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Notes to Accounts of Pradeep Metals Ltd.

Mar 31, 2017

1. Rights, preferences and restrictions of equity shares

The Company has issued only one class of shares referred to as equity shares having a par value of Rs. 10 each. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts (after due adjustments in case shares are not fully paid up). However, no such preferential amounts exist currently.

2. Details of security provided

(i) Term loans (Foreign currency loan & Rupee loan) are secured by first charge on pari passu basis on fixed assets of the Company (present and future) (excluding a vehicle) and second charge on current assets. The loans are further secured by personal guarantee of Chairman and Managing Director of the Company.

(ii)Vehicle loans is secured against hypothecation of the vehicle against which the loan has been taken. The loan is further secured by personal guarantee of Chairman and Managing Director and a Director of the Company.

3. Under the Micro, Small and Medium Enterprises Development Act, 2006 [MSMED Act], certain disclosures are required to be made relating to Micro and Small Enterprises. The Company has not received any information from its suppliers about their coverage under the MSMED Act and as such no further disclosures are required to be made. Auditor''s have relied on the same.

Note :

Provision for contingency represents (a) provision for expected margin on sales return; (b) provision for bonus payable for earlier years; and (c) provision for disputed Navi Mumbai Municipal Cess (‘NMMC'') liability. In respect of (a) the outflow is expected to be within a period of one year. In respect of (c) the Company has paid Rs.60.29 lakhs under protest during the year. Rs.11.37 lakhs was paid in previous year and has been treated as an expense in that year. Expected outflow of interest / penalty depends on outcome of the appeal filed.

4. Depreciation as per statement of profit & loss of Rs. 389.92 lakhs is net of reversal of excess depreciation of Rs. 38.50 lakhs charged in previous year.

5. Disclosure required as per paragraph 82(b) of Accounting Standard 10 Property, Plant & Equipments -amount capitalized under gross block includes Rs. 26.34 lakhs (P.Y. Rs. 595.06 lakhs) being the amount of capital expenditure incurred on self constructed assets. Further such amount included under CWIP is aggregating to Rs. 587.42 lakhs (P.Y. Rs. 229.70 lakhs)

6. Factory Building is constructed on Leasehold Land.

6.1 First Pari Passu charge has been created on fixed assets of the Company (present and future) in respect of Foreign Currency Loan of USD 2 Million (Outstanding as on 31.03.2017 - USD 1.8 Million) (Previous Year Outstanding as on 31.03.2016 - USD 2 Million) taken by Pradeep Metals Limited, Inc. (Wholly Owned Subsidiary) in USA from Union Bank of India, Hong Kong. (Refer Note 4.1)

7. Shares are pledged with Union Bank of India, Hong Kong and non - disposal undertaking given to them in respect of 140 shares in connection with Foreign Currency Loan of USD 2 Million taken by Pradeep Metals Limited, Inc. USA (Outstanding as on 31.03.2017 - USD 1.8 Million) (Previous Year Outstanding as on 31.03.2016 - USD 2 Million).

8. During the year, a dispute had arisen between Wholly Owned Subsidiary (WOS) and the partner holding 49% share in step down subsidiary (SDS) (51% share is held by Company''s WOS). The matter is now sub-judice and suitable representations are being made in the court by WOS in this matter. Further, operating losses in the consolidated financial statement of WOS during the current and earlier year are on account of weak demand from the oil, gas and engineering sectors to which the subsidiaries supply their products. Also legal costs have added to the losses. Management is expecting the revival in demand which would enable it to recover the past losses. Based on the projections and considering that the investment made in WOS is of strategic nature, in the opinion of management, no provision for diminution in the value of investment in WOS or accounting adjustment (if any) is required as at 31st March 2017.

9. Trade receivable includes export bills aggregating to Rs. 1,627.63 lakhs (Previous year: Rs. 1,271.44 lakhs) purchased / discounted by the Bank but pending realization as on the date of the Balance Sheet & disclosed under working capital (short term borrowing).

10. Trade receivable includes Rs. 0.35 lakh (Previous Year Rs. 0.21 lakh) receivable from private Company in which director is a director.

11. Bank deposits aggregating to Rs. 6.16 lakhs (Previous year: Rs. 7.61 lakhs) are under lien with banks towards guarantees issued by bank.

12. Other current asset includes Rs. 343.29 lakhs as on 31st March 2017 (Previous year Rs. 216.00 lakhs) receivable from Maharashtra State Electricity Distribution Company Limited (‘MSEDCL'') for sale of power generated from windmill prior to the date of Power Purchase Agreement (PPA). Further, due to technical issues, no power was generated from 9th August 2016 till 6th May 2017 in respect of which claim for the compensation (up to March 2017) of Rs. 100 lakhs as accepted by the wind mill vendor has been included in other operating income. The PPA has been executed with MSEDCL on 21st March 2017. Considering the above, in view of the management, no uncertainty exists for the amount recoverable of Rs. 343.29 lakhs and therefore, no provision for doubtful receivables is required to be made.

13. Contingent liabilities

(a) Contingent liabilities are determined on the basis of available information and are disclosed in the notes to financial statements. Details of contingent liabilities not provided for are given below:

(i) In respect of (a) and (d) above, the Company does not expect any cash outflow.

(ii) In respect of (b) and (c) above, future cash out flows (including interest / penalty) are determinable on receipt of judgments by tax authorities / labour court / settlement with vendor.

(iii) In respect of (b) above, the Company has provided for liability amounting Rs. 34.94 lakhs (Previous year Rs. 15.00 lakhs) and paid under protest in current year Rs. 60.29 lakhs (Previous year Rs. 11.37 lakhs)

14. Capital and other commitments

Capital commitment for tangible assets (net of advance paid) - Rs. 436.96 lakhs (Previous Year: Rs. 669.66 lakhs). There are no other commitments.

15. Disclosure of lease - Operating lease As lessee:

The Company has taken certain factory premises and machinery under operating lease for a period upto 3 years. Agreement for factory premises is non-cancellable and machinery is cancellable. Rent incurred with respect to cancellable operating lease (machinery) is Rs. 46.02 lakhs (Previous year: Rs. 47.60 lakhs). With respect to non-cancellable operating lease arrangement (factory premises), rent for the year and the future minimum lease payments is as under:

16. Segmental disclosure

The Company is primarily engaged in manufacturing of closed die steel forgings & processing. The Company had started generating & supplied power generated from wind turbine generator to Maharashtra State Electricity Distribution Company Limited (MSEDCL) from 31st March 2015. Since power purchase agreement with MSEDCL has been executed in current quarter, wind mill operation is disclosed as separate segment.

Note: Above figures are net of provision Rs. 3.54 lakhs (Previous year: Rs. 12.36 lakhs)

As there are no other transaction of the Company which requires disclosure under AS - 17 ‘Segment Reporting'' for geographical segment, other segmental information in respect of secondary segment is not applicable.

17. Defined benefits :

The Company has long term employee benefits schemes in the form gratuity and leave benefits. Gratuity liability is funded with LIC of India.

18. Gratuity - Funded

The following table set out the status of the gratuity plan as required under Accounting Standard 15 -Employee Benefits:

19. Leave benefits

Liability for leave benefits which are long term in nature (Privilege and sick leave) are unfunded and actuarially determined considering the leave policy / rules of the Company. Provision for short term leave benefit is calculated on arithmetic basis. The liability for leave benefits as at year end is Rs. 142.37 lakhs (Previous year: Rs. 115.58 lakhs). As per para 132 of Accounting Standard 15 - Employee Benefits, no other disclosure is required.

20. As per Section 135 of the Companies Act, 2013 a Corporate Social Responsibility (CSR) committee has been formed by the Company. The area for CSR activities are Education and Empowerment, Employability and Entrepreneurship, Health and Sanitation and others.

(a) Gross amount required to be spent by the Company during the current year was Rs. 17.45 lakhs (Previous year : Rs. 18.97 lakhs).

21. In cash flow statement, cash flow from operating activities includes CSR amounting Rs. 17.22 lakhs (Previous year Rs. 10.36 lakhs)

22. Cash flow statement related:

23. Aggregate outflow on account of direct taxes paid is Rs. 165.33 lakhs (Previous year: Rs. 175.69 lakhs).

24. Conversion of Rupee term loan in foreign currency loan (USD) aggregating to Rs. 631 lakhs (Previous year: Rs. 855.58 lakhs) is not considered as cash transaction.

25. During the year, the Company has received a government grant of Rs. 214 lakhs from Steel Development Fund (SDF) of Ministry of Steel as first installment towards the contribution for the specified project which will help decreasing greenhouse gases emission. The total estimated cost of the project is Rs. 560 lakhs out of which contribution from SDF is Rs. 275 lakhs and balance Rs. 285 lakhs shall be contributed by the Company. As the project is ongoing, all direct cost and allocable costs (including depreciation) has been considered as intangible assets under development in compliance with Accounting Standard 26 - Intangible assets and equipments which are used for the project have been capitalized as tangible fixed assets. Further, government grant received of Rs. 214 lakhs is treated as deferred income in accordance with Accounting standard 12- Government Grants and disclosed accordingly.

26. During the current year dies have been reclassified from inventories to fixed assets in accordance with revised Accounting Standard 10 - ‘ Property, Plant and Equipment''. Accordingly, opening inventory of Rs. 906.12 lakhs has been transferred to fixed assets and depreciated based on the balance useful life. Due to this change, profit of before tax for the year is lower by Rs. 90.61 lakhs.

27. Additional information as required by para 5 of General Instructions for preparation of Statement of Profit and Loss (other than already disclosed above) are either Nil or Not Applicable.

28. Previous years comparatives

Previous year''s figures have been re-grouped / reclassified wherever necessary to conform to the current year''s classification.


Mar 31, 2016

1. Leave benefits

Liability for leave benefits in nature of compensated absences, sick leave and casual leave is unfunded and is actuarially determined considering the leave policy/rules of the Company. The liability for leave benefits as at year end is Rs. 115.58 lakhs (Previous year: Rs. 69.76 lakhs). As per para 132 of Accounting Standard 15 - Employee Benefits, no other disclosure is required.

2. As per Section 135 of the Companies Act, 2013 a Corporate Social Responsibility (CSR) committee has been formed by the Company. The area for CSR activities are Education and Empowerment, Employability and Entrepreneurship, Health and Sanitation and others.

(a) Gross amount required to be spent by the Company during the current year was Rs.18.97 lakhs (Previous year : Rs. 16.06 lakhs).

3. Cash flow statement related :

4. Aggregate outflow on account of direct taxes paid is Rs. 175.76 lakhs (Previous year : Rs. 320.39 lakhs).

5. Conversion of Rupee term loan in foreign currency loan (USD) aggregating to Rs. 855.58 lakhs (Previous year : Nil) is not considered as cash transaction.

6. During the year, Company has recognized export incentive under Merchandise Exports from India Scheme (MEIS) aggregating to Rs. 130.01 lakhs (Previous year : Nil) considering certainty over utilization of these duty scraps.

7. Company''s 2.1 MW Wind Mill was originally set up as a captive unit. In view of the changed Government''s policy, it is economical to supply the power to Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL). The necessary steps are being taken to sign and execute Power Purchase Agreement (PPA) with MSEDCL. Pending execution of PPA, revenue of Rs. 216.00 lakhs (Previous year: Nil) has been recognized from the power generated and fed into the Grid based on the provisional rate as prescribed in the Order of Maharashtra State Regulatory Commission (''MERC”) and is grouped under other operating revenue.

8. The Company has terminated Chief Financial Officer in February 2016 and Company is in the process of appointing new Chief Financial Officer in accordance with second proviso to section 203 of the Companies Act, 2013.

9. Additional Information as required by para 5 of General Instructions for preparation of Statement of Profit and Loss (other than already disclosed above) are either Nil or Not Applicable.

10. Previous years comparatives

Previous year''s figures have been re-grouped / reclassified wherever necessary to conform to the current year''s classification.


Mar 31, 2015

(1.1.1) Bank Borrowings for Working Capital and Sundry Debtors include export bills aggregating to Rs.1,624.76 Lacs (Rs. 1,404.10 Lacs as on 31st March, 2014) purchased / discounted by the Bank but pending realization as on the date of the Balance Sheet.

(1.1.2) The year end net monetary foreign currency exposures that have not been hedged are as follows:- Packing Credit in Foreign Currency

(1.1.3) Related Party Disclosures {as identified and certified by the Management}

As per Accounting Standard 18, notified under the Company''s (Accounting Standards) Rules, 2006, the disclosures of transactions with the related parties are as follows:

(i) List of related parties where control exists and related parties with whom transactions have taken place and relationships:

* includes Sales, Investments and Receivables to Pradeep Metals Limited, New York merged on 9th March,2015

(1.1.4) The dues outstanding to Micro, Small and Medium Enterprises under Micro, Small and Medium Enterprises Development Act 2006, are based on the Information available with the Company and this has been relied upon by the auditors.

(1.1.5) Additional Information pursuant to the provisions of part II of Schedule VI to the Companies Act, 2013 are Annexed separately.

(1.1.6) Note on Corporate Social Responsibility Expenditure related to Corporate Social Responsibilites as per Section 135 of the Company Act, 2013 read with Schedule VII thereof -

a. Gross amount required to be spent by the Company during the year (2% of Average Net Profit) Rs. 1,606,000.

b. Amount Spent on donations to the institutions involved in Social Responsibilities Rs. 783,002.

(1.1.7) Management reassessed the useful life of assets during the quarter ended 30th June, 2014, consequent to the Notification of relevant provisions of Companies Act, 2013. In line with the transitional provisions as per the Part C of the Schedule II of the Act, the Company has recognized amount of Rs. 222.65 lacs (Net off of Deferred Tax credit of Rs.106.94 lacs ) in the opening balance of retained earnings. If the Company had continued with the previously assessed useful lives, charge for depreciation for the year ended 31st March, 2015 would have been lower by Rs.53.66 lacs, for the assets held at 1st April, 2014.

(1.1.8) Remuneration is being paid to Mr Pradeep Goyal, Chairman and Managing Director of the Company w.e.f. 17th October, 2013 pursuant to the Special Resolutions passed by the shareholders at the Extra Ordinary General Meetings held on 25th January, 2014 and Annual General Meeting held on 4th September, 2014, pending necessary approval of the Ministry of Corporate Affairs with reference to the applications / representation made by the Company.

(1.1.9) Considering the rising power tariff and national objective of maximizing development and use of renewable, green energy, the Company has set up a 2.1 MW Wind Mill at Jath, Sangli, for captive use. It has been commissioned on 31st March, 2015.

(1.1.10) With the merger of Wholly Owned Subsidiary, Pradeep Metals Limited, New York with Pradeep Metals Limited Inc., Texas with effect from 9th March, 2015, Pradeep Metals Limited Inc., Texas, has become Wholly Owned Subsidiary of the Company. The Company has made further investment of Rs.77.32 Lacs (USD 1,25,000) in Pradeep Metals Limited, New York and Rs.187.86 Lacs (USD 3,00,000) in Pradeep Metals Limited, Inc., Texas, during the year.

(1.1.11) Pradeep Metals Limited Inc., Texas, a Wholly Owned Subsidiary has, acquired 51% stake in a CNC Machine Shop at Huston, Texas, pursuant to Assets Contribution and Purchase Agreement dated 24th Apirl, 2015, w.e.f. 1st January, 2015. Accordingly, Dimensional Machine Works, LLC, Houston, USA has become step-down Subsidiary of the Company and its unaudited financials for the period from 1st January, 2015 to 31st March, 2015 have been included in the Consolidated Accounts.

(1.1.12) Previous year''s figures have been regrouped/reclassified, wherever necessary, to correspond with the current year''s classifications/disclosures.


Mar 31, 2014

1 Bank Borrowings for Working Capital and Sundry Debtors include export bills aggregating to Rs.1404.10 Lacs (Rs. 1210.85 Lacs as on 31st March, 2013) purchased / discounted by the Bank but pending for realization as on the date of the Balance Sheet.

31st March 2014 31st March,2013 (Rs.) (Rs.)

2 Contingent Liabilities not provided for

a.Letter of Guarantee issued by Union Bank of India

(secured by 100 % margin) 241,347 89,712

(secured by 10 % margin) 902,224 956,862

b. Capital commitment for Fixed Assets (Net of Advances) 44,484,820 30,917,820

3 Related Party Disclosures { as identified and certified by the Management}

As per Accounting Standard 18 notified under the Company''s (Accounting Standards) Rules, 2006, the disclosures of transactions with the related parties are given below,

4 The dues outstanding to Micro, Small and Medium Enterprises under Micro, Small and Medium Enterprises Development Act 2006, are based on the Information available with the company and this has been relied upon by the auditors and hence the disclosures as required under the said Act have not been given.

5 The Company has duly complied with the Accounting Standards notified under the Companies Act, 1956 ("the Act") read with General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013.

6 Additional Information pursuant to the provisions of part II of Schedule VI to the Companies Act, 1956 are Annexed separately.

7 Previous year''s figures have been regrouped/reclassified, wherever necessary, to correspond with the current year''s classifications/disclosures.


Mar 31, 2013

(1.1.1) Bank Borrowings for Working Capital and Sundry Debtors include export bills aggregating to Rs.1210.85 Lacs (Rs. 1070.59 Lacs as on 31st March, 2012) purchased / discounted by the Bank but pending realization as on the date of the Balance Sheet.

(1.1.2) The dues outstanding to Micro, Small and Medium Enterprises under Micro, Small and Medium Enterprises Development Act 2006, are based on the Information available with the company and this has been relied upon by the auditors and hence the disclosures as required under the said Act have not been given.

(1.1.3) The Company has duly complied with the Accounting Standards referred to in sub-section 3(c) of Section 211 of the Companies Act, 1956.

(1.1.4) Additional Information pursuant to the provisions of part II of Schedule VI to the Companies Act, 1956 are Annexed separately.

(1.1.5) The Revised Schedule VI has become effective from 1st April 2011 for the preparation of financial statements. This has significantly impacted the disclosures & presentations made in the financial statements. Previous year''s figures have been regrouped/reclassified, wherever necessary, to correspond with the current year''s classifications/disclosures.


Mar 31, 2012

31st March 2012 31st March,2011 (Rs.) (Rs.)

(1.1.1) Contingent Liabilities not provided for

a. Letter of Guarantee issued by Union Bank of India

(secured by 100 % margin) 101,208 114,510

(secured by 10 % margin) 866,862 810,000

b. Capital Commitment for purchase of Machinery 22,867,775 2,506,000

(1.1.2) Value of import calculated on CIF basis :

Raw Material and Consumable goods 1,569,252 915,864

Capital goods 24,485,176 28,708,699

(1.1.3) Expenditure in foreign currency - Travelling 1,004,410 969,885

(1.1.4) Earning in foreign currency :

FOB value of Exports 666,563,588 383,644,815

(1.1.5) Bank Borrowings for Working Capital and Sundry Debtors include export bills aggregating to Rs. 1070.59 Lacs (Rs. 719.69 Lacs as on 31st March, 2011) purchased / discounted by the Bank but pending realization as on the date of the Balance Sheet.

(1.1.6) Sundry Debtors includes Rs. Nil (Previous Year Rs. 54.45 lacs) due from (M/s B.S.Metal Private Ltd., a company in which Key Managerial Personnel is a Director.)

(1.1.7) The credit for Minimum alternative Tax of Rs. 263.45 lacs has been recognized for the first time in financial year 2010-2011 in view of visibility of profitability, and the Company is covered under the provisions of Minimum Alternative Tax (MAT) and appropriate adjustments has been made the books as per the provisions of Section 115JAA of the Income Tax Act, 1961,during the year.

(1.1.8) The dues outstanding to Micro, Small and Medium Enterprises under Micro, Small and Medium Enterprises Development Act 2006, are based on the Information available with the company and this has been relied upon by the auditors and hence the disclosures as required under the said Act have not been given.

(1.1.9) The Company has duly complied with the Accounting Standards referred to in sub-section 3(c) of Section 211 of the Companies Act, 1956.

(1.1.10) Additional Information pursuant to the provisions of part II of Schedule VI to the Companies Act, 1956 are Annexed separately.

(1.1.11) The Revised Schedule VI has become effective from 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosures & presentations made in the financial statements. Previous year’s figures have been regrouped/reclassified, wherever necessary to correspond with the current year’s classifications/disclosures.


Mar 31, 2011

31st March, 2011 31st March, 2010 (Rs.) (Rs.)

(1) Contingent Liabilities not provided for

a. Letter of Guarantee issued by Union 924,510 111,844 Bank of India (secured by 100 % margin)

b. Capital Commitment for purchase of 2,506,000 - Machinery

(2) a. Arrears of Dividend on 5,19,800, 10% Optionally Convertible Cumulative Redeemable Preference Shares of Rs. 100 each – Rs. 59,678,000 (Previous year Rs.54,480,000) plus applicable dividend distribution tax. Out of this a sum of Rs.128.96 lacs plus applicable dividend distribution tax is being paid in terms of resolution passed in Extra-Ordinary General Meeting held on 6th May, 2011.

b. It is proposed, subject to the approval of the Members and such other approvals, as may be deemed necessary, to redeem 5,19,800 10% Optionally Convertible Cumulative Redeemable Preference Shares (OCCRPS) of Rs. 100/- each, fully paid up, at a premium of Rs. 50/- per OCCRPS, as per the Agreement made with the holders of the OCCRPS, mainly out of the proceeds of Equity Shares and advance against Equity Warrants issued/ to be issued during the current year. As such, Shares Redemption Reserve has not been created.

(3)Sundry Debtors includes Rs- 54.45 lacs (Previous Year Rs.- 54.45 lacs) due from M/s - B.S.Metal Private Ltd., a Company in which Key Managerial Personnel is a Director.

(4)The Company is covered under the provisions of Minimum Alternative Tax (MAT) and has provided Income Tax in the books as per the provisions of Section 115JB of the Income Tax Act, 1961.

(5) b. Deferred Tax Assets / Liability has been worked out after considering the amount of unabsorbed depreciation and MAT credit available with the Company as on 31.03.2011.

(6)The dues outstanding to Micro, Small and Medium Enterprises under Micro, Small and Medium Enterprises Development Act 2006, are based on the information available with the company and hence the disclosures as required under the said Act have not been given.

(7)The Company has duly complied with the Accounting Standards referred to in sub-section 3(c) of Section 211 of the Companies Act, 1956.

(8)Additional Information pursuant to the provisions of part II of Schedule VI to the Companies Act, 1956 are Annexed separately.

(9)Previous years figures have been regrouped / recasted, wherever necessary, to conform to this years classification.


Mar 31, 2010

31st March, 2010 31st March, 2009 (Rs.) (Rs.)

(1) Contingent Liabilities not provided for

a) Letter of Guarantee issued by Union 111,844 554,252

Bank of India (secured by 100 % margin)

(2) Value of import calculated on CIF basis :

Raw material and consumable goods 4,545,329 2,834,304

Capital goods - 9,162,045

(3) Expenditure in foreign currency - Travelling 419,625 1,411,062

(4) Earning in foreign currency :

FOB value of Exports 228,717,277 507,479,971



(5) (a) The Company has extended the terms of redemption of 519800,10% Optionally Convertible Cumulative Redeemable Preference Shares of Rs. 100 each, which were due for redemption in 2 yearly installments of Rs. 25,990,000 each as on 31a March, 2010 and 31a March, 2011, by further period of 3 years and the same would now be redeemable in 2 equal yearly installment of Rs. 25,990,000 each on 31st March, 2013 and 31st March, 2014. (b) Arrears of dividend on 519800, 10% Optionally Convertible Cumulative Redeemable Preference Shares of Rs. 100 each - Rs. 54,480,000 (Previous year Rs.49,282,000).

(6) Related Party Disclosures { as identified and certified by the Management}

As per Accounting Standard 18 notified under the Companys (Accounting Standards) Rules, 2006, the disclosures of transactions with the related parties are given below:

(i) List of related parties where control exists and related parties with whom transactions have taken place and relationships:

(7)The Company is covered under the provisions of Minimum Alternative Tax (MAT) and has provided Income Tax in the books as per the provisions of Section 115JB of the Income Tax Act, 1961.

(8)(a)The tax effect of significant timing differences during the year that have resulted in deferred tax

(9)The Company has duly complied with the Accounting Standards referred to in sub-section 3(c) of Section 211 of the Companies Act, 1956.

(10)Previous years figures have been regrouped / recasted, wherever necessary, to conform to this years classification.

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