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Accounting Policies of Fertilisers and Chemicals Travancore Ltd. Company

Mar 31, 2015

1. Basis for preparation of financial statements.

The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 of the Companies Act ,2013 .read with Rule 7 of the Companies (Accounts)Rules ,2014-The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent witn those followed in the previous year except for change in the accounting policy for depreciation.

The preparation of financial statements requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Differences between estimates and actuals are recognized in the period in which they materialize.

II. 1) Fixed Assets-.

(a) Fixed assets are stated at acquisition cost less accumulated depreciation / amortization and cumulative impairment.

(b) Land purchased/acquired and under the possession of the company are treated as free hold land.

(c) Technical know-how / license fee relating to plant I facilities are capitalized as part of cost of the underlying asset.

(d) Income approach is adopted for accounting Government grants related to depreciable fixed assets. Grants utilized for acquisition of depreciable fixed Assets are treated as Deferred Government Grants and the same is recognized in the Statement of Profit and Loss on a systematic and rational basis over the useful life of the assets.

(e) Depreciation:

(i) Depreciation is charged on Fixed Assets based on the useful lives of assets, prescribed under the Schedule II of the Companies Act 2013,The Company has adopted Straight Line method of depreciation for all the categories of assets, acquired on orafter 01.04.2014. in absence of a provision on method of depreciation, in the Com panies Act. 2013.

(t) Effective from 1st April, 2014. the Company has reassessed the useful life of its existing fixed assets and has charged depreciation over the remaining useful lives, after retaining residual value, in accordance with the transitional provisions contained in the Schedule II of the Companies Act 2013.

(iii) Residual value of 5% has been retained for all the Fixed Assets, which is in line with the provisions of the Schedule II.

(iv) Depreciation is charged @ 100% on the assets with acquisition value of less than Rs.5,000/-, the value being immaterial, considering the size and nature of the business of the Company.

(f) An asset is treated as impaired when the carrying amount of assets exceeds its recoverable value. Impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. When the recoverable amount of previously impaired assets exceeds its carrying amount, the value of asset is reinstated by reversing the impairment loss considered in prior years limited to lower of its recoverable value or carrying amount at the depreciated historical cost.

2) Construction period expenses on Project:

(a) Revenue expenses exclusively attributable to projects incurred during construction period are capitalized. However, such expenses in respect of capital facilities being executed along with production / operation simultaneously are charged to revenue.

(b) Financing cost incurred during construction period on loans specifically borrowed and utilized for projects is capitalized upto the date of capitalization.

(c) Financing cost, if any. incurred on general borrowings used for projects is capitalized at the weighted average cost. The amount of such borrowings is determined after setting off the amount of internal accruals, if any.

III. Capital Stores:

Capital stores are valued at cost. Specific provision is made for likely diminution in value, wherever required.

IV. Capital Work in progress:

Projects under which tangible fixed assets are not yet ready for their intended use are carried at cost, comprising direct cost, related incidental expenses and attributable interest.

V. Intangible Assets:

a) Technical know-how / license fee relating to production process and process design are recognized as intangible assets and amortised on a straight line method over a period of 5 years or life of the underlying plant / facility whichever is earlier.

b) Expenditure incurred on Research and Development, other than capital account is charged to revenue.

c) Costs incurred on computer software purchased/developed resulting in future economic benefits, are capitalized as intangible assets and amortised over a period of 5 years.

VI Inventory Valuation:

a) Raw materials and stores and spares are valued at or below cost. Cost being ascertained on moving weighted average method. In cases where there has been a decline in the price of imported and indigenous raw material and it is estimated the cost of finished product will exceed the net realizable value, the materials are written down to net realizable value.

b) Materials in process are not valued consistently.

c) Finished/Trading products are valued at lower of cost or net realizable value in the aggregate, productwise. Intermediate products are valued at lower of cost or net realizable value derived from finished products and saleable by-product at realizable value. Cost of Finished / semi-finished / intermediate products are determined based on annual average cost excluding interest and head office and administrative overheads. Cost of finished goods in warehouse includes freight and handling charges.

d) Materials in transit / under inspection are valued at cost.

VII Commitments:

Capital

Estimated amount of contracts remaining to be executed on capital accounts, above Rs. Five lakh in each case, are considered for disclosure.

Other Commitments

Disclosure is considered in respect of those non-cancellable contractual commitments (i.e. cancellation of which will result in a penalty disproportionate to the benefits involved ) based on the professional judgement of the management which are material and relevant.

VIII Borrowing Cost:

Borrowing Costs that are specifically identified to the acquisition or construction of qualifying assets are capitalised as part of such asset. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. Ail other borrowing costs are charged to Statement of Profit and Loss.

IX Investments:

Long term investments are valued at cost, after providing for diminution in value if it is of a permanent nature. Current investments are valued (individually) at lower of cost and quoted /fair value.

X Revenue Recognition:

a) Sales are recognized on an accrual basis when all significant risks and rewards of ownership are transferred to the buyer and the company retains no effective control of the goods transferred.

b) Gross sales (net of returns) include excise duty, wherever applicable.

c) Recognition of subsidy is generally made on the basis of in principle recognition / approval/ settlement of claims by the

Government of India as per the policy in force.

d) Other income is recognized on an accrual basis.

e) Dividend income is recognized when right to receive dividend is established.

f) Interest income is recognized when no significant uncertainty as to its realization exists.

g) Scrap, salvaged / waste materials and sweepings are accounted for on realization.

h) Claims on underwriters, carriers and on Customs and Central Excise Departments are taken into account on acceptance. Insurance and other miscellaneous claims are recognized on receipt/ acceptance of claim. Contractual pass through incentives, benefits, etc. are recognized on receipt basis,

XI Excise Duty:

Excise duty is accounted on the basis of both payments made in respect of goods cleared as also provision made for goods lying in stock. Closing stock value of finished goods includes excise duty payable / paid on such goods.

XII Foreign Currency Transactions:

a) Receivables and payables in foreign currency as on the reporting date including forward exchange contracts are restated at the rate prevailing at that date.

b) The premium in respect of forward exchange contracts is recognized over the life of the contracts.

c) Variations arising on account of fluctuations in foreign exchange rates are treated as revenue gain / (loss).

XIII Employee Benefits:

Short Term Employee Benefits

The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered by employee are recognised as an expense during the period when the employees render the services.

Post-employment Benefits

a) Defined Contribution Benefits

The company's contribution to the Provident Fund is remitted to separate trust established for this purposes based on a fixed percentage of the eligible employees salary and charged to Statement of Profit and Loss. Shortfall, if any, in the fund assets based on the Government specified minimum rate of return will be made good by the company and charged to Statement of Profit and Loss.

b) Defined Benefit Plans

The company operates defined benefit plan for gratuity and leave encashment. The cost of providing such defined benefits is determined using the projected unit credit method of actuarial valuation made at the end of the year and the gratuity fund is administered through a fund maintained by insurance company.

Actuarial gain and losses in respect of post employment and other long term benefits are charged to statement of Profit and Loss.

XIV Grants:

a) Government grants in the nature of promoters' contribution are credited to Capital reserve and treated as part of Shareholders funds.

b) In case of depreciable assets, the cost of the asset is shown at gross value and grant thereon is treated as Capital Grants which are recognized as income in the statement of Profit and Loss over the period and in the proportion in which depreciation is charged.

c) Revenue grants relating to revenue expenses are deducted from the respective expenses.

d) In respect of revenue grants released by Government, the treatments in the accounts are considered as per the respective schemes notified by the Government. Other revenue grants relating to revenue expenses are considered as income and credited to statement of Profit and Loss.

XV Taxes:

a) Provision for current tax is made in accordance with the provisions of the Income TaxAct, 1961.

b) Deferred tax on account of timing difference between taxable income and accounting income is provided considering the tax rates and tax laws enacted or substantively enacted by the Balance Sheet date.

c) Deferred tax assets are not recognized unless, in the management judgment there is a virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realized.

XVI Cenvat:

Cenvat credit and VAT credit on eligible materials is recognised on receipt of such materials and Cenvat credit of eligible service tax is recognized on payment of service tax to the service provider.

XVII Segment Reporting:

The accounting policies adopted for segment reporting are in line with the accounting policies of the company.

a) Revenue and expenses have been identified to segments on the basis of their relationship to the operating activities of the segment. Revenue and expenses which relate to the enterprise as a whole and are not allocable to segments on a reasonable basis have been included under unallocable corporate expenses.

b) Investments, advance towards investments and other advances, which are not allocable to segments, are excluded from segment capital employed.

XVIII Contract Operation:

a) In contract operations revenue is recognized on percentage of completion method. The stage of completion is ascertained on the basis of physical evaluation of respective contract activity on the reporting date.

b) Foreseeable losses on contract activities are recognized fully irrespective of the progress of work.

c) In the case of Total responsibility jobs/Deposit work/Cost plus contracts, contract revenue is determined by adding the aggregate cost plus fixed percentage fees there on as agreed with the Customer.

XIX Prior Period Adjustments:

Individual items of Income and Expenditure relating to a prior period and exceeding' One Lakh is accounted as a prior period item and disclosed accordingly.

XX Provisions, Contingent Liabilities and Contingent Assets:

a) Provision is recognised in the accounts when there is a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

b) Contingent laibilities are disclosed unless the possibilty of outflow of resources is remote. Show Cause notices issued by various Government Authorities are not considered as Obligation. When the demand notices are raised against such show cause notices and are disputed by the company, these are classified as disputed obligations.

c) The treatment in respect of disputed obligations, in each case, is as under:

I) a provision is recognized in respect of present obligations where the outflow of resources is probable.

ii) all other cases are disclosed as contingent liabilities unless the Possibility of outflow of resources is remote.

d) Contingent assets are neither recognised nor disclosed in the financial statements.




Mar 31, 2011

I. Basis for preparation of financial statements.

The financial statements are prepared under historical cost convention on accrual basis as a going concern in accordance with the generally accepted accounting principles in India and to comply with all material aspects with the mandatory accounting standards notified by the Companies (Accounting Standard) Rules 2006 and the provisions of the Companies Act, 1956. The preparation of financial statements requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Differences between estimates and actuals are recognized in the period in which they materialize.

II. 1 ) Fixed Assets:

(a) Fixed assets are stated at acquisition cost less accumulated depreciation / amortization and cumulative impairment.

(b) Land purchased/acquired and under the possession of the company are treated as free hold land.

(c) Technical know-how / license fee relating to plant / facilities are capitalized as part of cost of the underlying asset.

(d) Income approach is adopted for accounting Government grants related to depreciable fixed assets. Grants utilized for acquisition of depreciable Fixed Assets are treated as Deferred Government Grants and the same is recognized in the Profit and Loss account on a systematic and rational basis over the useful life of the assets.

(e) Depreciation is charged on Plant and Machinery on straight line method and on other tangible assets (excluding land) on written down value method at the rates specified in Schedule XIV of the Companies Act subject to adjustment for impairment, if any, except in the case of roads, culverts, bridges, dams and godowns (factory) for which depreciation has been charged at 10% as against 5% prescribed in the Companies Act, 1956. On additions to assets, depreciation is charged from the date of such addition and on sale or discarding of assets upto the date of such sale or discarding.

(f) An asset is treated as impaired when the carrying amount of assets exceeds its recoverable value. Impairment loss is charged to the Profit and Loss account in the year in which an asset is identified as impaired. When the recoverable amount of previously impaired assets exceeds its carrying amount, the value of asset is reinstated by reversing the impairment loss considered in prior years limited to lower of its recoverable value or carrying amount at the depreciated historical cost.

2) Construction period expenses on Project:

(a) Revenue expenses exclusively attributable to projects incurred during construction period are capitalized. However, such expenses in respect of capital facilities being executed along with production / operation simultaneously are charged to revenue.

(b) Financing cost incurred during construction period on loans specifically borrowed and utilized for projects is capitalized upto the date of capitalization.

(c) Financing cost, if any, incurred on general borrowings used for projects is capitalized at the weighted average cost. The amount of such borrowings is determined after setting off the amount of internal accruals, if any.

III. Capital Stores:

Capital stores are valued at cost. Specific provision is made for likely diminution in value, wherever required.

IV. Intangible Assets:

a) Technical know-how / license fee relating to production process and process design are recognized as intangible assets and amortised on a straight line method over a period of 5 years or life of the underlying plant / facility whichever is earlier.

b) Expenditure incurred on Research and Development, other than capital account is charged to revenue.

c) Costs incurred on computer software purchased/developed resulting in future economic benefits, are capitalized as intangible assets and amortised over a period of 5 years.

V Inventory Valuation:

a) Raw materials and stores and spares are valued at or below cost. Cost being ascertained on moving weighted average method. In cases where there has been a decline in the price of imported and indigenous raw material and it is estimated the cost of finished product will exceed the net realizable value, the materials are written down to net realizable value.

b) Materials in process are not valued consistently.

c) Finished/Trading products are valued at lower of cost or net realizable value in the aggregate, productwise. Intermediate products are valued at lower of cost or net realizable value derived from finished products and saleable by-product at realizable value. Cost of Finished / semi-finished / intermediate products are determined based on annual average cost excluding interest and head office and administrative overheads. Cost of finished goods in warehouse includes freight and handling charges.

d) Materials in transit / under inspection are valued at cost.

VI. Capital Commitments:

Estimated amount of contracts remaining to be executed on capital accounts, above Rs. Five lakh in each case, are considered for disclosure.

VII. Borrowing Cost:

Borrowing Costs that are specifically identified to the acquisition or construction of qualifying assets are capitalised as part of such asset. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to Profit and Loss Account.

VIII. Investments:

Long term investments are valued at cost, after providing for diminution in value if it is of a permanent nature. Current investments are valued (individually) at lower of cost and quoted/fair value.

IX. Revenue Recognition:

a) Sales are recognized on an accrual basis when all significant risks and rewards of ownership are transferred to the buyer and the company retains no effective control of the goods transferred.

b) Gross sales (net of returns) include excise duty, wherever applicable.

c) Recognition of subsidy is generally made on the basis of in principle recognition / approval/ settlement of claims by the Government of India as per the policy in force.

d) Other income is recognized on an accrual basis.

e) Dividend income is recognized when right to receive dividend is established.

f) Interest income is recognized when no significant uncertainty as to its realization exists.

g) Scrap, salvaged / waste materials and sweepings are accounted for on realization.

h) Claims on underwriters, carriers and on Customs and Central Excise Departments are taken into account on acceptance. Insurance and other miscellaneous claims are recognized on receipt/ acceptance of claim. Contractual pass through incentives, benefits etc. are recognized on receipt basis.

X. Excise Duty:

Excise duty is accounted on the basis of both payments made in respect of goods cleared as also provision made for goods lying in stock. Closing stock value of finished goods includes excise duty payable / paid on such goods.

XI. Foreign Currency Transactions:

a) Receivables and payables in foreign currency as on the reporting date including forward exchange contracts are restated at the rate prevailing at that date.

b) The premium in respect of forward exchange contracts is recognized over the life of the contracts.

c) Variations arising on account of fluctuations in foreign exchange rates are treated as revenue (gain/loss (-)).

XII. Employee Benefits:

a) The company's contribution to the Provident Fund is remitted to separate trust established for this purposes based on a fixed percentage of the eligible employees salary and charged to Profit and Loss account. Shortfall, if any, in the fund assets based on the Government specified minimum rate of return will be made good by the company and charged to Profit and Loss account.

b) The company operates defined benefit plan for gratuity and leave encashment. The cost of providing such defined benefits is determined using the projected unit credit method of actuarial valuation made at the end of the year and the gratuity fund is administered through a fund maintained by insurance company. Actuarial gain/loss is charged to Profit and Loss account.

XIII. Grants:

a) Government grants in the nature of promoters' contribution are credited to Capital reserve and treated as part of Shareholders funds.

b) In case of depreciable assets, the cost of the asset is shown at gross value and grant thereon is treated as Capital Grants which are recognized as income in the Profit and Loss account over the period and in the proportion in which depreciation is charged.

c) Revenue grants relating to revenue expenses are deducted from the respective expenses.

d) In respect of revenue grants released by Government, the treatments in the accounts are considered as per the respective schemes notified by the Government. Other revenue grants relating to revenue expenses are considered as income and credited to Profit and Loss account.

XIV. Taxes:

a) Provision for current tax is made in accordance with the provisions of the Income Tax Act, 1961.

b) Deferred tax on account of timing difference between taxable income and accounting income is provided considering the tax rates and tax laws enacted or substantively enacted by the Balance Sheet date.

c) Deferred tax assets are not recognized unless, in the management judgment there is a virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be realized.

XV. Cenvat:

Cenvat credit and VAT credit on eligible materials is recognised on receipt of such materials and Cenvat credit of eligible service tax is recognized on payment of service tax to the service provider.

XVI. Segment Reporting:

The accounting policies adopted for segment reporting are in line with the accounting policies of the company.

a) Revenue and expenses have been identified to segments on the basis of their relationship to the operating activities of the segment. Revenue and expenses which relate to the enterprise as a whole and are not allocable to segments on a reasonable basis have been included under unallocable corporate expenses.

b) Investments, advance towards investments and other advances, which are not allocable to segments, are excluded from segment capital employed.

XVII. Contract Operation:

a) In contract operations revenue is recognized on percentage of completion method. The stage of completion is ascertained on the basis of physical evaluation of respective contract activity on the reporting date.

b) Foreseeable losses on contract activities are recognized fully irrespective of the progress of work.

XVIII. Prior Period Adjustments:

Individual items of Income and Expenditure relating to a prior period and exceeding Rs. One Lakh is accounted as a prior period item and disclosed accordingly.

XIX. Contingent Liabilities:

a) Show Cause notices issued by various Government Authorities are not considered as Obligation.

b) When the demand notices are raised against such show cause notices and are disputed by the company, these are classified as disputed obligations.

c) The treatment in respect of disputed obligations, in each case, is as under:

i) a provision is recognized in respect of present obligations where the outflow of resources is probable.

ii) all other cases are disclosed as contingent liabilities unless the Possibility of outflow of resources is remote.








Mar 31, 2010

(i) BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared on historical cost convention, on accrual basis in accordance with the generally accepted accounting principles in India and comply with the applicable Accounting Standards notified by the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956.

(ii) REVENUE AND EXPENDITURE RECOGNITION

a Revenue is recognised and expenditure is accounted for on accrual basis.

b Interest on overdues from debtors, where the recovery of principal amount / interest is uncertain, is recognised on receipt.

(iii) CONTRACT OPERATIONS

a In contract operations revenue is recognised on percentage of completion method. The stage of completion is ascertained on the

basis of physical evaluation of respective contract activity on the reporting date. b Foreseeable losses on contract activities are recognised fully irrespective of the progress of work. (iv) RECEIPTS UNDER RETENTION PRICE SCHEME

As Retention Price scheme is applicable on Urea, subsidy is accounted on clearance from the factory as per the procedure prescribed by the Government of India. Price concession and freight subsidy for Complex fertilisers, Ammonium Sulphate and Muriate of Potash are accounted on receipt basis at destination.

(v) FIXED ASSETS

a Fixed Assets are stated at cost of acquisition/ construction less depreciation and adjustment for impairment.

b All expenditure (other than for process know-how) incurred during construction upto the date the plant is ready for commercial production is capitalised.

c Income approach is adopted for accounting Government grants related to depreciable fixed assets. Grants utilised for acquisition of depreciable Fixed Assets are treated as Deferred Government Grants and the same is recognised in the Profit and Loss account on a systematic and rational basis over the useful life of the assets.

d Depreciation is charged on Plant and Machinery on straight-line method and on other tangible assets (excluding land) on written down value method at the rates specified in Schedule XIV of the Companies Act subject to adjustment for impairment, if any, except in the case of roads, culverts, bridges, dams and godowns (factory) for which depreciation has been charged at 10% as against 5% prescribed in the Companies Act, 1956. On additions to assets, depreciation is charged from the date of such addition and on sale or discarding of assets upto the date of such sale or discarding. In the case of Intangible assets, depreciation is charged equally over a period of five years from the date of commissioning on straight-line method.

(vi) IMPAIRMENT OF ASSETS

An asset is treated as impaired when the carrying amount of assets exceeds its recoverable value.lmpairment loss is charged to the Profit and Loss account in the year in which an asset is identified as impaired.When the recoverable amount of previously impaired assets exceeds its carrying amount, the value of asset is reinstated by reversing the impairment loss considered in prior years limited to lower of its recoverable value or carrying amount at the depreciated historical cost.

(vii) BORROWING COST

Borrowing Costs that are specifically identified to the acquisition or construction of qualifying assets are capitalised as part of such asset. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to Profit and Loss Account.

(viii) VALUATION OF INVESTMENTS

Investments of long term nature are valued at cost.

(ix) INVENTORY VALUATION

(i) Raw materials and stores and spares are valued at or below cost. Cost being ascertained on monthly weighted average method for Raw materials, Furnace oil, LSHS and moving weighted average method for Stores and Spares. In cases where there has been a decline in the price of imported and indigenous raw material and it is estimated the cost of finished product will exceed the net realisable value, the materials are written down to net realisable value.

(ii) Materials-in-process are not valued consistently.

(iii) Finished/trading products are valued at lower of cost or net realisable value in the aggregate, product-wise. Intermediate products are valued at lower of cost or net realisable value derived from finished products and saleable by-products at realisable value. Cost of Finished/ Semi Finished/Intermediate products are determined based on annual average cost excluding interest and head office & administrative overheads. Cost of Finished goods in warehouse include freight and handling charges.

(iv) Materials-in-transit / under inspection are valued at cost.

(v) Loose Tools are taken at cost less write-off.

(x) SUBSIDIES /GRANTS

Subsidies / Grants related to revenue expenditure are deducted from the respective expenses.

(xi) EMPLOYEE BENEFITS

a) Gratuity contribution is made to the approved Gratuity Fund under the Group Gratuity - cum - Life Assurance Scheme of the Life Insurance Corporation of India on the basis of actuarial valuation done at the year end.

b) Leave Encashment Benefit on retirement is provided on the basis of actuarial valuation done at the year end.

c) Provident Fund contribution is paid over to recognised Provident Fund Trusts.

(xii) RESEARCH AND DEVELOPMENT

The expenditure for Research and Development except on Fixed Assets is charged to revenue.

(xiii) ACCOUNTING FOR THE EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES

a) Receivables and payables in foreign currency as on the reporting date including forward exchange contracts are restated at the rate prevailing on that date.

b) The Premium in respect of forward exchange contracts is recognised over the life of the contracts.

c) Variations arising on account of fluctuations in foreign exchange rates are treated as revenue (gain/loss(-))

(xiv) PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

Provision is made based on a reliable estimate when it is probable that an outflow or resources embodying economic benefits will be required to settle an obligation. Contingent Liabilities are not recognised but are disclosed in the Notes on Accounts. Contingent Assets are neither recognised nor disclosed in the Financial Statements.

(xv) PRIOR PERIOD ADJUSTMENTS

Individual items of Income and Expenditure relating to a prior period and exceeding Rs. 1,00,000/-is accounted as a prior period item and disclosed accordingly.

(xvi) CLAIMS BY COMPANY

Claims on underwriters, carriers and on Customs and Central Excise Departments are taken into account on acceptance.

 
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