Kushal Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2019

1. The above Unaudited Financial Results have been reviewed by the Audit Committee and
approved and taken on record by the Board of Directors in their meetings held on Wednesday, August 14, 2019.

2. The statutory auditors have carried out "limited review" of the above Unaudited Financial Results.

3. The figures for the quarter ended March 31, 2019 are the balancing figures between audited figures in respect of full financial year for the year ended March 31, 2019 and the unaudited published year to date figures upto December 31, 2018 which are subjected to limited review.

4. As per Indian Accounting Standard 108 'Operating Segments', the company has reported 'Segment Information', as described below:

Geographical Segments includes

1. Kushal Limited, India

2. Kushallmpex Pte Ltd., Singapore

3. Kashish Worldwide FZE, Ajman Free Zone, U.A.E.

Stallion Worldwide (Labuan) Private Limited, Malaysia (Wholly Owned Subsidiary) and Kushal Integrated Industrial Park LLP (Wholly Owned LLP), are yet to commence its business operations.

5. The figures for the corresponding previous period have been regrouped/ reclassified
wherever necessary, to make them comparable.

6. The managing director and chief financial officer certificate in respect of the above results in terms of regulation 33 of the SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been placed before the board of directors.