Mar 31, 2015
1. Basis of preparation of financial statements
The financial statements are prepared in accordance with Generally
Accepted Accounting Principles in India on the accrual basis.
1.1 Use of Estimates
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgments, estimates and assumptions
that affect the reported amounts of revenue, expenses, assets and
liabilities and the disclosure of contingent liabilities, at the end of
the reporting period. Although these estimates are based on the
management's best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes that
require material adjustments to the carrying amount of the effective
asset or liability effected in future periods.
1.2 Revenue Recognition
a. The company follows the mercantile system of accounting and
recognizes income and expenditure on accrual basis except those with
significant uncertainties.
b. Sale of goods is accounted, when the risk and reward of ownership
are passed on to the customers.
c. Domestic sales are inclusive of excise duty, wherever applicable
and exclusive of other taxes, if any, and trade discounts. Income from
export entitlements is accounted as and when the certainty of
entitlement is determined.
d. Revenue from services rendered is recognized to the extent the
performance of service is completed based on agreements / arrangements
with the concerned parties.
1.3 Inventories
Inventories of Raw materials, Work-in Progress, Finished Goods, Stores
and Spares are stated -"at Cost or Net Realizable Value", whichever is
lower, in accordance with Accounting Standard 2 issued by The Institute
of Chartered Accountants of India(ICAI). The valuation of inventory is
done on FIFO basis. Goods in transit are stated at cost. Cost comprises
all costs of purchase, cost of conversion and any other cost incurred
in bringing the inventories to their present location and condition.
Due allowance is estimated and made for defective and obsolete items,
wherever necessary based on the past experience of the company.
1.4 Provisions and Contingencies
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes forming part of the financial statements. Contingent assets are
neither recognized not disclosed in the financial statements.
1.5 Fixed Assets
Fixed Assets are stated at cost less accumulated depreciation and
impairment, if any. Direct cost are capitalized until fixed assets are
ready for use. Capital work-in progress comprises outstanding advances
paid to acquire fixed assets and the cost of fixed assets that are not
yet ready for their intended use at the reporting date. Intangible
assets are recorded at the consideration paid for the acquisition of
such assets and are carried at cost less accumulated amortization and
impairment.
1.6 Depreciation
a) Depreciation on Fixed assets other than those referred to in (b) is
provided based on the useful life of the assets in the manner
prescribed in Schedule II of the Companies Act, 2013.
b) The company considering useful life of the following assets
different from Schedule II of the Companies Act, 2013 with support of
technical opinion.
Plant and Machinery  10 years on three shift basis
1.7 Impairment of Assets
At each Balance Sheet date, the carrying values of the tangible and
intangible assets are reviewed to determine whether there is any
indication that those assets have suffered an impairment loss. An
asset is impaired when the carrying amount of the asset exceeds the
recoverable amount. An impairment loss is normally charged to the
Statement of Profit and Loss in the year in which an asset is
identified as impaired. An impairment loss recognized in prior
accounting periods is reversed in subsequent accounting period if the
realizable value of the asset is more than the impaired value, it shall
be restated subject to maximum of the WDV of the asset.
1.8 Deferred Tax
Deferred tax assets and liabilities are recognized for future tax
effect attributable to timing difference between taxable income and
accounting income, which is capable of reversing in one or more
subsequent periods and are measured at relevant tax rates. At each
Balance Sheet date, the company reassesses unrealized deferred tax
assets to the extent it becomes virtually certain of realization.
1.9 Retirement benefits to employees
a) Gratuity
In accordance with The Payment of Gratuity Act 1972, the company
provides for gratuity, a defined benefit retirement plan (the gratuity
plan) covering eligible employees. The gratuity plan provides a lump
sum payment to vested employees at retirement, death, incapacitation or
termination of employment, of an amount based on the respective
employee's salary and tenure of employment with the Company.
Gratuity benefits are managed through the Group Gratuity Scheme of Life
Insurance Corporation of India. The provision for gratuity liability is
actuarially determined at each year- end and the liability arising on
such valuation is charged to the Statement of Profit and Loss
accordingly.
Benefits under the plan are based on pay and years of service and are
vested on completion of five years of service, as provided in the
Payment of Gratuity Act, 1972. The terms of benefits are common for all
the employees of the company.
b) Provident fund and Employees State Insurance contributions are paid
as per the rates prescribed by the respective acts and the same is
charged to revenue.
1.10 Dues to Micro, Small and Medium Enterprises as defined under MSMED
Act 2006
The company has obtained information from suppliers who are covered
under the "Micro, Small and Medium Enterprises Development Act 2006".
Based on the information and evidence available with the company, there
are no dues to Micro, Small and Medium Enterprises outstanding as on
31.03.2015.
1.11 Earnings per Share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the year.
For the purpose of calculating the diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all the dilutive potential equity shares.
1.12 Cash and Cash Equivalents
Cash and cash equivalents comprise cash and cash deposit with banks.
The company considers all highly liquid investments with remaining
maturity at the date of purchase of three months or less and that are
readily convertible to known amounts of cash to be cash equivalents.
1.13 Cash Flow Statement
Cash flow statement is prepared using the indirect method, whereby
profit before tax is adjusted for the effects of transactions of
non-cash nature, any deferrals or accruals of past or future operating
cash receipts or payments and item of income or expenses associated
with investing or financing cash flows. The cash flows from operating,
investing and financing activities of the company are segregated.
Mar 31, 2013
1.1 Use of Estimates
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgments, estimates and assumptions
that affect the reported amounts of revenue, expenses, assets and
liabilities and the disclosure of contingent liabilities, at the end of
the reporting period. Although these estimates are based on the
management''s best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes that
require material adjustments to the carrying amount of the effective
asset or liability effected in future periods.
1.2 Revenue Recognition
a. The company follows the mercantile system of accounting and
recognizes income and expenditure on accrual basis except those with
significant uncertainties.
b. Sale of goods is accounted, when the risk and reward of ownership
are passed on to the customers
c. Domestic sales are inclusive of excise duty, wherever applicable
and exclusive of other taxes, if any, and trade discounts. Income from
Export entitlements is accounted as and when the certainty of
entitlement is determined.
d. Revenue from services rendered is recognized to the extent the
performance of service is completed based on agreements / arrangements
with the concerned parties.
1.3 Inventories
Inventories of Raw Materials, Work-in Progress, Finished Goods, Stores
and Spares are stated "at Cost or Net Realizable Value", whichever is
lower, in accordance with Accounting Standard 2 issued by The Institute
of Chartered Accountants of India(ICAI). The valuation of inventory is
done on FIFO basis. Goods in transit are stated at cost. Cost comprises
all costs of purchase, cost of conversion and any other cost incurred
in bringing the inventories to their present location and condition.
Due allowance is estimated and made for defective and obsolete items,
wherever necessary based on the past experience of the company.
1.4 Provisions and Contingencies
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent liabilities are not recognized but are disclosed in the
notes forming part of the financial statements. Contingent assets are
neither recognized nor disclosed in the financial statements.
1.5 Fixed Assets
Fixed assets are stated at cost less accumulated depreciation and
impairment, if any. Direct costs are capitalized until fixed assets are
ready for use. Capital work-in progress comprises outstanding advances
paid to acquire fixed assets, and the cost of fixed assets that are not
yet ready for their intended use at the reporting date. Intangible
assets are recorded at the consideration paid for the acquisition of
such assets and are carried at cost less accumulated amortization and
impairment.
1.6 Depreciation
i) The company is providing depreciation on Straight Line Method at the
rates prescribed under Schedule XIV of the Companies Act, 1956, on a
pro-rata basis corresponding to the date of installation /
commissioning / retirement.
ii) Assets costing Rs. 5000 or less are fully depreciated in the year of
purchase.
1.7 Impairment of Assets
At each Balance Sheet date, the carrying values of the tangible and
intangible assets are reviewed to determine whether there is any
indication that those assets have suffered an impairment loss. An asset
is impaired when the carrying amount of the asset exceeds the
recoverable amount. An impairment loss is normally charged to the
Statement of Profit and Loss in the year in which an asset is
identified as impaired. An impairment loss recognized in prior
accounting periods is reversed in subsequent accounting period if the
realizable value of the asset is more than the impaired value, it shall
be restated subject to the WDV of the asset.
1.8 Deferred Tax
Deferred tax assets and liabilities are recognized for future tax
effect attributable to timing difference between taxable income and
accounting income, which is capable of reversing in one or more
subsequent periods and are measured at relevant tax rates. At each
Balance Sheet date, the company reassesses unrealized deferred tax
assets to the extent it becomes virtually certain of realization.
1.9 Retirement benefits to employees
a) Gratuity
In accordance with The Payment of Gratuity Act 1972, the company
provides for gratuity, a defined benefit retirement plan(the gratuity
plan) covering eligible employees. The Gratuity plan provides a lump sum
payment to vested employees at retirement, death, incapacitation or
termination of employment, of an amount based on the respective
employee''s salary and tenure of employment with the company.
Gratuity benefits are managed through the Group Gratuity Scheme of Life
Insurance Corporation of India. The provision for gratuity liability is
actuarially determined at each year-end and the liability arising on
such valuation is charged to the Statement of Profit and Loss
accordingly.
Benefits under the plan are based on pay and years of service and are
vested on completion of five years of service, as provided in The
Payment of Gratuity Act, 1972. The terms of benefits are common for all
the employees of the company.
b) Provident fund contribution is paid as per the rates prescribed by
the Employees'' Provident Funds Act, 1952 and the same is charged to
revenue.
1.10 Dues to Micro, Small and Medium Enterprises as defined under MSMED
Act, 2006
The company has obtained information from suppliers who are covered
under the "Micro, Small and Medium Enterprises Development Act, 2006".
Based on the information and evidence available with the company, there
are no dues to Micro, Small and Medium Enterprises, outstanding as on
31.03.2013.
1.11 Earnings per share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all the dilutive potential equity shares.
1.12 Cash and Cash Equivalents
Cash and cash equivalents comprise cash and cash deposit with banks.
The company considers all highly liquid investments with remaining
maturity at the date of purchase of three months or less and that are
readily convertible to known amounts of cash to be cash equivalents.
1.13 Cash Flow statement
Cash flow statements are prepared using the indirect method, whereby
profit before tax is adjusted for the effects of transactions of
non-cash nature, any deferrals or accruals of past or future operating
cash receipts or payments and item of income or expenses associated
with investing or financing cash flows. The cash flows from operating,
investing and financing activities of the company are segregated.
Mar 31, 2012
1. Corporate information
Kakatiya Textiles limited is a public company domiciled in India and
incorporated under the provisions of the Companies Act, 1956. Its
shares are listed on Bombay Stock Exchange in India. The Company is
engaged in the manufacturing and selling of cotton yarn.
2. Basis of preparation of financial statements
The financial statements are prepared in accordance with Generally
Accepted Accounting Principles (GAAP) under the historical cost
convention on the accrual basis except for certain financial
instruments, which are measured at fair values. GAAP comprises
mandatory accounting standards as prescribed by the Companies
(Accounting Standards) Rules, 2006, the provisions of the Companies
Act, 1956 and guidelines issued by the Securities and Exchange Board of
India (SEBI). Accounting policies have been consistently applied except
where a newly issued accounting standard is initially adopted or a
revision to an existing accounting standard requires a change in the
accounting policy hitherto in use.
2.1 Use of estimates
The preparation of financial statements in conformity with Indian GAAP
requires the management to make judgements, estimates and assumptions
that affect the reported amounts of revenue, expenses, assets and
liabilities and the disclosure of contingent liabilities, at the end of
the reporting period. Although these estimates are based on the
management's best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes that
require material adjustments to the carrying amount of the asset or
liability affected in future periods.
2.2 Revenue recognition
The Company follows the mercantile system of accounting and recognises
income and expenditure on accrual basis except those with significant
uncertainties
- Sale of Goods is accounted when the risk and reward of ownership are
passed on to the Customers.
- Domestic Sales are inclusive of excise duty, wherever applicable and
exclusive of other taxes, if any, and trade discounts. Income from
Export entitlements is accounted as and when the certainty of
entitlement is determined.
Revenue from Services rendered is recognised to the extent the
performance of service is completed based on agreements / arrangements
with the concerned parties
2.3 Inventories
Inventories of Raw Materials, Work in Process, Finished Goods, Stores
and Spares are stated "at Cost or Net Realisable Value", whichever is
lower, in accordance with Accounting Standard 2 issued by The Institute
of Chartered Accountants of India (ICAI). The valuation of inventory is
done on FIFO basis. Goods in Transit are stated at cost. Cost comprises
all costs of purchase, cost of conversion and any other cost incurred
in bringing the inventories to their present location and condition.
Due allowance is estimated and made for defective and obsolete items,
wherever necessary based on the past experience of the Company.
2.4 Provisions and Contingencies
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
Notes. Contingent Assets are neither recognized nor disclosed in the
Financial Statements.
Contingent liabilities: Dividend on 5,00,000 9% cumulative redeemable
preference shares of Rs.100 each is in arrears from 01.04.2005. For
current year Rs. 45 lakhs and previous years Rs. 270 lakhs. <
2.5 Fixed Assets
Fixed Assets are stated at cost, less accumulated depreciation and
impairment, if any. Direct costs are capitalized until fixed assets are
ready for use. Capital work-in-progress comprises outstanding advances
paid to acquire fixed assets, and the cost of fixed assets that are not
yet ready for their intended use at the reporting date. Intangible
assets are recorded at the consideration paid for the acquisition of
such assets and are carried at cost less accumulated amortization and
impairment.
2.6 Depreciation
i) Depreciation on Fixed Assets: The Company is providing depreciation
on Straight Line Method at the rates prescribed under Schedule XIV of
the Companies Act, 1956, on a pro- rata basis corresponding to the date
of Installation / Commissioning / retirement.
ii) Assets Costing Rs. 5000 or less are fully depreciated in the year
of purchase.
2.7 Impairment of assets
At each Balance Sheet date, the carrying values of the tangible and
intangible assets are reviewed to determine whether there is any
indication that those assets have suffered an impairment loss. An asset
is impaired when the carrying amount of the asset exceeds the
recoverable amount. An impairment loss is normally charged to the
Profit & Loss Account in the year in which an asset is identified as
impaired. An impairment loss recognised in prior accounting periods is
reversed in current accounting periods if there has been a change in
the estimate of the recoverable amount
2.8 Deferred Tax
Deferred tax assets and liabilities are recognised for future tax
effect attributable to timing difference between Taxable Income and
Accounting Income, which is capable of reversing in one or more
subsequent periods and are measured at relevant tax rates. At each
Balance Sheet date, the Company reassesses unrealised deferred tax
assets to the extent it becomes virtually certain of realisation.
2.9 Retirement benefits to employees
a) Gratuity
In accordance with the Payment of Gratuity Act, 1972, the Company
provides for gratuity, a defined benefit retirement plan (the gratuity
plan) covering eligible employees. The Gratuity plan provides a lump
sum payment to vested employees at retirement, death, incapacitation or
termination of employment, of an amount based on the respective
employee's salary and tenure of employment with the Company.
Gratuity benefits are managed through the group gratuity scheme of Life
Insurance Corporation of India. The provision for gratuity liability is
actuarially determined at the year-end and the liability arising on
such valuation is charged to the Profit and Loss Account accordingly.
Benefits under the plan are based on pay and years of service and are
vested on completion of five years of service, as provided in the
Payment of Gratuity Act, 1972. The terms of benefits are common for all
the employees of the Company.
b) Provident fund
Provident Fund Contribution is as per the rates prescribed by the
Employees' Provident Funds Act, 1952 and the same is charged to
revenue.
2.10 Dues to Micro, Small and Medium Enterprises as defined under MSMED
Act, 2006
The Company has obtained information from suppliers who are covered
under the "Micro, Small and Medium Enterprises Development Act, 2006".
Based on the information and evidence available with the company, there
are no dues to Micro, Small and Medium Enterprises, outstanding as on
31.03.2012.
2.11 Earning per share
Basic earnings per share are calculated by dividing the net profit or
loss for the year attributable to equity shareholders by the weighted
average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the efforts of all dilutive potential equity shares.
2.12 Cash and cash equivalents
Cash and cash equivalents comprise cash and cash on deposit with banks.
The Company considers all highly liquid investments with remaining
maturity at the date of purchase of three months or less and that are
readily convertible to known amounts of cash to be cash equivalents.
2.13 Cash flow statement
Cash flows are reported using the indirect method, whereby profit
before tax is adjusted for the efforts of transactions of non-cash
nature, any deferrals or accruals of past or future operating cash
receipts or payments and item of income or expenses associated with
investing or financing cash flows. The cash flows from operating,
investing and financing activities of the Company are segregated.
2.14 Related Party Disclosure
1. Related party disclosure as required by Accounting Standard 18
1. Names of related parties and description of relationship
a) Key Managerial Personnel : Sri.Sumanth Ramamurthi
No remuneration is paid to Mr. Sumanth Ramamurthi
b) Other related parties
Mar 31, 2011
(a) Accounting convention: Subject to the notes on accounts, the
Financial Statements have been prepared under the historical cost
convention in accordance with generally accepted accounting principles
in India, the applicable Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956.
(b) Inventory accounting: Inventories of Raw Materials, Work in
Process, Finished Goods, Stores and Spares are stated "at cost or net
realisable value", whichever is lower, in accordance with Accounting
Standard 2 issued by The Institute of Chartered Accountants of India
(ICAI). The valuation of inventory is done on FIFO basis. Goods in
Transit are stated at cost. Cost comprises all cost of purchase, cost
of conversion and any other costs incurred in bringing the inventories
to their present location and condition. Due allowance is estimated and
made for defective and obsolete items, wherever necessary based on the
past experience of the Company.
(c) Revenue recognition: The Company follows the mercantile system of
accounting and recognises income and expenditure on accrual basis
except those with significant uncertainties Sale of Goods is accounted
when the risk and reward of ownership are passed on to the
Customers. Domestic Sales are inclusive of excise duty, wherever
applicable and exclusive of other taxes, if any, and trade discounts.
Income from Export entitlements is accounted as and when the
certainty of entitlement is determined. o Revenue from Services
rendered is recognised to the extent the performance of service is
completed based on agreements / arrangements with the concerned
parties.
(d) Fixed Assets are stated at historical cost of acquisition net of
CENVAT Credits if any, including installation, direct attributable
costs, interest and commissioning less accumulated depreciation /
amortization and cumulative impairment, if any.
i) Depreciation on Fixed Assets : The company is providing depreciation
on Straight Line Method at the rates prescribed under Schedule XIV of
the Companies Act, 1956, on a pro-rata basis corresponding to the month
of Installation / Commissioning / retirement.
ii) Assets Costing Rs. 5000 or less are fully depreciated in the year
of purchases.
(e) Deferred Tax assets and liabilities are recognised for future tax
effect attributable to timing difference between Taxable Income and
Accounting Income, which is capable of reversing in onel or more
subsequent periods and are measured at relevant tax rates. At each
Balance Sheet date, the Company reassesses unrealised deferred tax
assets to the extent it becomes virtually certain of realisation as the
case may be.
(f) Impairment of assets: The carrying amount of assets are reviewed at
each Balance Sheet date, if there is any indication of Impairment based
on internal / external factors. An asset is impaired when the carrying
amount of the asset exceeds the recoverable amount. An impairment loss
is normally charged to the Profit & Loss Account in the year in which
an asset is identified as impaired. An impairment loss recognised in
prior accounting periods is reversed in current accounting periods if
there has been a change in the estimate of the recoverable amount.
(g) Contingencies and Provisions: Provisions involving substantial
degree of estimation in measurement are recognised when there is a
present obligation as a result of past events and it is probable that
there will be an outflow of resources. Contingent Liabilities are not
recognized but are disclosed in the Notes. Contingent Assets are
neither recognized nor disclosed in the Financial Statements.
(h) Earnings per Share: Basic Earnings per Share is calculated by
dividing the Net profit/loss attributable to the Equity Shareholders by
the weighted average number of Equity Shares outstanding during the
year.
Mar 31, 2010
(a) Accounting convention: Subject to the notes on accounts, the
Financial Statements have been prepared under the historical cost
convention in accordance with generally accepted accounting principles
in India, the applicable Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956.
(b) Inventory accounting: Inventories of Raw Materials, Work in
Process, Finished Goods, Stores and Spares are stated "at cost or net
realisable value", whichever is lower, in accordance with Accounting
Standard 2 issued by The Institute of Chartered Accountants of India
(ICAI). The valuation of inventory is done on FIFO basis. Goods in
Transit are stated at cost . Cost comprises all cost of purchase, cost
of conversion and any other costs incurred in bringing the inventories
to their present location and condition. Due allowance is estimated and
made for defective and obsolete items, wherever necessary based on the
past experience of the Company.
(c) Revenue recognition: The Company follows the mercantile system of
accounting and recognises income and expenditure on accrual basis
except those with significant uncertainties
Sale of Goods is accounted when the risk and reward of ownership are
passed on to the
Customers.
Domestic Sales are inclusive of excise duty, wherever applicable and
exclusive of other
taxes, if any, and trade discounts. Income from Export entitlements is
accounted as and when the certainty of entitlement is determined.
Revenue from Services rendered is recognised to the extent the
performance of service is completed based on agreements / arrangements
with the concerned parties.
(d) Fixed Assets are stated at historical cost of acquisition net of
CENVAT Credits if any, including installation, direct attributable
costs, interest and commissioning less accumulated depreciation /
amortization and cumulative impairment, if any.
i) Depreciation on Fixed Assets: The company is providing depreciation
on Straight Line Method at the rates prescribed under Schedule XIV of
the Companies Act, 1956, on a pro- rata basis corresponding to the
month of Installation / Commissioning / retirement.
ii) Assets Costing Rs. 5000 or less are fully depreciated in the year
of purchases.
(e) Deferred Tax assets and liabilities are recognised for future tax
effect attributable to timing difference between Taxable Income and
Accounting Income, which is capable of reversing in one or more
subsequent periods and are measured at relevant tax rates. At each
Balance Sheet date, the Company reassesses unrealised deferred tax
assets to the extent it becomes virtually certain of realisation as the
case may be.
(f) Impairment of assets: The carrying amount of assets are reviewed at
each Balance Sheet date, if there is any indication of impairment based
on internal / external factors. An asset is impaired when the carrying
amount of the asset exceeds the recoverable amount. An impairment loss
is normally charged to the Profit & Loss Account in the year in which
an asset is identified as impaired. An impairment loss recognised in
prior accounting periods is reversed in current accounting periods if
there has been a change in the estimate of the recoverable amount.
(g) Contingencies and Provisions: Provisions involving substantial
degree of estimation in measurement are recognised when there is a
present obligation as a result of past events and it is probable that
there will be an outflow of resources. Contingent Liabilities are not
recognised but are disclosed in the Notes. Contingent Assets are
neither recognised nor disclosed in the Financial Statements.
(h) Earnings per Share: Basic Earnings per Share is calculated by
dividing the Net profit/loss attributable to the Equity Shareholders by
the weighted average number of Equity Shares outstanding during the
year.
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