and contingencies:

A provision is recognized when the company has legal and constructive obligation as a result of a past event, for which it is probable that cash outfow will be required and a reliable estimate can be made of the amount of the obligation. A contingent liability is disclosed when the company has possible or present obligation where it is not certain that an outfow of resources will be required to settle it. Contingent assets are neither recognized nor disclosed.


Mar 31, 2012

A. Basis for preparation of Financial Statements:

The accounts have been prepared to comply in all material aspects with applicable accounting principles in India, the applicable Accounting Standards notified under Section 211[3c] of the Companies Act, 1956 and the relevant provisions thereof.

All 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 service and the time between acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current / non - current classification of assets and liabilities.

The preparation of the financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumption that affect the reported amounts of assets and liabilities as at the balance sheet date, reported amounts of revenues and expenses during the year and disclosure of contingent liabilities as at that date. The estimates and assumption used in the financial statements are based upon the managements evaluation of the relevant facts and circumstances as of the date of financial statements.

b. Fixed Assets and Depreciation:

i. All fixed assets are stated at cost of acquisition includes amounts added on revaluation, less accumulated depreciation and impairment losses.

ii. Assets acquired on financial lease on or after April 1, 2001 are capitalised at their fair values.

iii. Depreciation / Amortisation

Depreciation on all assets, including those revalued, and those valued at market price is provided under straight line method at the rates and in the manner prescribed under Schedule XIV to the Companies Act, 1956.

iv. Depreciation on additions to assets or sale or disposal of assets is calculated on a pro-rata basis from / to the date of addition / deduction.

v. Computer Software is amortised over a period of three years, being the economic useful life as estimated by the management.

vi. Cost of leasehold land is amortised over the residual period of the lease.

vii. Assets taken on financial lease are depreciated over their useful life.

c. Impairment of Assets:

Impairment loss if applicable is provided to the extent the carrying amount of assets exceeds their recoverable amount and the same is charged to the Profit and Loss Account in the year in which an asset is identified as impaired.

d. Investments:

i. Non - Current Investments are stated at cost as they are made with long-term perspective. Provision for diminution, if any, in value of investments is made to recognize a decline other than temporary in the value of the investment and valuation is done on global basis.

ii. Membership shares of a Co-operative Housing Society related to office premise are included under Non - Current Investments.

iii. Profit / Loss on sale of Non - Current Investments is computed on FIFO basis.

e. Policy For Revenue Recognition:

i. Revenue / Income and Cost / Expenditure are generally accounted on accrual basis as they are earned / incurred, except those with significant uncertainties.

ii. Amounts recovered towards demurrage and delivery charges are accounted at the time when they are ultimately realised. Freight includes recoverable on undelivered consignments as certified by the management and recoveries for other allied services.

iii. Income on account of Co-Loading and Cargo division is recognized on booking of courier & cargo load.

iv. Income from Money transfer business is accounted for when the remittance amount is paid to the receiving party.

v. Dividend income from investment is recognised as and when received.

vi. Other incomes are accounted for on accrual basis except when the recovery is uncertain, it is accounted for on receipt basis.

vii. Claims made against the Company are evaluated as to type thereof, period for which they are outstanding and appropriate provision made. Claims are stated net of recoveries from Insurance Companies and others.

viii. Administrative and other expenses are stated net of recoveries wherever applicable.

f. Retirement Benefits (Staff Benefits):

i. The Company has taken a policy with Life Insurance Corporation of India under the Group Gratuity Scheme to cover gratuity liability to the extent of Rs.10,00,000/- per employee and the premium is accrued on yearly basis. Additional liability if any, in excess of Rs.10,00,000/- per employee is provided for on payment basis in respect of gratuity entitlement.

ii. Leave encashment is accounted on the basis of actuarial valuation as at the close of the financial year.

g. Foreign Currency Transactions:

i. Current Assets / Liabilities denominated in foreign currency are restated at the rates prevailing at the year end or at the rates at which forward cover has been booked, whichever is applicable.

ii. Difference, if any, on settlement / restatement is taken to Profit and Loss Account.

h. Taxes on Income:

i. Current tax is determined as the amount of tax payable in respect of taxable income for the year.

ii. Deferred tax liabilities and assets are recognised at substantively enacted tax rates, subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent years. Deferred tax assets are recognised and carried forward only to the extent there is a reasonable certainty that sufficient future taxable income will be available against such deferred tax and can be realised.

i. Provision and contingencies:

A provision is recognized when the company has legal and constructive obligation as a result of a past event, for which it is probable that cash outflow will be required and a reliable estimate can be made of the amount of the obligation. A contingent liability is disclosed when the company has possible or present obligation where it is not certain that an outflow of resources will be required to settle it. Contingent assets are neither recognized nor disclosed.


Mar 31, 2011

A. Basis of preparation:

The financial statements are prepared in compliance with the applicable mandatory Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI), applicable Accounting Policies in India and the relevant provisions of the Companies Act, 1956. The financial statements are prepared under the historical cost convention on accrual basis except stated otherwise.

b. Fixed Assets and Depreciation:

i. All fixed assets are stated at cost of acquisition less accumulated depreciation and impairment losses. Buildings worth Rs.58,77,423/- included in Gross Block are revalued on the basis of the replacement value as at 30.06.1987 and the office premises worth Rs.2,48,44,368/- included in Gross Block are revalued on the basis of the replacement value as at 31.03.1993. They are stated at revalued figures less accumulated depreciation.

ii. Assets acquired on financial lease on or after April 1, 2001 are capitalised at their fair values.

iii. Depreciation / Amortisation

Depreciation on all assets, including those revalued, and those valued at market price is provided under straight line method at the rates and in the manner prescribed under Schedule XIv to the Companies Act, 1956.

iv. Depreciation on additions to assets or sale or disposal of assets is calculated on a pro-rata basis from / to the date of addition / deduction.

v. Computer Software is amortised over a period of three years, being the economic useful life as estimated by the management.

vi. Cost of leasehold land is amortised over the residual period of the lease.

vii. Assets taken on financial lease are depreciated over their useful life.

c. Impairment of Assets:

Impairment loss is provided to the extent the carrying amount of assets exceeds their recoverable amount and the same is charged to the Profit and Loss Account in the year in which an asset is identified as impaired.

d. Investments:

i. Investments are stated at cost as they are made with long-term perspective. Provision for diminution, if any, in value of investments is made to recognize a decline, other than temporary, in the value of the investment and valuation is done on global basis.

ii. Membership shares of a Co-operative Housing Society related to office premise are included under investments.

iii. Profit / Loss on sale of investments is computed on FIFO basis.

e. Income / Expenses:

i. Revenue / Income and Cost / Expenditure are generally accounted on accrual basis as they are earned / incurred, except those with significant uncertainties.

ii. Amounts recovered towards demurrage and delivery charges are accounted at the time when they are ultimately realised. Freight includes amount recoverable on undelivered consignments as certified by the management and recoveries for other allied services.

iii. Income on account of Co-Loading and Cargo division is recognized on booking of courier & cargo load.

iv. Income from Money transfer business is accounted for when the remittance amount is paid to the receiving party.

v. Dividend income from investment is recognised as and when received.

vi. Other incomes are accounted for on accrual basis except when the recovery is uncertain, it is accounted for on receipt basis.

vii. Claims made against the Company are evaluated as to type thereof, period for which they are outstanding and appropriate provision made. Claims are stated net of recoveries from Insurance Companies and others.

viii. Administrative and other expenses are stated net of recoveries wherever applicable.

f. Retirement Benefits (Staff Benefits):

i. The Company has taken a policy with Life Insurance Corporation of India under the Group Gratuity Scheme to cover gratuity liability to the extent of Rs.10,00,000/- per employee and the premium is accrued on yearly basis. Additional liability if any, in excess of Rs.10,00,000/- per Employee is provided for on payment basis in respect of gratuity entitlement.

ii. Leave encashment is accounted on the basis of actuarial valuation as at the close of the financial year.

g. Foreign Currency Transactions:

i. Current Assets / Liabilities denominated in foreign currency are restated at the rates prevailing at the year end or at the rates at which forward cover has been booked, whichever is applicable.

ii. Difference, if any, on settlement / restatement is taken to Profit and Loss Account.

h. Taxes on Income:

i. Current tax is determined as the amount of tax payable in respect of taxable income for the year.

ii. Deferred tax liabilities and assets are recognised at substantively enacted tax rates, subject to the consideration of prudence, on timing difference, being the difference between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent years. Deferred tax assets are recognised and carried forward only to the extent there is a reasonable certainty that sufficient future taxable income will be available against such deferred tax and can be realised.

i. Provision and contingencies:

A provision is recognized when the company has legal and constructive obligation as a result of a past event, for which it is probable that cash outfow will be required and a reliable estimate can be made of the amount of the obligation. A contingent liability is disclosed when the company has possible or present obligation where it is not certain that an outfow of resources will be required to settle it. Contingent assets are neither recognized nor disclosed.

 
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