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Notes to Accounts of Starlite Components Ltd.

Mar 31, 2015

1. Corporate Information: -

M/s. Starlite Components Limited is a public limited company domiciled in India and incorporated under the provisions of Companies Act, 1956. The company is in the manufacturing and selling of Electronic Ballast and LED Products with factory situated at Satpur as well as Vilholi , Dist- Nashik and office at Satpur, Dist - Nashik. The shares of the company are listed on the Bombay Stock Exchange (Scrip Code - 517548).

2. Basis of Preparation : -

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

The company has reclassified previous year figures wherever necessary.

3 Other non-current assets

There are no other non-current assets. Therefore, Disclosure under this note is not required to be given.

4 Current Investments

(Disclosure pursuant to Note no. 6(N)of Part I of Schedule III to the Companies Act, 2013)

There are no current investments. Therefore, Disclosure under this note is not required to be given.

5 Inventories

(Disclosure pursuant to Note no. 6(O) of Part I of Schedule III to the Companies Act, 2013)

6 Contingent liabilities and commitments

(Disclosure pursuant to Note no. 6(T) of Part I of Schedule III to the Companies Act, 2013)

There are no Contingent Liabilities. Therefore, Disclosure under this note is not required to be given.

7 Dividends

(Disclosure pursuant to Note no. 6(U) of Part I of Schedule III to the Companies Act, 2013) No Dividend has been declared / proposed by the Board of Directors.

8 Value on realization

(Disclosure pursuant to Note no. 6(W) of Part I of Schedule III to the Companies Act, 2013)

9 Amount remitted in foreign currencies for dividend - NIL

(As per Point No. 5 (viii) (d) of General Instructions for Preparation of Statement of Profit and Loss)

10 Earnings in foreign exchange - NIL

(As per Point No. 5 (viii) (e) of General Instructions for Preparation of Statement of Profit and Loss)

11 Related Party Disclosure

(As per Accounting Standard - 18)

1 Relationships:

a) Associate:

N.A.

b) Key Management Personnel:

Mr. Arvind Bharati

Smt Rochana Bharati

Mrs. Smita Patodkar

Mr. Deepak Joshi

c) Enterprises and relatives of key management where transactions have taken place:

M/s. Solarcopyer Limited

Mrs. Ashu Bharati

Ravindra Bharati

Starlite Lighting Ltd.

M/s. Reprolite Papers (I) Private Limited

Note -

Note: Since majority of the assets are located at single place and are of common nature, Management has decided not to bifurcate the same into segment wise assets and liabilities

Secondary Segment - Geographic Segment

The Geographic Segments identified, as Secondary Segments are "Domestic Market" and "Export Market". Since the Export Market Revenue is less than 10 % of the total, the same has not been disclosed. The entire capital employed is within India.


Mar 31, 2014

1 According to the order of Hon''ble BIFR, the Company will allot 65,28,000 number of equity shares of Rs 10/- each fully paid up aggregating to Rs 652.80 lakhs to promoters/associates in lieu oft he funds already infused/ proposed to be infused. These shares will be allotted in two stages for Rs 163.20 lakhs during the year 2013-2014 and Rs 489.60 lakhs during the year 2014-2015 respectively. During the year, Company has alloted shares of Rs. 163.20 lakh consisting of 163,20,000 shares of Rs. 10/- each fully paid up.

b) Rights attached to Equity shares

(Disclosure pursuant to Note no. 6(A)(e) of Part I of Schedule VI to the Companies Act, 1956)

The company has only one class of equity shares having a par value of Rs.10/- per share. Each Holder of equity shares is entitled to one vote per share. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

c) Shares held by Holding / ultimate Holding company and / or their subsidiaries / associates

(Disclosure pursuant to Note no. 6(A)(f) of Part I of Schedule VI to the Companies Act, 1956)

Equity Shares issued by the company and held by Holding company, ultimate Holding company and their Subsidiaries / associates are NIL

d) Details of shareholders holding more than 5% shares in the company

(Disclosure pursuant to Note no. 6(A)(g) of Part I of Schedule VI to the Companies Act, 1956)

e) Shares reserved for issue under options - NIL

(Disclosure pursuant to Note no. 6(A)(h) of Part I of Schedule VI to the Companies Act, 1956)

f) Aggregate number oft onus shares issued, shares issued for consideration other than cash and shares bought back during the period of 5 years immediately preceding the reporting date

(Disclosure pursuant to Note no. 6(A)(i) of Part I of Schedule VI to the Companies Act, 1956)

g) Securities convertible into equity/preference shares issued - NIL

(Disclosure pursuant to Note no. 6(A)(j) of Part I of Schedule VI to the Companies Act, 1956)

h) Calls unpaid - NIL

(Disclosure pursuant to Note no. 6(A)(k) of Part I of Schedule VI to the Companies Act, 1956)

i) Forfeited shares - NIL

(Disclosure pursuant to Note no. 6(A)(l) of Part I of Schedule VI to the Companies Act, 1956) 5 Reserves & Surplus

(Disclosure pursuant to Note no. 6(B) of Part I of Schedule VI to the Companies Act, 1956)

6 Long Term Borrowings

(Disclosure pursuant to Note no. 6(C) of Part I of Schedule VI to the Companies Act, 1956)

Nature of security & Terms of Repayment

(Disclosure pursuant to Note no. 6(C) (ii) & (vi) of Part I of Schedule VI to the Companies Act, 1956)

1 The company has shown amount due by itt o M/s. Solarcopyer Limited under Secured Loans. The amount was paid by the said Solarcopyer Limited to Axis Bank Limited (formerly known as UTI Bank) as a proposed Strategic Investor. The Axis Bank subsequently assigned its charge over the assets oft he company in favour of M/s Solarcopyer Limited vide Deed of Assignment dt. 09/02/2012. The amount paid by M/s. Solarcopyer Limite d carry interest @ 15% p.a. for both Secured as well as unsecured portion.

2 Term Loan from ICICI Bank Limited has been obtained against Hypothecation of 2 Vehicles. It carries an Interest rate of 11.25% p.a.. EMI payable is Rs. 22050/- commencing from 15/04/2014 & ending on 15/03/2017 respectively.

Period & amount of continuing Default in repayment of loan & interest

(Disclosure pursuant to Note no. 6(C) (vii) of Part I of Schedule VI to the Companies Act, 1956)

Company has not defaulted on repayment of loan or interest.

7 Deferred Tax Liabilities (net)

Since there is a Deferred Tax Asset, disclosure under this note is not required to be given.

10 Short term borrowings

(Disclosure pursuant to Note no. 6(F) of Part I of Schedule VI to the Companies Act, 1956)

There are no short-term borrowings availed by the company. Therefore, disclosure under this note is not required to be given.

Dues to Micro, Small and Medium Enterprises as defined under the MSMED Act, 2006 including bifurcation of Principle & Interest cannot be provided since the information about the same is not available with the company.

21 Other non-current assets

(Disclosure pursuant to Note no. 6(M) of Part I of Schedule VI to the Companies Act, 1956)

There are no other non-current assets. Therefore, disclosure under this note is not required to be given.

22 Current Investments

(Disclosure pursuant to Note no. 6(N)of Part I of Schedule VI to the Companies Act, 1956)

There are no current investments. Therefore, Disclosure under this note is not required to be given.

23 Inventories

(Disclosure pursuant to Note no. 6(O) of Part I of Schedule VI to the Companies Act, 1956)

Note -

1 Valuation of inventory is done as disclosed in note no. 3-K

2 There are no goods in transit during the year

28 Contingent liabilities and commitments

(Disclosure pursuant to Note no. 6(T) of Part I of Schedule VI to the Companies Act, 1956)

There are no Contingent Liabilities. Therefore, Disclosure under this note is not required to be given.

29 Dividends

(Disclosure pursuant to Note no. 6(U) of Part I of Schedule VI to the Companies Act, 1956)

No Dividend has been declared / proposed by the Board of Directors.

30 Value on realization

(Disclosure pursuant to Note no. 6(W) of Part I of Schedule VI to the Companies Act, 1956)

44 Amount remitted in foreign currencies for dividend - NIL

(As per Point No. 5 (viii) (d) of General Instructions for Preparation of Statement of Profit and Loss)

45 Earnings in foreign exchange

(As per Point No. 5 (viii) (e) of General Instructions for Preparation of Statement of Profit and Loss)

1 Relationships:

a) Associate: N.A.

b) Key Management Personnel:

Mr. Arvind Bharati

Smt. Rochana Bharati

c) Enterprises and relatives of key management where transactions have taken place: M/s. Solarcopyer Limited

Mrs. Ashu Bharati Ravindra Bharati M/s. Universal Traders M/s. Chetana Enterprises Starlite Lighting Ltd.

M/s. Filaments & Filaments

M/s. Reprolite Papers (I) Private Limited

1 The company does not have any dilutive potential equity shares outstanding as on the last day of the previous year which can be converted into equity shares and hence basic & diluted earnings per share is same.

Note: Since majority of the assets are located at single place and are of common nature, Management has decided not to bifurcate the same into segment wise assets and liabilities

Secondary Segment - Geographic Segment

The Geographic Segments identified, as Secondary Segments are "Domestic Market" and "Export Market". Since the Export Market Revenue is less than 10 % of the total, the same has not been disclosed. The entire capital employed is within India.


Jun 30, 2013

1. Corporate Information: -

M/s. Starlite Components Limited is a public limited company domiciled in India and incorporated under the provisions of Companies Act, 1956. The company is in the manufacturing and selling of Electronic Ballast and LED Products with factory situated at Vilholi , Dist- Nashik and office at Satpur, Dist - Nashik. The shares of the company are listed on the Bombay Stock Exchange Limited (Scrip Code - 517548).

2. Basis of Preparation: -

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956.

The company has reclassified previous year figures wherever necessary.

3 The company has shown amount due by it M/s. Solarcopyer Limited under Secured Loans. The amount was paid by the said Solarcopyer Limited to Axis Bank Limited (formerly known as UTI Bank) as a proposed Strategic Investor. The Axis Bank subsequently assigned its charge over the assets of the company in favor of M/s Solarcopyer Limited vide Deed of Assignment dt. 09/02/2012. The amount paid by M/s. Solarcopyer Limited carry interest @ 15% p.a. for both Secured as well as unsecured portion.

4 Deferred Payment Liability from W.M.D.C. is unsecured & repayable with simple rate of interest charged @ 12.50%.

Period & amount of continuing Default in repayment of loan & interest

(Disclosure pursuant to Note no. 6(C) (vii) of Part I of Schedule VI to the Companies Act, 1956)

Company has not defaulted on repayment of loan or interest.

5 Deferred Tax Liabilities (net)

Since there is a Deferred Tax Asset, disclosure under this note is not required to be given.

6 Short term borrowings

(Disclosure pursuant to Note no. 6(F) of Part I of Schedule VI to the Companies Act, 1956)

There are no short-term borrowings availed by the company. Therefore, disclosure under this note is not required to be given.

7 Other Current Liabilities

(Disclosure pursuant to Note no. 6(G) of Part I of Schedule VI to the Companies Act, 1956)

8 INTANGIBLE ASSETS UNDER DEVELOPMENT

There are no Intangible Assets under Development

9 Other non-current assets

(Disclosure pursuant to Note no. 6(M) of Part I of Schedule VI to the Companies Act, 1956)

There are no other non-current assets. Therefore, disclosure under this note is not required to be given.

10 Current Investments

(Disclosure pursuant to Note no. 6(N)of Part I of Schedule VI to the Companies Act, 1956)

There are no current investments. Therefore, Disclosure under this note is not required to be given.

11 Contingent liabilities and commitments

(Disclosure pursuant to Note no. 6(T) of Part I of Schedule VI to the Companies Act, 1956)

There are no Contingent Liabilities. Therefore, Disclosure under this note is not required to be given.

12 Dividends

(Disclosure pursuant to Note no. 6(U) of Part I of Schedule VI to the Companies Act, 1956)

No Dividend has been declared / proposed by the Board of Directors.


Jun 30, 2012

1. Corporate Information: -

M/s. Starlite Components Limited is a public limited company domiciled in India and incorporated under the provisions of Companies Act, 1956. The company is in the manufacturing and selling of Electronic Ballast and LED Products with factory situated at Vilholi, Dist- Nashik and office at Satpur, Dist - Nashik. The shares of the company are listed on the Bombay Stock Exchange Limited (Scrip Code -517548).

2. Basis of Preparation: -

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956.

During the yearended 30th June 2012, the revised Schedule VI notified under Companies Act, 1956 has become applicable to the company for preparation and presentation of its financial statements. The adoption of revised schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on the presentation and disclosures made in the financial statements. Thecompany has reclassified previous year figures in accordance with the requirements applicablein the current year.

a) Rights attached to Equity shares

(Disclosure pursuant to Note no. 6(A)(e) of Part I of Schedule VI to the Companies Act, 1956)

The companyhas only one class of equity shares havinga par value of Rs. 10/- per share. Each Holder of equityshares is entitled to one vote per share. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

b) Shares held by Holding / ultimate Holding company and / or their subsidiaries/associates

(Disclosure pursuant to Note no. 6(A)(f) of Part I of Schedule VI to the Companies Act, 1956)

Equity and Preference Shares issued by the company and held by Holding company, ultimate Holding company and their Subsidiaries / associates are NIL

c) Shares reserved forissue under options - NIL

(Disclosure pursuant to Note no. 6(A)(h) of Part I of Schedule VI to the Companies Act, 1956)

d) Securities convertible into equity/preference shares issued - NIL

(Disclosure pursuantto Note no. 6(A)(j) of Part I of Schedule VI to the Companies Act, 1956)

e) Calls unpaid - NIL

(Disclosure pursuantto Note no. 6(A)(k) of Part I of Schedule VI to the Companies Act, 1956)

i) Forfeited shares - NIL

(Disclosure pursuantto Note no. 6(A)(1) of Part I of Schedule VI to the Companies Act, 1956)

Nature of security & Terms of Repayment

(Disclosure pursuant to Note no. 6(C) (ii) & (vi) of Part I of Schedule VI to the Companies Act, 1956)

1 The company has shown amount due by it to M/s. Solarcopyer Limited under Secured Loans. The amount was paid by the said Solarcopyer Limited to Axis Bank Limited (formerly known as UTI Bank) as a proposed Strategic Investor. The Axis Bank subsequently assigned its charge over the assets of the company in favour of M/s Solarcopyer Limited vide Deed of Assignment dt. 09/02/2012. The amount paid by M/s. Solarcopyer Limited carry interest @ 15% p. a. for both Secured as well as unsecured portion.

2 Deferred Payment Liability from W.M.D.C. is unsecured & repayable with simple rate of interest charged @ 12.50%.

3 Deferred Tax Liabilities (net)

Since there is a Deferred Tax Asset, disclosure under this note is not required to be given.

4 Short term borrowings

(Disclosure pursuantto Note no. 6(F) of Part I of Schedule VI to the Companies Act, 1956)

There are no short-term borrowings availed by the company. Therefore, disclosure under this note is not required to be given.

Notes-

1. None of the assets are taken or given on Lease

2. None of the assets are revalued during the year or within previous 5 years.

3. No previous revaluation done within last 5 years is written down during the year.

4. No impairment loss has been accounted during the year.

5. No previous impairment loss has been reversed duringthe year.

5 Intangible Assets

(Disclosure pursuant to Note no. 6(J) of Part I of Schedule VI to the Companies Act, 1956) There are no Intangible Assets

6 INTANGIBLE ASSETS UNDER DEVELOPMENT

There are no Intangible Assets under Development

Note - Provision for Diminution has been made in respect of the value of investments in M/s. Paragon Plastics Limited, provision for diminution has been made considering the fair market value of the investment.

7 Other non-current assets

(Disclosure pursuantto Note no. 6(M) of Part I of Schedule Vito the Companies Act, 1956)

There are no other non-current assets.Therefore, Disclosureunder this note is not required to begiven.

8 Current Investments

(Disclosure pursuantto Note no. 6(N)of Part I of Schedule Vito the Companies Act, 1956)

There are no current investments. Therefore, Disclosure under this note is not required to be given.

9 Contingent liabilities and commitments

(Disclosure pursuant to Note no. 6(T) of Part I of Schedule VI to the Companies Act, 1956) There are no contingent liabilities.

10 Dividends

(Disclosure pursuant to Note no. 6(11) of Part I of Schedule VI to the Companies Act, 1956) No Dividend has been declared / proposed by the Board of Directors.

11 Related Party Disclosure

(As per Accounting Standard -18)

1 Relationships:

a) Associate:

N.A.

b) Key Management Personnel:

Mr. Arvind Bharati

Smt. Rochana Bharati

c) Enter prises and relatives of key management where transactions have taken place: M/s. Solarcopyer Limited

Mrs. Ashu Bharati Ravindra Bharati M/s. Universal Traders M/s. Chetana Enterprises Starlite Lighting Ltd.

M/s Filaments & Filaments

M/s Reprolite Papers (I) Private Limited

Note -

1 The company does not have any dilutive potential equity shares outstanding as on the last day of the previous year which can be converted into equity shares and hence basic & diluted earnings per share is same.

Note -

Note: Since majority of the assets are located at single place and are of common nature. Management has decided not to bifurcate the same into segment wise assets and liabilities

Secondary Segment - Geograph ic Segment

The Geographic Segments identified, as Secondary Segments are "Domestic Market" and "Export Market". Since the Export Market Revenue is less than 10 % of the total, the same ha snot been d isclosed. The entire capita I employed is within India.


Jun 30, 2010

1. Figures for the previous year have been regrouped and rearranged wherever necessary.

2. The balances of debtors, creditors and loans and advances are subject to confirmation.

3. Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs. NIL (previous year Rs. Nil).

4. Contingent liability not provided for in respect of:

a) Suits filed against the company and its directors amounting to Rs. 146.11 lacs as a counter measure to suits filed by the company and its directors involving an amount of Rs. 164.53 lacs against Market Creators Limited, its directors and their group concerns.

5. No Employee of the Company was in receipt of remuneration exceeding Rs. 24,00,000/- per annum, if employed throughout the year or Rs. 2,00,000/- per month, if employed for a part of the year.

Names, Description and transactions of related parties- Key Management

Starlite Lighting Ltd. - Sale/services Rs. 222,862/- Payment Rs. Nil/- Receipts Rs. 1503277/- and Debit Balance Rs. 4728491/-.

Solarcopyer Pvt. Ltd.- Sales/services Rs. 236443002/-, Payment Rs. 1170001/-, Receipts Rs. 176361487/-, Purchase Rs. 13332224/- and Debit Balance Rs. 79830035/-.

Reprolite Papers (II P.Ltd. - Payment Rs. 1250/- Receipt Rs. Nil/- Balance Dr. Rs.92250/-

Paraqon Plastics Ltd. - Payment Rs. Nil/- Receipts - Rs. Nil/- Debit Balance Rs. 1733325/-.

Relatives -

Mrs. Rochana Bharati - Prop. Filaments & Filaments Payment Rs, 443/- Receipt Rs. 15000/- and Credit Balance Rs, 57053/-

Mr. Ravindra Bharati - Prop. Universal Traders Payment Rs. Nil/- Receipt Rs. 134925/- and Credit balance Rs. 795939/-

6. Information required under Para 4D of Part II of Schedule VI of the Companies Act, 1956.

a) Value of imports calculated on CIF basis of Raw Materials, Components, Spares and Capital Goods is Rs. 15,60,53,761/- (Previous year Rs. 10,36,62,263).

b) Expenditure in Foreign Currency during the year on account of Royalty, Know-how, Professional Fees, Consultation Fees, Interest, travelling and other matters is Rs. Nil/- (Previous year Rs. Nil).

c) Value of all imported raw materials, spare parts, components, etc., consumed / sold during the year on CIF basis Rs. 15,33,21,654/- (Previous year Rs. 9,94,56,304/-).

d) Amount remitted during the year in foreign currency on account of dividend is Rs. Nil. (Previous year Rs. Nil).

e) Earning in foreign exchange is Rs. Nil/- (Previous year Rs. Nil/-).

7. Advance given to group company of Rs. 60,27,000/- have been written off in current year, vide board resolution passed in the meeting of Board of Directors held on 15.02.2010.

8 Figures have been rounded off to the nearest rupee.

9 Provision for taxation has been made on the basis of Minimum Alternate Tax imposed on the book profitsjf any, of the Company upto March, 2010.


Jun 30, 2009

1. Figures for the previous year have been regrouped and rearranged wherever necessary.

2. The balances of debtors, creditors and loans and advances are subject to confirmation.

3. In the opinion of the Board, Loans and Advances and Current Assets are approximately of the value stated, if realized in the ordinary course of business.

4. Employees retirement benefits: Retirement gratuity payable to employees is accounted on cash basis as and when paid.

5. Sales include Excise Duty but exclude Sales Tax. The Sales Tax collected is shown as liability.

6. Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs. NIL (previous year Rs. Nil).

7. Contingent liability not provided for in respect of:

a) Suits filed against the company and its directors amounting to Rs. 146.11 lacs as a counter measure to suits filed by the company and its directors involving an amount of Rs. 164.53 lacs against Market Creators Limited, its directors and their group concerns.

8. Working Directors Remuneration: - 2008-09 2007-2008

(1 Director) (1 Director)

Remuneration Rs. 1,80,00/- Rs. 1,80,000/-

9. No Employee of the Company was in receipt of remuneration exceeding Rs. 24,00,000/- per annum, if employed throughout the year or Rs. 2,00,000/- per month, if employed for a part of the year.

Key Management -

Starlite Lighting Ltd. - Sale/services Rs. 1457044/- Payment Rs. Nil/- Receipts Rs. 288116/- and Debit Balance Rs. 6008905.82/-.

Solarcopver Pvt. Ltd.- Sales/services Rs. 160054474.75/- Payment Rs. 116020/- Receipts Rs. 140523126.6/- Purchase Rs. 1843131.64/- and Debit Balance Rs. 31910742.48/-.

Reprolite Papers (I) P.Ltd. - Payment Rs. 400/- Receipt Rs. Nil/- Balance Dr. Rs.91000.ll/-

Paragon Plastics Ltd. - Payment Rs. Nil/- Receipts - Rs. 78880/- Debit Balance Rs. 173332

Relatives -

Mrs. Rochana Bharati - Prop. Filaments & Filaments Payment Rs. Nil/- Receipt Rs. 25000/- and Credit Balance Rs. 42496/-Mr. Ravindra Bharati - Prop. Universal Traders Payment Rs. Nil/- Receipt Rs. Nil/- and Credit balance Rs. 661014.32/-

10. Information required under Para 4D of Part II of Schedule VI of the Companies Act, 1956.

a) Value of imports calculated on CIF basis of Raw Materials, Components, Spares and Capital Goods is Rs. 10,36,62,263/-(Previous year Rs. 9,69,95,180/-).

b) Expenditure in Foreign Currency during the year on account of Royalty, Know-how, Professional Fees, Consultation Fees, Interest, travelling and other matters is Rs. Nil/- (Previous year Rs. 39,750).

c) Value of all imported raw materials, spare parts, components, etc., consumed / sold during the year on CIF basis Rs. 9,94,563,043/- (Previous year Rs. 9,69,95,180/-).

d) Amount remitted during the year in foreign currency on account of dividend is Rs. Nil. (Previous year Rs. Nil).

e) Earning in foreign exchange is Rs. Nil/- (Previous year Rs. Nil/-).

11 Figures have been rounded off to the nearest rupee.

12 Provision for taxation has been made on the basis of Minimum Alternate Tax imposed on the book profits,if any, of the Company upto March, 2009.

 
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