Mar 31, 2018
A SIGNIFICANT ACCOUNTING POLICIES
1. Basis of accounting:-
These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) including the Accounting Standards notified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013.
The financial statements have been prepared under the historical cost convention on accrual basis.
2. Revenue Recognition :-
Expenses and Income considered payable and receivable respectively are accounted for on accrual basis except discount claims, rebates and retirement benefits which cannot be determined with certainty during the year.
3. Fixed Assets :-
Fixed assets are stated at their original cost of acquisition including taxes, freight and other incidental expenses related to acquisition and installation of the concerned assets less depreciation till date.
"Assets are classified as Fixed Assets only when the assets are âput to useâ or âintended to be use". (This as per AS 10 i.e. earlier Indian GAAPs.)
4. Capital Work in Progress :-
"The cost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition and location for their intended use, and the initial estimate of dismantling and removing the items and restoring the site on which they are located and borrowing costs. Expenses directly attributable to construction of property, plant and equipment incurred till they are ready for their intended use are identified and allocated on a systematic basis to the cost of related assets. Deposit works/cost plus contracts are accounted for on the basis of statements of account received from the contractors.
Unsettled liabilities for price variation/exchange rate variation in case of contracts are accounted for on estimated basis as per terms of the contracts."
5. Depreciation :-
Depreciation on Fixed Assets is provided to the extent of depreciable amount on the Written down Value (WDV) Method/SLM method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.
6. Investments :-
Investments are stated at cost. (Cost Rs. 1, 00, 000/- Market Value Rs. 1, 00,000/-)
7. Inventories :-
The inventories of equity shares have been valued at Cost.
8. Taxes on Income:-
Provision for current tax is made on the basis of estimated taxable income for the current accounting year in accordance with the Income Tax Act, 1961. The deferred tax for timing differences between the book and tax profits for the year is accounted for, using the tax rates and laws that have been substantively enacted by the balance sheet date. Deferred tax assets arising from timing differences are recognized to the extent there is virtual certainty with convincing evidence that these would be realized in future. At each Balance Sheet date, the carrying amount of deferred tax is reviewed to reassure realization.
9. Provisions, Contingent Liabilities and Contingent Assets:- (AS-29)
Provisions are recognized only when there is a present obligation as a result of past events and when a reliable estimate of the amount of the obligation can be made.
Contingent liability as on 31/03/2018
The company has filed and contesting appeals before CIT(A), Kolkata against the Assessment orders u/s 143(3) of Income Tax Act, 1961 in the case of erstwhile transferor companies which were merged in the company pursuant to Order of Honâble High Court, Kolkata. The demand raised by the department as informed by the Management of the Company for the Asst. Year 2007-2008 is Rs. 79.25 Lacs. The Management is confident to get the relief from the Appellate Authorities.
Contingent assets are not recognized in the financial statement since this may result in the recognition of the income that may never be realized.
General:
Except wherever stated, accounting policies are consistent with the generally accepted accounting principles and have been consistently applied.
Mar 31, 2016
CORPORATE INFORMATION:
Arnold Holdings Ltd. is a public Limited NBFC Company incorporated in 1981 listed on BSE Ltd. & Calcutta Stock Exchange. The company is engaged in the field of Corporate Finance, Infrastructure Finance, Mortgage and Gold Loans, Capital Market.
Arnold has been seasoned provider of private equity to companies across sectors. Arnold private equity practice has led investments across range of sector- pharmaceutical research, high-end telecom technology, product development, media production services, technology, textiles, drug, manufacturing, construction, processed foods, components and tool fabrication and real estate.
A SIGNIFICANT ACCOUNTING POLICIES
1. Basis of accounting:-
These financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) including the Accounting Standards notified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013.
The financial statements have been prepared under the historical cost convention on accrual basis.
2. Revenue Recognition :-
Expenses and Income considered payable and receivable respectively are accounted for on accrual basis except discount claims, rebates and retirement benefits which cannot be determined with certainty during the year.
3. Fixed Assets :-
Fixed assets are stated at their original cost of acquisition including taxes, freight and other incidental expenses related to acquisition and installation of the concerned assets less depreciation till date.
4. Depreciation :-
Depreciation on Fixed Assets is provided to the extent of depreciable amount on the Written down Value (WDV) Method/SLM method. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.
5. Investments :-
Investments are stated at cost. (Cost Rs. 1,00,000/- Market Value rs. 1,00,000/-)
6. Inventories :-
The inventories of equity shares have been valued at Cost.
7. Taxes on Income:-
Provision for current tax is made on the basis of estimated taxable income for the current accounting year in accordance with the Income Tax Act, 1961. The deferred tax for timing differences between the book and tax profits for the year is accounted for, using the tax rates and laws that have been substantively enacted by the balance sheet date. Deferred tax assets arising from timing differences are recognized to the extent there is virtual certainty with convincing evidence that these would be realized in future. At each Balance Sheet date, the carrying amount of deferred tax is reviewed to reassure realization.
8. Provisions, Contingent Liabilities and Contingent Assets:- (AS-29)
Provisions are recognized only when there is a present obligation as a result of past events and when a reliable estimate of the amount of the obligation can be made.
Contingent liability as on 31/03/2016
The company has filed and contesting appeals before CIT(A), Kolkata against the Assessment orders u/s 143(3) of Income Tax Act, 1961 in the case of erstwhile transferor companies which were merged in the company pursuant to Order of Honâble High Court, Kolkata. The demand raised by the department as informed by the Management of the Company for the Asst. Year 2007-2008 is Rs. 79.25 Lacs. The Management is confident to get the relief from the Appellate Authorities.
Contingent assets are not recognized in the financial statement since this may result in the recognition of the income that may never be realized.
General:
Except wherever stated, accounting policies are consistent with the generally accepted accounting principles and have been consistently applied.
Mar 31, 2015
A. a) BASIS OF ACCOUNTING POLICIES:- The financial statements have been
prepared in accordance with generally accepted accounting principles in
India (India GAAP) under the historical cost convention on an accrual
basis in compliance with material aspect of the Accounting Standard (AS)
Notified under section 133 of the Companies Act, 2013 read with
paragraph 7 of the Companies (Accounts) rules 2014. The accounting
policies have been consistently applied by the Company and are
consistent with those used in the previous year.
b) 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 the Schedule 111 to the Company's Act, 2013. Based on the
nature of products and time between the acquisition of assets for
processing and their realization in cash and cash equivalents, the
Company has ascertained its operating cycles as up to twelve months for
the purpose of current/ non- current classification of assets and
liabilities.
c) The Company is not a Small and Medium-sized Company (SMC) as defined
in the General Instructions in respect of Accounting Standards notified
under the Companies Act, 2013. Accordingly, the company has complied
with the Accounting Standards as applicable to it.
B. USE OF ESTIMATES:
Tlie preparation of financial statements requires the management of the
company to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures of the contingent
liabilities as at the date of the financial statements and reported
amounts of income and expense during the year. Example of such
estimates include provision for doubtful receivables, employee
benefits, provision for income taxes, accounting for contract cost
expected to be incurred, the useful lives of depreciable fixed assets
and provision for impairment.
C. FIXED ASSETS & DEPRECIATION:
The Fixed Assets are stated at their original cost of acquisition
including all expenses attributable to bring the assets to its
intending use less accumulated depreciation up to the balance sheet
date.
The depreciation on Fixed Assets has been provided for on written down
value method at the rate and in the manner prescribed in Schedule II of
The Companies Act' 2013 based on recommended useful lives.
Pursuant to the enactment of Companies Act 2013, the company has
applied the estimated useful lives as specified in Schedule II of the
Companies Act, 2013. Accordingly, in respect of Air Conditioner where
the remaining useful life is "Nil", the carrying amount as on 1st April
2014 (after retaining the residual value aggregating to Rs. 2218/-),
being Rs. 18499/- has been charged to depreciation in the Statement of
Profit and Loss for the year and for other assets depreciation has been
charged based on their remaining useful life. Due to this change in
basis of calculation of depreciation, the depreciation charged for the
year ended 31 st March 2015 is higher by Rs 18499/-.
None of the Fixed Assets have been revalued during the year.
D. RECOGNITION OF INCOME & EXPENDITURE:
a. Revenues /Income and cost/Expenditure are generally accounted on
Accrual basis as they are earned or incurred.
b. Revenue includes Income from Sale of Shares, Derivative trading,
Interest & Dividend.
E. FOREIGN CURRENCY TRANSACTIONS:
a. The reporting currency of the company is the Indian rupee.
b. The company has not made any transaction in foreign exchange during
the year.
F. INVESTMENTS:
a. The investment held by the company is carried at cost. (Cost Rs.
1,00,000/- Market value Rs. 1,00,000/-)
G. INVENTORIES:
The inventories of equity shares have been valued at Cost,
H. PROVISION FOR CURRENT AND DEFERRED TAX:
Current Income Tax is determined as an amount of taxes payable in
respect of taxable income for the year. Deferred tax liability/assets
in terms of Accounting Standard - 22, issued by The Institute of
Chartered Accountants of India, is recognized, subject to the
consideration of prudence in respect of Deferred Tax liability/assets
arising due to timing differences.
I. IMPAIRMENT OF ASSETS:
At each balance sheet date, the management reviews the carrying amounts
of its assets included in the cash generating unit to determine whether
there is any indication that those assets were impaired. If any such
indication exists, the recoverable amount of the assets is estimated in
order to determine the extent of impairment.
J. EMPLOYEES BENEFITS UNDER THE COMPANIES (ACCOUNTING STANDARDS)
RULES. 2006.
The Company has applied the revised Accounting Standard AS-15 Employees
Benefits Under The Companies (Accounting Standards) Rules, 2006
relating to employees benefits notified under the companies (Accounting
Standards) Rules 2006. According to
the management there is no present obligation of any post employment
benefits including payment of gratuity during the year. Therefore no
actuarial gains or losses arose at the end of the year,
K. DISCLOSURE OF RELATED PARTY/ RELATED PARTY TRANSACTIONS:
a) KEY MANAGERIAL PERSONS:
Mahendraprasad Mallawat CA Gazala Kolsawala Prasanjeet Goswami
Dinesh Kumar Gupta - Independent Director Gajanan Uttamrao Mante-
Independent Director Dr. Sopan Vishwanathrao Khirsagar- Independent
Director Soniya Agarwal - Company Sectretary
b) DETAILS OF TRANSACTION:
Directors' Remuneration:- Mahendra Prasad Mallawat 5,10,004/-
Director siting fees:- NIL (Prev. Year: 75000)
Mar 31, 2014
A. a) BASIS OF ACCOUNTING POLICIES:-
The financial statements have been prepared under the historical cost
convention using accrual method of accounting in accordance with the
generally accepted accounting principles in India and the provisions of
companies Act, 1956 and the accounting standards as specified in
companies(Accounting Standards) Rule, 2006.
b) The Company is not a Small and Medium-sized Company (SMC) as defined
in the General Instructions in respect of Accounting Standards notified
under the Companies Act, 1956. Accordingly, the company has complied
with the Accounting Standards as applicable to it.
B. USE OF ESTIMATES:
The preparation of financial statements requires the management of the
company to make estimates and assumptions that affect the reported
balances of assets and liabilities and disclosures relating to the
contingent liabilities as at the date of the financial statements and
reported amounts of income and expense during the year. Example of such
estimates include provision for doubtful receivables, employee
benefits, provision for income taxes, accounting for contract costs
expected to be incurred, the useful lives of depreciable fixed assets
and provision for impairment.
C. FIXED ASSETS & DEPRECIATION:
The Fixed Assets are stated at their original cost of acquisition
including all expenses attributable to bring the assets to its
intending use.
The depreciation on Fixed Assets has been provided for on written down
value method at the rate and in the manner prescribed in Schedule XIV
of The Companies Act'' 1956.
None of the Fixed Assets have been revalued during the year.
D. RECOGNITION OF INCOME & EXPENDITURE :
a. Revenues /Income and cost/Expenditure are generally accounted on
Accrual basis as they are earned or incurred.
b. Revenue includes Income from Sale of Shares, Derivative trading,
Interest & Dividend.
E. FOREIGN CURRENCY TRANSACTIONS:
a. The reporting currency of the company is the Indian rupee.
b. The company has not made any transaction in foreign exchange during
the year.
F. INVESTMENTS:
a. The investment held by the company is carried at cost. (Cost Rs.
1,00,000/- Market value Rs. 1,00,000/-)
G. INVENTORIES:
The inventories of quoted equity shares have been valued at Cost or
market price whichever is lower and of unquoted equity shares have been
valued at cost.
H. PROVISION FOR CURRENT AND DEFERRED TAX:
Current Income Tax is determined as an amount of taxes payable in
respect of taxable income for the year. Deferred tax liability/assets
in terms of Accounting Standard - 22, issued by The Institute of
Chartered Accountants of India, is recognized, subject to the
consideration of prudence in respect of Deferred Tax liability/assets
arising due to timing differences.
I. IMPAIRMENT OF ASSETS:
At each balance sheet date, the management reviews the carrying amounts
of its assets included in the cash generating unit to determine whether
there is any indication that those assets were impaired. If any such
indication exists, the recoverable amount of the assets is estimated in
order to determine the extent of impairment.
J. EMPLOYEES BENEFITS UNDER THE COMPANIES (ACCOUNTING STANDARDS) RULES,
2006.
The Company has applied the revised Accounting Standard AS-15 EMPLOYEES
BENEFITS UNDER THE COMPANIES (ACCOUNTING STANDARDS) RULES, 2006
relating to employees benefits notified under the companies (Accounting
Standards) Rules 2006. According to the management there is no present
obligation of any post employment benefits including payment of
gratuity during the year. Therefore no actuarial gains or losses arose
at the end of the year.
K. DISCLOSURE OF RELATED PARTY/ RELATED PARTY TRANSACTIONS :
a) KEY MANAGERIAL PERSONS:
Mahendraprasad Mallawat
Prasanjeet Goswami
Dinesh Kumar Gupta
Gajanan Uttamrao Mante
Harshad Achaleshwar Kela
Dr. Sopan Vishwanathrao Kshirsagar - Independent Director
b) DETAILS OF TRANSACTION:
Directors'' Remuneration:- Mahendraprasad Mallawat 4,02,445/-
Director siting fees:- Prasanjeet Goswami 45,000/- Dinesh Gupta 30,000/-
Mar 31, 2013
A a) BASIS OF ACCOUNTING POLICIES:- The financial statements have been
prepared under the historical cost convention using accrual method of
accounting in accordance with the generally accepted accounting
principles in India and the provisions of companies Act, 1956 and the
accounting standards as specified in companies Accounting Standards)
Rule, 2006.
b) The Company is not a Small and Medium-sized Company (SMC) as defined
in the General Instructions in respect of Accounting Standards notified
under the Companies Act, 1956. Accordingly, the company has complied
With the Accounting Standards as applicable to it.
B. USE OF ESTIMATES:
The preparation of financial statements requires the management of the
company to make estimates and assumptions that affect ihe reported
balances of assets and liabilities and disclosures relating to the
contingent liabilities as ai the date of the financial statements and
reported amounts of income and expense during the > e.n. Example of
such estimates include provision for doubtful receivables, employee
benefits, provision for income taxes, accounting for contract costs
expected to be incurred, the useful lives of depreciable fixed assets
and provision for impairment.
C. FIXED ASSETS & DEPRECIATION:
The Fixed Assets are stated at their original cost of acquisition
including all expenses attributable to bring the assets to its
intending use.
The depreciation on Fixed Assets has been provided for on written down
value method at the rate and in the manner prescribe-; in Schedule XIV
of The Companies Act'' 1956.
None of the Fixed Assets have been revalued during the year.
D. RECOGNITION OF INCOME & EXPENDITURE :
a. Revenues /income and cosi/Expenditure are generally accounted on
Accrual basis as they are earned or incurred.
b. Revenue includes Income irom Sale of Shares. Derivative trading,
Interest & Dividend.
E. FOREIGN CURRENCY TRANSACTIONS:
a. The reporting currency of the company is the Indian rupee.
b. The company has not mad.- tiny transaction in foreign exchange
during the year.
F. INVESTMENTS:
a. There is no investment held by the company.
G. INVENTORIES:
The inventories of quoted and unquoted equity shares have been valued
at Cost or market price which ever is lower.
H. PROVISION FOR CURRENT AND DEFERRED TAX:
Current Income Tax is determined as an amount of taxes payable in
respect of taxable income for the year. Deferred tax liability/assets
in terms of Accounting Standard - 22, issued by The Institute of
Chartered Accountants of India, is recognized, subject to the
consideration of prudence in respect of Deferred Tax liability/assets
arising due to timing differences.
I. IMPAIRMENT OK ASSETS:
At each balance sheet date, die management reviews the carrying amounts
of its assets included in the cash generating unit lo determine whether
there is any indication that those assets were impaired. If any such
indication exists, the recoverable amount of the assets is estimated in
order to determine the extent of impairment.
EMPLOYEES BENEFITS ONDER THE COMPANIES (ACCOUNTING STANDARDS) RULES,
2006.
The Company has applied me revised Accounting Standard AS-15 EMPLOYEES
BENEFITS UNDER THE COMPANIES (ACCOUNTING STANDARDS) RULES, 2006
relating to employees benefits notified under the companies (Accounting
Standards) Rules 2006. According to the management there is no present
obligation of anypost employment benefits including payment of gratuity
during the year. Therefore no actuarial gains or losses arose at the
end of the year.
K. DISCLOSURE OFREi .V KD PARTY/ RELATED PARTY TRANSACTIONS :
a) KEY MANAGERIAL PERSONS: Ravi Agarwal Maheiidra Prasad Mallawat
Avijil Das
Prasanjeet Gosvvam;
Dinesh Kumar Gupta
Gajanan Uttamrao lYIaiite
llarshad Achaleslmu. Kela
Dr. Sopan Vishwantultrao Khirsagar
b) DETAILS OF TRANSACTION:
Directors" Remuneration:- Mahendra Prasad Mallawat 3,60,000/-
Director siting lees:Prasanjce. Goswami 1 .SO,OOOADinesh Gupta
1,20,000/-
Mar 31, 2012
A. a) BASIS OF ACCOUNTING POLICIES:- The financial statements have been
prepared under the historical cost convention using accural method of
accounting in accordance with the generally accepted accounting
principles in India and the provisions of companies Act, 1956 and the
accounting standards as specified in companies(Accounting Standards)
Rule, 2006.
b) The Company is not a Small and Medium-sized Company (SMC) as defined
in- the General Instructions in respect of Accounting Standards
notified under the Companies Act, 1956. Accordingly, the company has
complied with the Accounting Standards as applicable to it.
B. FIXED ASSETS & DEPRECIATION:
The Fixed Assets are stated at their original cost of acquisition
including all expenses attributable to bring the assets to its
intending use.
The depreciation on Fixed Assets has been provided for on written down
value method at the rate and in the manner prescribed in Schedule XIV
of the companies Act'' 1956.
None of the Fixed Assets have been revalued during the year.
C. RECOGNITION OF INCOME & EXPENDITURE : a Revenues /Income and
cost/Expenditure are generally accounted on Accrual basis as they are
earned or incurred.
Revenue includes Income from commission & Interest. The Expenses
include loss from derivative trading.
D. FOREIGN CURRENCY TRANSACTIONS:
The company has not made any transaction in foreign exchange during the
year.
INVESTMENTS:
a. The long term investment in unquoted equity shares have been
converted into stocks on 01/4/2010 at their cost of acquisition. There
is no other investment held by the company.
INVENTORIES:
The rinventories''of unquoted equity shares=have been valued at Cost.
There was no quoted shares in hand. D. PROVISION FOR CURRENT AND
DEFERRED TAX: Current Income Tax is determined as an amount of taxes
payable in respect of taxable income for the year. Deferred tax
liability/assets in terms of Accounting Standard - 22, issued by The
Institute of Chartered Accountants of India, is recognized, subject to
the consideration of prudence in respect of Deferred Tax
liability/assets arising due to timing differences. Since there was no
material difference, the deferred tax liability or assets has not been
accounted for. acauisition, construction production of qualifying
assets in the estimate of recoverable amount.
The company has not received any intimation from vendors regarding
their status under the Micro Small & Medium Enterprises Act, 2006 and
hence disclosures relating to their outstanding amount and interest
have not been made.
Mar 31, 2011
A. a) BASIS OF ACCOUNTING POLICIES:- The financial statements have been
prepared under the historical cost convention using accural method of
accounting in accordance with the generally accepted accounting
principles in India and the provisions of companies Act, 1956 and the
accounting standards as specified in companies(Accounting Standards)
Rule, 2006.
b) The Company is not a Small and Medium-sized Company (SMC) as defined
in- the General Instructions in respect of Accounting Standards
notified under the Companies Act, 1956. Accordingly, the company has
complied with the Accounting Standards as applicable to it.
B. FIXED ASSETS & DEPRECIATION:
The Fixed Assets are stated at their original cost of acquisition
including all expenses attributable to bring the assets to its
intending use.
The depreciation on Fixed Assets has been provided for on written down
value method at the rate and in the manner prescribed in Schedule XIV
of the companies Act'' 1956.
None of the Fixed Assets have been revalued during the year.
C. RECOGNITION OF INCOME & EXPENDITURE : a Revenues /Income and
cost/Expenditure are generally accounted on Accrual basis as they are
earned or incurred.
Revenue includes Income from commission & Interest. The Expenses
include loss from derivative trading.
D. FOREIGN CURRENCY TRANSACTIONS:
The company has not made any transaction in foreign exchange during the
year.
INVESTMENTS:
a. The long term investment in unquoted equity shares have been
converted into stocks on 01/4/2010 at their cost of acquisition. There
is no other investment held by the company.
INVENTORIES:
The rinventories''of unquoted equity shares=have been valued at Cost.
There was no quoted shares in hand. D. PROVISION FOR CURRENT AND
DEFERRED TAX: Current Income Tax is determined as an amount of taxes
payable in respect of taxable income for the year. Deferred tax
liability/assets in terms of Accounting Standard - 22, issued by The
Institute of Chartered Accountants of India, is recognized, subject to
the consideration of prudence in respect of Deferred Tax
liability/assets arising due to timing differences. Since there was no
material difference, the deferred tax liability or assets has not been
accounted for. acauisition, construction production of qualifying
assets in the estimate of recoverable amount.
The company has not received any intimation from vendors regarding
their status under the Micro Small & Medium Enterprises Act, 2006 and
hence disclosures relating to their outstanding amount and interest
have not been made.
Balances of Sundry Debtors and Sundry Creditors, Advance from customers
and advances are subject to confirmation.
Mar 31, 2010
1. BASIS OF ACCOUNTING
Accounts have prepare under Historical cost convention and in
accordance with generally accepted accounting principle
2. INCOME RECOGNITION
All revenues incomes except divided are recognized on accrual basis of
accounting.
3. INVENTORIES :
Inventories Valued at Cost
4. FIXED ASSETS
Fixed assets have been recognized at historical cost depreciation an
assets has been provided during the year on WDV basis as per companies
Act,1956
5. TAXATION: Current taxation provision is made keeping in view the
current tax rates in force.
6. RETIREMENT BENEFITS.
Provision for retirement benefits has not been as no employee has put
in the qualifying period of service for entitlement of benefits.
Mar 31, 2009
1. BASIS OF ACCOUNTING :
Accounts have been prepared under Historical Cost convention and in
accordance with generally accepted accounting principals
2. INCOME RECOGNITION:
All revenues/incomes except dividend are recognized on accrual basis of
accounting.
3. INVENTORIES :
Inventories Valued at Cost .
4. FIXED ASSETS
Fixed assets have been recognized at Historical cost, Depreciation on
assets has been provided during the year on WDV basis as per Companies
Act 1956.
5. TAXATION: Current taxation provision is made keeping in view the
current tax rates in force.
6. RETIREMENT BENEFITS:
Provision for retirement benefits has not been made as no employee has
put in the qualifying period of service for entitlement of benefits. *
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