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Notes to Accounts of Pearl Polymers Ltd.

Mar 31, 2015

1. Terms/Rights attached to Equity Shares

The Company has only one class of Equity Shares having a face value of Rs. 10/- per share. Each holder of equity is entitled to one vote per share. In the event of liquidation of the Company, the holder's of equity shares would be entitled to receive remainning assets of the Company, after distribution of all Prefrential amount. The distribution will be in proportion to the number of equity shares held.

2. Loan Repayable on demand from Banks (secured)

Working Capital Loans from Banks are secured by hypothecation of inventories and Book Debts and are further secured by first charge on Company's immovable property at Mahad, Jigani, and Pantnagar. The above said loans are further secured by personal guarantees of Mr.Chand Seth & Mr. Varun Seth, Directors of the Company.

lodgment of counter guarantees of the Company 73.48 67.98

* Provided by way of Margin Money Rs. 18.37 lakhs (Previous Year Rs. 17 lakhs)

In respect of Service Tax 0.04 0.04

In respect of demands for Excise Duty * 807.07 807.46

The Company has received for its unit at Mahad show cause notice from Excise Department for Rs. 3.61 lacs for disallowance of CENVAT credit on shrink films for the year 2013-14. for Rs. 3.24 lakhs.

The Company had received for its unit Mahad show cause notice from Excise Department for Rs.50.10 lacs against Excise Duty not Paid on freight Charged separately in invoices covered period from October 2008 to July 2013.

non-dutiable products under notification 4/97 dated 1.03.97. The Company period had been adjudicated in Company's favour by CESTAT, DELHI

The Company had received for its unit at Mahad show cause notice from Excise Department for Rs. 72.65 lacs for disallowing cenvat credit on SHRINK FILMS / SHRINK SLEEVES ,as the same has been wrongly classified by supplier under CH 4901.90 instead of CH 3 920.19 for the period from August 2001 to Feb 2006

Excise Department for Rs.10.00 lakhs for penalty and deposited Rs.2.50 lakhs under protest.

In respect of sales Tax * 19.49 19.49

In respect of sales tax demand for the year 2002-03 of its unit at Jigni of Rs. 9.88 lakhs ( Net of bank guarantee) 2011-12 for Assessment under section 143(3) 21.86 7.49

3. Related party disclosures

Name of relative parties and related party relationship

Key Management Personnel

Mr.Chand Seth - Chairman & Managing Director

Mr.Varun Seth - Whole Time Director

Mr. Ramesh Mehra - Whole Time Director

Relatives of Key Management personnel and their enterprises

where transactions have taken place

Mrs. Suneeta Seth

Mr. Amit Seth

Mr. Udit Seth

Related parties where control exists

Emperor T ravels & T ours Pvt Ltd

Pearl Apartments Ltd

Pearl Flats India Ltd

MRK Shares & Stocks Pvt Ltd

Pacific Pearl Finance & Leasing Ltd

Pearl Telefonics Ltd ( Formerly Sinclair Exports Ltd)

Theta Investments Pvt Ltd

4. The Company is engaged in the manufacture of PET bottles & jars and there is no seprate reportab;e segment as per the Accounting Standard 17 on 'Segment Reporting' notified in the Companies (Accounting Standard) Rules. 2006

5. Prsuant to the enactment of companies Act 2013. The Company has Applied the estimate useful lives as specified in schedulee II except in respect of certain assets as disclosed in Accounting Policies on depreciation & Intangibles. Accordingly, unamortised carrying value is being depreciated/amortised over the revised/remaining useful lives. The written down value of Fixed Assets whose life have expired as at 1st April, 2014 has been adjusted net of tax, in the opening balance of Profit and Loss Account amounting to Rs. 711.29 lacs.

6. In view of loss duraing the year,provision for income tax has not been made.

7. During the year, there was fine at one of company's unit due to shortcircuit. The company has filed insurance claim for loss of Stocks,Building, Furniture & Fixture and Machinery. Insurance claim of Rs. 191.39 lacs has been provided on estimated basis. Any short/excess on this account shall be considered at the time of settlement of claim.

8. a) Disclosure for operating leases under Accounting Standard 19" Lease". The Companyhas taken various residential flasts/godown/office premises (including furniture and fittings, there in as applicable) under operating lease or leave and license agreements. These are generally not non-cancellable and range between 11 months and 3 years under leve and license, or longer for other leases and are renewable by mutual consent on mutually agreeable terms. The Company has given refundable interest free security deposits in accordance with the agreed terms. No contingent rents are recognized in the P&L Account.

b) The Company has leased facilities under the non-cancellable operation lease. Lease rent amounting to Rs. 43.12 lakhs (previous year Rs. 94.96 lakhs) has been charged to Profit & Loss Account during the year.

9. Previous Year figures have been regrouped/reclassified, wherever considered necessary to conform to current year's classification. |


Mar 31, 2014

1. Term Loans

(a) (i) Term Loan of Rs. 9.38 lakhs (Previous Year Rs. 95.30 lakhs) is secured by way of pari-passu first mortgage/charge created on all immovable and movable assets, both present and future (save and except book debts) in respect of property situated at Baddi. The above said loan is further secured by personal guarantees of Mr. Chand Seth, Director of the Company and Mr.Harish Seth. Repayments - in quarterly installments till 10.07.2014.Current Rate of Interest is 12% p.a.

(ii) Term Loan of Rs. 388.41 lakhs (Previous Year Rs. 615.03 lakhs) is secured by way of exclusive charges on machines installed at company''s all units. The above said loan is further secured by personal guarantees of Mr. Chand Seth, Director of the Company and Mr.Harish Seth. Repayments - in quarterly installments till 10.3.2016. Current Rate of Interest @ 13.75% p.a.

Repayments of above Term Loans are as follows:

(b) (i) From 1 to 2 years - Rs. 9.38 lakhs

(ii) From 1 to 2 years - Rs. 388.41 lakhs

2. Vehicles Loans

Vehicle loans are secured against hypothecation of respective vehicles. Repayment is as follow:

From 1 to 2 years - Rs. 20.86 lakhs, from 2 to 4 years Rs. 10.12 lacs and from 5 to 6 years Rs. 4.88 lacs

Last installment date: 05.01.2019

3. Deposits

Deposits repayable in more than one year are considered above.

Loan Repayable on demand from Banks (secured)

Working Capital Loans from Banks are secured by hypothecation of inventories and Book Debts and are further secured by first charge on Company''s immovable property at Okhla and second charge on Company''s erstwhile property at Gurgaon. The company is in the process of giving alternative securities to Working Capital Lendors against existing securities. The above said loans are further secured by personal guarantees of Mr.Chand Seth & Mr. Varun Seth, Directors of the Company.

Deposits (unsecured)

Deposits repayable with in a year are considered above. Public deposits period is from six months to three years. Current Rate of Interest @ 10% p.a. for six months & more than one year period and @ 11% p.a. for one year period.

Note-4

CONTINGENT LIABILITIES

In respect of guarantees executed by Banks against lodgment of counter 67.98 150.62 guarantees of the Company Provided by way of Margin Money Rs. 17 lakhs (Previous Year Rs. 37.16 lakhs)

In respect of Service Tax 0.04 0.04

In respect of demands for Excise Duty * 807.46 747.86

* includes:

The Company had received for its unit at Mahad show cause notice from Excise Department for Rs. 3.24 lakhs.

The Company had received for its unit at Mahad show cause notice from Excise Department for Rs. 360.00 lakhs for producing and clearing dutiable and non- dutiable products under notification 4/97 dated 1.03.97. The Company has preferred an appeal against the same. Similar case for a different period had been adjudicated in Company''s favour by CESTAT, DELHI At its unit at Mahad the Excise Department has filed an appeal against a demand of Rs. 72.72 lakhs which had been dropped by the Commissioner, Central Excise. (The original show cause notice was received on 17.2.2002 and related to imposition of Excise Duty on recovery of freight

Note-5

Purchases are net of incentives received.

Note-6

RELATED PARTY DISCLOSURES

Name of relative parties and related party relationship

Key Management Personnel

Mr.Chand Seth - Chairman & Managing Director

Mr.Varun Seth - Whole Time Director

Relatives of Key Management personnel and their

enterprises where transactions have taken place

Mrs. Suneeta Seth

Mr. Amit Seth

Mr. Udit Seth

Related parties where control exists

Amit Apartments Ltd

Emperor Travels & Tours Pvt Ltd

Gama Investments Pvt Ltd

Pearl Apartments Ltd

Pearl Flats India Ltd

MRK Shares & Stocks Pvt Ltd

Pacific Pearl Finance & Leasing Ltd

Pearl Telefonics Ltd (Formerly Sinclair Exports Ltd)

Theta Investments Pvt Ltd

Note-7

The Company is engaged in the manufacture of PET bottles & jars and there is no separate reportable segment as per the Accounting Standard 17 on ''Segment Reporting'' notified in the Companies (Accounting Standard) Rules. 2006

Note-8

During the year, Provision for Income Tax has been made on the basis of Books profits u/s 115 JB of Income Tax Act,1961.

Note-9

a) Disclosure for operating leases under Accounting Standard 19 "Lease". The Company has taken various residential flats/godowns/office premises (including furniture and fittings, there in as applicable) under operating lease or leave and license agreements. These are generally not non-cancellable and range between 11 months and 3 years under leve and license, or longer for other leases and are renewable by mutual consent on mutually agreeable terms. The Company has given refundable interest free security deposits in accordance with the agreed terms. No contingent rents are recognized in the P&LAccount.

b) The Company has leased facilities under the non-cancellable operation lease. Lease rent amounting to Rs. 94.96 lakhs

Note-10

Previous Year figures have been regrouped/reclassified, wherever considered necessary to conform to current year''s classification.


Mar 31, 2013

Note-1

The Company is engaged in the manufacture of PET bottles & jars and there is no separate reportable segment as per the Accounting Standard 17 on ''Segment Reporting'' notified in the Companies (Accounting Standard) Rules. 2006

Note-2

During the year, current tax is provided under the Income Tax Act,1961 and the same is net of MAT credit entitlement of Rs. 176 lakhs for earlier years.

Note-3

(a) During the year, the company''s manufacturing unit at Gurgaon was closed and one time settlement was done with the labour.Plant & Machineries were transferred to company''s other units or disposed off. Land & Building was sold, under an agreement to sell. The possession of Land & Building was handed over on 15.03.2013 and the execution of sale deed is pending due to completion of formalities in this regard.

Note-4

As on 31st March, 2013, the Company has Investments of 54,92,960 Equity Shares (amounting to Rs. 545.40 lakhs) of Pearl Engineering Polymers Ltd, a Company under the same management. The unit is closed since March, 2011 and there is no revival plan now despite best effort of the Company over the period. In view of this, during the year,the Company has made a provision of Rs. 478.39 Lacs towards diminution in the value of said equity. The said amount is shown as exceptional item in the statement of Profit & Loss for the current year.

Note-5

a) Disclosure for operating leases under Accounting Standard 19 "Lease": The Company has taken various residential flats/godowns/office premises (including furniture and fittings, there in as applicable) under operating lease or leave and license agreements. These are generally not non-cancellable and range between 11 months and 3 years under leave and license, or longer for other leases and are renewable by mutual consent on mutually agreeable terms. The Company has given refundable interest free security deposits in accordance with the agreed terms. No contingent rents are recognized in the Statement of Profit & Loss.

b) The Company has leased facilities under the non-cancellable operation lease:Lease rent amounting to Rs. 94.96 lakhs (Previous year Rs. 95.19 lakhs) has been charged to Statement of Profit & Loss.

Note-6

Prior Year Comparatives

Previous Year figures have been regrouped/reclassified, wherever considered necessary to conform to current year''s classification.


Mar 31, 2012

I. Term Loans

a) Term Loan of Rs.410.00(Rs. in lakhs) (previous year Rs.570.00(Rs. in lakhs) is secured by a first mortgage/charge on immovable properties situated at company's unit at Pantnagar (Uttrakhand). The above said loan is further secured by personal guarantee of Mr.Chand Seth and Mr.Harish Seth, Directors of the Company. Repayments - in quarterly installments till 1.7.2014.Current Rate of Interest @ 14.50% p.a.

b) i Term Loan of Rs.101.36(Rs. in lakhs) (previous Year-Rs.180.36(Rs. in lakhs) is secured by first charge on the assets situated at the Company's unit situated at Gurgaon (Haryana). The above said loan is further secured by personal guarantees of Mr. Chand Seth and Mr. Harish Seth, Directors of the Company. Repayments - in installments till 31.7.2013. Current Rate of Interest @ 12.50% p.a.

ii Term Loan of Rs.36.00 (Rs. in lakhs) (Previous Year Rs.60.00 (Rs. in lakhs) is secured by way of pari-passu first mortgage/charge created on all immovable and movable assets, both present and future (save and except book debts) in respect of property situated at Baddi. The above said loan is further secured by personal guarantees of Mr. Chand Seth and Mr.Harish Seth, Directors of the Company. Repayments - in equal quarterly installments till 1.9.2013. Current Rate of Interest @9.75% p.a.

iii Term Loan of Rs.199.02(Rs. in lakhs) (Previous Year Rs.302.74 (Rs.in lakhs)is secured by way of pari-passu first mortgage/charge created on all immovable and movable assets, both present and future (save and except book debts) in respect of property situated at Baddi. The above said loan is further secured by personal guarantees of Mr. Chand Seth and Mr.Harish Seth, Directors of the Company. Repayments - in quarterly installments till 10.07.2014.Current Rate of Interest on Rs. 126.00 lakhs @ 9.75% p.a., on Rs. 29.00 lakhs @13% p.a. and on Rs.44.02 lakhs @ 12% p.a.

iv Term Loan of Rs.803.69(Rs.in lakhs) (Previous Year Rs.474.02(Rs.in lakhs)) is secured by way of exclusive charges on machines installed at Company's all units. The above said loan is further secured by personal guarantees of Mr. Chand Seth and Mr.Harish Seth, Directors of the Company. Repayments - in quarterly installments till 10.3.2016. Current Rate of Interest @ 13.50% p.a.

Repayments of above Term Loans are as follows:

a) From 1 to 2 years - Rs. 320.00 lakhs, From 2 to 3 years -Rs. 90.00 lakhs

b) i From 1 to 2 years - Rs. 101.36 lakhs ii From 1 to 2 years - Rs. 36.00 lakhs

iii From 1 to 2 years - Rs. 189.64 lakhs,From 2 to 3 years Rs.9.38 lakhs

iv From 1 to 2 years - Rs. 434.26 lakhs,From 2 to 3 years Rs.217.17 lakhs, From 3 to 4 years Rs.152.26 lakhs

II. Vehicles Loans

Vehicle loans are secured against hypothecation of respective vehicles. Repayments - in monthly installments till 15.12.2015

III. Deferred Sales Tax

Deferred sales tax is in respect of company's unit at Mahad. The repayment is in annual installments till 30.09.2012.

IV. Deposits

Deposits repayable in more than one year are considered above. Public deposits period is from six months to three years..Current Rate of Interest @ 10% p.a. for six months & more than one year period and 11% p.a. for one year period .

Loan Repayable on demand from Banks (secured)

Working Capital Loans from Banks are secured by hypothecation of inventories and Book Debts and are further secured by first charge on Company's immovable property at Okhla and second charge on Company's property at Gurgaon. The above said loans are further secured by personal guarantees of Mr.Chand Seth, Mr. Harish Seth, Directors of the Company, and Mr.Krishen Seth.

Note-1

Purchases are net of incentives received during the year from the suppliers.

Note-2

Related party disclosures

Name of relative parties and related party relationship

Key Management Personnel

Mr.Chand Seth - Chairman & Managing Director Mr.Harish Seth - Vice-Chairman & Managing Director Mr.Varun Seth - Whole Time Director

Relatives of Key Management personnel and their enterprises where transactions have taken place

Mrs Suneeta Seth Mrs Madhu Seth Mrs Rupali Seth Mr Udit Seth Mr Adhar Seth Mrs Ashna Chopra

Related parties where control exists

Amit Apartments Ltd

Beta Finance & Trading Pvt Ltd

Emperor Travels & Tours Pvt Ltd

Gama Investments Pvt Ltd

Pearl Apartments Ltd

Pacific Pearl Finance and Leasing Ltd

Pearl Engineering Polymers Ltd

Pearl International Tours & Travels Ltd

Theta Investments Pvt Ltd

Pearl Telefonics Ltd

Note-3

The Company is engaged in the manufacture of PET bottles & jars and there is no separate reportable segment as per the Accounting Standard 17 on 'Segment Reporting' notified in the Companies (Accounting Standard) Rules. 2006

Note-4

In view of loss, MAT is not applicable. Moreover, deduction is available u/s 80(IC) of the Income Tax Act, against taxable income of the Company. Hence, no provision for Income Tax has been made during the year.

Note-5

In accordance with the Central Capital Investments Subsidy Scheme 2003, the Company has received a Capital Subsidy of Rs. 30.00 lakhs during the year, in respect of its Pant Nagar Unit. The same has been credited to Capital Reserve Account

Note-6

As on 31st March, 2012, the Company has Investments of 5492960 equity shares (amounting to Rs. 545.40 lakhs) of Pearl Engineering Polymers Ltd, a Company under the same management, which is temporarily shut down since March 2011. No provision has been made for diminution of the value of the said investment since, in the opinion of the management, the enterprise value is much higher, and the going concern of the Company is not impacted at this stage.

Note-7

a) Disclosure for operating leases under Accounting Standard 19 "Lease".The Company has taken various residential flats/godowns/office premises (including furniture and fittings, there in as applicable) under operating lease or leave and license agreements. These are generally not non-cancellable and range between 11 months and 3 years under leave and license, or longer for other leases and are renewable by mutual consent on mutually agreeable terms. The Company has given refundable interest free security deposits in accordance with the agreed terms. No contingent rents are recognized in the P&L Account.

b) The Company has leased facilities under the non-cancellable operation lease. Lease rent amounting to Rs. 95.19 lakhs (Previous year Rs. 95.19 lakhs) has been charged to Profit & Loss Account

Note-8

Prior Year Comparatives

Till the year ended March 31. 2012, the Company was using pre-revised Schedule VI to the Companies Act, 1956, for preparation and presentation of its financial statements. During the year ended March 31, 2012, the revised Schedule VI notified under the Companies Act, 1956, has become applicable to the Company. The Company has reclassified previous year's figures to confirm to this year classifications.


Mar 31, 2011

1 Contingent Liabilities As at As at 31st March 2011 31st March 2010 (Rs. in '000) (Rs. in '000)

a) Bills discounted - 911

b) In respect of guarantees - 15219 executed by Banks against lodgement of counter guarantees of the Company *Provided by way of Margin Money Rs.Nil Previous Year -Rs 39,15 ('000))

c) In respect of Service Tax 4 4

d) In respect of demands 72887 72071 for Excise Duty* *includes:

- The Company had received for its unit at Mahad show cause notice from Excise Department for Rs. 3,60,00('000) for producing and clearing dutiable and non-dutiable products under notification 4/97 dated 1.03.97. The Company has preferred an appeal against the same. Similar case for a different period had been adjudicated in Company's favour by CESTAT, DELHI.

- At its unit at Mahad the Excise department has filed an appeal against a demand of Rs.72,72('000) which had been dropped by the Commissioner, Central Excise. (The original show cause notice was received on 17.2.2002 and related to imposition of Excise Duty on recovery of freight charges, detention charges etc separately by the company and non-inclusion of the same)

- The Company had received for its unit at Gurgaon Demand Notice from Excise Department for Rs.10,00('000) for penalty and deposited Rs. 2,50('000) under protest

2 Purchases are net of the incentives received during the year from the suppliers.

3 Current Assets, Loans and Advances :

In the opinion of the Board, the Current Assets, Loans and Advances have a value on realization in the ordinary course of business, atleast equal to the amount stated in the Balance Sheet.

4 Balances of Sundry Debtors, Loans & Advances and Sundry Creditors are subject to confirmation by the parties.

6 The Company is engaged in the manufacture of PET bottles & jars and there is no separate reportable segment as per the Accounting Standard 17 on 'Segment Reporting' notified in the Companies (Accounting Satandard) Rules, 2006.

7 Related party Disclosures:

i) In accordance with the Accounting Standard on " Related Party Disclosures" (AS-18), the disclosures in respect of related parties and transactions with the related parties, carried out in the normal course of the business, as identified and certified by the management, are as follows:-

a) Key Management Personnel

Mr. Chand Seth - Chairman & Managing Director

Mr. Harish Seth - Vice Chairman & Managing Director

Mr. Varun Seth - Whole Time Director

b) Relatives of Key Management personnel and their enterprises where transactions have taken place.

Mrs. Suneeta Seth

Mrs. Madhu Seth

Mrs. Rupali Seth

Mr. Udit Seth

Mr.Adhar Seth

Mrs. Ashna Chopra

c) Other related parties where control exists

Amit Apartments Ltd

Beta Finance & Trading Pvt Ltd

Emperor Travels & Tours Pvt Ltd

Gama Investments Pvt Ltd

Pearl Apartments Ltd

Pacific Pearl Finance and Leasing Ltd

Pearl Engineering Polymers Ltd

Pearl International Tours & Travels Ltd

Theta Investments Pvt Ltd

8 Employees Benefits

a)The Company has adopted Accounting Standard (AS)-15, "Employees Benefits" notified in the Companies (Accounting Standards) Rules, 2006.

9 In view of deduction available u/s 80(IC) of the Income Tax Act, provision for Income Tax has been made on the basis of Book Profit u/s 115JB of the Income Tax Act.

10 As on 31st March, 2011, the Company has Investments of 54,92,960 equity shares (amounting to Rs.54,540('000) of Pearl Engineering Polymers Ltd, a Company under the same management, which is temporarily shut down since March 2011. No provision has been made for diminution of the value of the said investment since,in the opinion of the management, the enterprise value is much higher, and the going concern of the Company is not impacted at this stage.

11 (a) Disclosure for operating leases under Accounting Standard 19 "Lease". The Company has taken various residental flats/godowns/office premises (including furniture and fittings, there in as applicable) under operating lease or leave and licence agreements. These are generally not non-cancellable and range between 11 months and 3 years under leave and license, or longer for other leases and are renewable by mutual consent on mutually agreeableterms. The Company has given refundable interest free security deposits in accordance with the agreed terms. No contingent rents are recognised in the P&L Account.

12 Previous Year figures have been recasted / rearranged, wherever considered necessary to conform to current year's presentation.


Mar 31, 2009

1 Purchases are net of the incentives received during the year from the suppliers

2 Current Assets Loans and Advances:

In the opinion of the Board trie Current Assets Loans and Advances have a value on realization in the ordinarycourse of business atleast equal to the amount stated in the Balance Sheet.

3 Balances of Sundry Debtors Loans & Advances and Sundry Creditors are subject to confirmation by the parties

4 The Company is engaged in the manufacture of PET bottles & jars and there is no separate reportable segment as per the Accounting Standard 17 on Segment Reportingnotified in the Companies (Accounting Satandard) Rules 2006

5 Related party Disclosures:

i) In accordance with the Accounting Standard on " Related Party Disclosures" (AS-18) the disclosures in respect of related parties and transactions with the related parties carried out in the normal course of the business as identified and certified by the management are as follows:-

a) Key Management Personnel c) Other related parties where control exists

Mr Chand Seth - Chairman & Managing Director Amit Apartments Ltd Mr

Harish Seth - Vice Chairman & Managing Director Beta Finance & Trading Pvt Ltd

Mr Varun Seth - Whole Time Director Emperor Travels & Tours Pvt Ltd

Gama Investments Pvt Ltd

Pearl Apartments Ltd



b) Relatives of Key Management personnel and their enterprises where transactions have taken place

Pacific Pearl Finance and Leasing Ltd Pearl Engineering Polymers Ltd Pearl International Tours & Travels Ltd

Mr Krishen Seth Theta Investments Pvt Ltd Mrs Suneeta Seth Mr Udit Seth

6 The Company has earned taxable profits for the last Five years and barring unforeseen circumtances the management is hopeful that the Company would earn sufficient taxable income in subsequent years to wipeout unabsorbed depreciation and will be entitled to credit of taxes paid under section 115JB (MAT) of the Income Tax Act

7 Disclosure for operating leases under Accounting Standard 19 "Lease" The Company has taken various residental flats/ godowns/office premises (including furniture and fittings there in as applicable) under operating lease or leave and licence agreements These are generally not non-cancellable and range between 11 months and 3 years under leave and license or longer for other leases and are renewable by mutual consent on mutually agreeable terms The Company has given refundable interest free security deposits in accordance with the agreed terms No contingent rents are recognised in the P&LAccount

8 Previous Year figures have been recasted / rearranged wherever considered necessary to conform to current years presentation

 
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