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Auditor Report of Arvind International Ltd.

Mar 31, 2013

Report on the Fmancial Statements

We have audited the accompanying financial statements of Arvind International Limited ("the Company"), which comprise the Balance Sheet as at March 3 1,2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements ancf plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 3 1,2013;

b) in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; Except that no amortization was made for Leasehold Land taken for 99 years for Rs. 1 8.47 Lakh with effect from 19th August 199,4 as a result the value of fixed assets has been shown excess by Rs.3.55 Lakh and loss for the year has been shown less to that extent.

e) on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 3 1, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. -

(b) We were informed that the Company has a phased programme of physical verification ofall its fixed assets which, in ouropinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with this programme, fixed assets were physically verified by management during the period under review and no material discrepancies were noticed on such verification.

(c) Fixed assets disposed off during the year under review were not substantial and therefore do not affect the going concern status of the company.

(ii) (a) During the year inventories have been physically verified by the management at reasonable intervals. In ouropinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. ,

(c) The Company is maintaining proper records of inventory. The discrepancies noticed during the physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of account.

(iii)In our opinion and according to the information and explanations given to us, the company has not granted or taken loans, Secured or Unsecured, to/from the companies, firm or other parties covered in the Register maintained under section 301 of the Companies Act, 1956 consequently sub clause (a) to (g) of clause 4 (iii) of the order is not applicable to the company.

(iv)In our opinion and according to the information and explanations given to us, there exists an adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchases of inventory and fixed assets and with regard to the sale of goods and services. No major weakness in internal control system was observed.

(v) (a) According to the information and explanations given to us, we are of the opinion that particulars of all the transactions made in pursuance of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956 and exceeding value of rupees five lacs in respect of each party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public and consequently, the directives issued by the Reserve Bank of India and the provisions of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under are not applicable to the Company.

(vii) In our opinion, the Company has an internal audit system commensurate with the size and the nature of its business.

(viii) We have broadly reviewed the cost records maintained by the company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under Section 209(1) (d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts and records have been maintained. We have not, however, carried out a detailed examination of such records with a view to determine whether they are accurate or complete.

(ix) (a) According to the information and explanations given to us and on the basis of our examination of the books of account, in our opinion, the Company has been not regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and any other material statutory dues with appropriate authorities during the year under review.

The Central Government has not notified the date of levy and collection of cesS under Rehabilitation & Revival fund as per section 441 A of the Companies act, 1956.

(b)Accoi;ding to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Sales Tax, wealth Tax, Service Tax, Custom duty and Excise duty were in arrear as at 31 st March, 2013, for a period of more than six months from the date they became payable.

(c)According to the information and explanations given to us and the records of the company examined by us, there were no dues in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess that have not been deposited with the appropriate authorities on account of any dispute other than those as mentioned here-in-below:

Name of the Nature of Dues Amount Period to which Forum where statute (Rs./ Lacs) the amount disputes are Relates pending

RST Act Sales tax 1.35 F.Yr.2001-02 Additional Commissioner (Appeals)

(x) The Company has accumulated losses at the year ended 31st March, 2013 and has incurred cash losses during the year under review but in the immediately preceding financial year. There was no cash less. -

(xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to its banks or to any financial institutions or debenture holders.

(xii) According to the explanations given to us and based on the information available, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion and according to the information and explanations given to us, the Company is not a chit fund / nidhi / mutual benefit fund / society. Therefore, the provisions of clause (xiii) of paragraph 4 of the order are not applicable to the company.

(xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments. The investments have been held by the company in its own name except to the extent of exemption granted under section 49 of the Companies Act, 1956

(xv) In our opinion and according to the information and explanations given to us, the terms and conditions, on the basis of which the Company has given guarantees for loans taken by the subsidiary companies from banks or financial institutions, are not as such prima facie prejudicial to the interests ofthe Company.

(xvi) In our opinion and according to the information and explanations given to us and on the basis of our examination of the books of account, the term loans were applied for the purpose for which such loans were obtained.

(xvii) According to the information and explanations given to us and on an overall examination of . the balance sheet of the Company, we report that no funds raised on short-term basis have been used for longterm investment.

(xviii) The company has not allotted shares on preferential basis.

(xix) The company has not raised any money by public issues during the year under review.

(xx) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

For N.C.Banerjee & Co.

Chartered Accountants

(Firm''s Registration No. : 302081E)

B Basu

(Partner)

Membership No. 12748

Place : Kolkata

Dated : 30th May, 2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s. Arvind International Limited as at 31st March, 2012, the statement of Profit & Loss and Cash flow statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with Auditing Standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 as amended by the Companies (Auditors' Report) (Amendment) Order 2004 issued by the Central Government of India in terms of Sub-Section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order, to the extent applicable.

4. Further to our comments in the Annexure referred to above, we report that:

i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

ii) In our opinion, proper books of account as required by law, have been kept by the company so far as appears from our examination of those books;

iii) The Balance Sheet, statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account.

iv) In our opinion, the Balance Sheet, statement of Profit and Loss and Cash flow Statement dealt with by this report comply with the accounting standard referred to in sub-section (3C) of section 211 of the Companies Act, 1956 to the extent applicable.

v) On the basis of written representations received from the directors as on 31st March, 2012 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31st March 2012 from being appointed as director in terms of clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956.

vi) In our opinion and to the best of our information and according to the explanations given to us, they said accounts read together with Notes 1 to 25 annexed to accounts, give the information required by the Companies Act, 1956, in the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India:-

a) In the case of the Balance Sheet of the state of Affairs of the company as at 31st March, 2012;

b) In the case of the statement of Profit and Loss, of the Profit for the year ended on that date; and

c) In the case of Cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

Annexure referred to in Paragraph 2 of our report of even date on account of Arvind International Limited for the year ended 31st March, 2012.

1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets.

b) The management has physically verified the Fixed Assets during the year and according to the information no material discrepancies were noticed on such physical verification.

2. a) Physical verification of inventories, excepting material lying with third parties have been made by the Management at reasonable intervals. In our opinion the frequency of verification was reasonable.

b) The procedures of physical verification of inventories followed by the management found to be reasonable and adequate in relation to the size of the company and the nature of its business.

c) The discrepancies noticed on physical verification of stocks as compared to book records, were not material and have been properly dealt with in the books of accounts.

3. a) As informed to us, no loans and advances in the nature of loans, secured or unsecured, have been granted by the company to any party, firm or company covered in the register maintained under Section 301 of Companies Act, 1956.

b) As informed to us the company has not taken any loans, secured or unsecured, from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

4. According to the information and explanations given to us there is an adequate Internal Control system commensurate with the size of the company and the nature of its business, for purchase of inventory, fixed assets and for the sale of goods and services, we observed no major weakness in internal control system.

5. From our examination of books of accounts and records of the company and in the manner, information and explanations were given to us, we find that there were transactions of purchase of goods and materials and sale of goods and materials and services that need to be recorded in the register maintained under section 301 of the Companies Act, 1956, have been duly entered in the Register maintained u/s. 301 of the Companies Act, 1956. The transactions exceeding Rs. five lacs, in our opinion, were in accordance with the prevailing market price.

6. The company has not accepted any deposits from public and hence the provisions of the Sections 58A and 58AA of the Companies Act, 1956 are not applicable to the Company.

7. The Internal Audit System, as prevailing, commensurates with the size of the company and nature of its business.

8. To the best of our Knowledge, and according to information & explanation given to us, the Central Government has not yet made it compulsory for the company to maintain cost records for its products under section 209(1)(d) of the Companies Act, 1956.

We have broadly reviewed this books of account maintained by the company as required under section 209(1)(d) of the Companies Act, 1956; however, we have not, (nor we are required) made any detailed examination of such records to determine their adequacy and accuracy, or we are required) made any detailed examination of such records to determine their adequacy and accuracy.

9. (a) According to the records of the company, we observed that the company was generally regular in depositing undisputed statutory dues including Investors Education and Protection Fund, Income Tax, Sales Tax, Excise Duty, Service Tax and other statutory dues applicable to it with the appropriate authorities during the year under review. Some delays were noticed in payments of Employees Provident Fund and Employees State Insurance. The Central Government has not yet prescribed the amount of cess for Rehabilitation and Revival Fund under section 44 1A of the Companies Act, 1956.

(b) According to the information and explanations given to us no undisputed amount payable in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise duty, cess and other material statutory dues were in arrear as at 31st March, 2012 for a period of more than six months from the date they become payable.

(c) We were informed that the following statutory dues have not been deposited on account of disputes pending before the following authorities:-

Sl No Name of the Nature of Amount Period to Forum where Statute dues (Rs. in which the disputes is Lacs) amount pending Relates

01. RST Act Sales Tax 1.35 F.Y. 2001-02 Additional Commissioner (Appeals)

10. The company has been registered for more than 5 years and accumulated loss not written off at the end of the financial year 2011-2012 amounted to Rs.171.45 lacs which does not exceed the fifty percent of net worth of the company. No cash loss was incurred by the company during the Current financial year or immediately preceding financial year.

11. The company has not defaulted in repayment of dues to any financial institution and no debenture was issued by the company.

12. The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion and according to the information and explanations given to us, the nature of activities of the company do not attract any provision of special statute applicable to chit fund and Nidhi/Mutual benefit fund/Societies.

14. In our opinion, the company has maintained proper records of transactions and contracts relating to dealing or trading in shares, securities, debentures and other investments during the year and timely entries have been made therein. Further such securities have been held by the company in its own name.

15. According to the information and explanations given to us the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. In our opinion and according to the information and explanations given to us, the term loans were applied for the purposes for which the loans were obtained.

17. In our opinion and according to the information and explanations given to us, funds raised on short-term basis has not been used for long-term investment.

18. The company has not issued any debenture during the year under review.

19. The company has not raised any money through public issue during the year.

20. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have not come across any instance of fraud on or by the company, noticed or reported during the year.

For N.C. Banerjee & Co.,

Chartered Accountants

FR No.302081E

Dated: 30.05.12

Place: 2, Ganesh Chandra Avenue, (B. Basu)

Kolkata-700 013 Partner

Membership No.12748


Mar 31, 2010

1. We have audited the attached Balance Sheet of Ws. Arvind International Limited as at 31 st March, 2010, the Profit & Loss Account and Cosh flow statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with Auditing Standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material mis-statement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors Report) Order, 2003 as amended by the Companies (Auditors Report) (Amendment) Order 2004 issued by the Central Government of India in terms of Sub-Section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraph 4 and 5 of the said order, to the extent applicable.

4. Further to our comments in the Annexure referred to above, we report that :-

i) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

ii) In our opinion, proper books of account as required by law, have been kept by the company so far as appears from ourexamination of those books:

iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standard referred to in sub-section (3C) of section 211 of the Companies Act, 1956 to the extent applicable.

v) On the basis of written representations received from the directors as on 31 st March, 2010 and taken on record by the Board of Directors, we report that none of the directors are disqualified as on 31 st March 2010 from being appointed as director in terms of clause (g) of Sub-Section (I) of Section 274 of theCompanies Act. 1956.

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Notes to Accounts given in Schedule No. 17 annexed to accounts give the information required by the Companies Act. 1956, in the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India:-

a) In the case of the Balance Sheet of the state of Affairs of the company as at 31 st March, 2010.

b) In the case of the Profit and Loss Account, of me Profit for theyear ended on that date: and

c) 1 n the case of Cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

Annexure referred to in Paragraph 3 of our report of even date on account of Arvind International Limited for the year ended 31 st March . 2010.,

1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets.

b) The management has physically verified the Fixed Assets during the year and according to the information no material discrepancies were noticed on such verification.

c) In the last year an amount of Rs 150 Lacs was considered receivable from a buyer of Companys Land at E225,RTICO Industrial Area,Bagru Extension,Bagru Jaipur- 3030Q7,Rajasthan on the basis of an agreement for sale of Land, But there was a breach of contract committed by the said buyer and thereafter the land was sold in this year which fatched Rs 91 Lacs and out of the amount, shown receivable in last year,a sum of Rs 59 Lacs was written offas exceptional item in profit and loss account of thisyear

The company is working normally and although there were a temporary difficulties companys normal working condition was restored.

2. a) Physical verification of inventories excepting material lying with third parties and in transit have been made by the Management at reasonable intervals. In our opinion the frequency of verification was reasonable.

b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

c) The discrepancies noticed on physical verification of stocks as compared to book records, were not material and have been properly dealt with in the books of accounts.

3. a) As informed to us, no loans and advances in the nature of loans, secured or unsecured, have been granted by the company to any party, firm or company covered in the register maintained under Section 301 of Companies Act, 1956.

b) As informed to us the company lias not taken any loans, secured or unsecured, from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956.

4. According to the information and explanations given to us there is an adequate Internal Control system commensurate with the size of the company and the nature of its business, for purchase of inventory, fixed assets and for the sale of goods and services, we observed no majorweakness in internal control system.

5. From our examination of books of accounts and records of the company and in the manner,

information and explanations were given to us, we find that there were transactions of purchase of goods and materials and sale of goods and materials and services that need to be recorded in the register maintained under section 301 of the Companies Act, 1956, have been duly entered in the Register maintained U/s. 301 of the Companies Act, 1956. The transactions exceeding Rs. five lacs, in our opinion were in accordance with the prevailing market price.

6. The company has not accepted any deposits from public and hence the provisions of the Sections 58A and 58AAofthe Companies Act, 1956arenotapplicabletothe Company.

7. The Internal Audit System, as prevailing, commensurates with the size of the company and natureof its business.

8. To the best of our Knowledge, the Central Government has not yet made it compulsory for the company to maintain cost records under section 209(1 )(d) of the Companies Act, 1956.

9. (a) According to the records of the company, we observed that the company was generally regular in depositing undisputed statutory dues including Provident Fund, Investors Education and Protection Fund, Employee State Insurance, Income Tax, Sales Tax, Excise Duty, Service Tax and other statutory dues applicable to it with the appropriate authorities during the year under review. The Central Government has not yet prescribed the amount of cess forRehabilitation and Revival Fund under section 441 Aof the Companies Act, 1956.

(b) According to the information and explanations given to us no undisputed atnount payable in respect of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise duty, cess and other material statutory dues were in arrear as at 31 * March 2010 for a period of more than six months from the date they become payable.

(c) We were informed that the following statutory dues have not been deposited on account of disputes pending before the following authorities:-

Sl.Name of the Nature of Amount Period to Forum where No.Statute dues (Rs.in which the disputes is Lacs) amount Relates pending

01. RSTAct SalesTax 1.35 F.Y.2001-02 Additional Commissioner (Appeals)



10. The company has been registered for more than 5 years and accumulated loss including Misc. Expenditure not written offat the end of the financial year 2009-2010 amounted to Rs. 339.84 lacs which do not exceeds the fifty percent of net worth of the company. No cash loss was incurred by the company during the Current financial year and no cash loss was suffered by the company during immediately preceding the Current year.

i 1. The company has not defaulted in repayment of dues to any financial institution and no debenture was issued by the company.

12. The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion and according to the information and explanations given to us, the nature of activities of the company do not attract any provision of special statute applicable to chit fund and Nidhi / Mutual benefit fund/Societies.

14. There was no dealing or trading in shares, securities, debenture or other investments, effected by the company during this year.

15. According to the information and explanations given to us the company has not given any guarantee for loans taken by others from bank or financial institutions.

16. In our opinion and according to the information and explanations given to us, the term loans were applied for the purposes for which the loans were obtained.

17. In our op inion and according to the information and explanations given to us, funds raised on short term basis has not been used for long term investment.

18. The company has not issued any debenture during the year under review.

19. The company has not raised any money through public issue during the year.

20. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have not come across any instance of fraud on or by the company, noticed or reported during the year.

ForN.C.Banerjee & Co., Chartered Accountants



(B.Basu) Partner Membership No. 12748

Dated : 29.05.2010 Place : 2, Ganesh Chandra Avenue, Kolkata 700 013.

 
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