Mar 31, 2015
A. Corporate information
Ceeta Industries Limited is a domestic public limited company
incorporated under the provisions of the Indian Companies Act, 1956.
The company's main activity, being the operation of its hundred percent
export oriented granite unit, had to be kept in suspension due to
continuing unfavourable trading condition in the export market. The
company therefore has always been looking for opportunity to undertake
other profitable activities such as trading, handling & transportation
and deployment of funds for short term with the corporates. In the mean
while the company, with an intension to diversify the project,
exploring the feasibility and viability of a project to manufacture
cement mould products mainly of electric poles. The other activities as
mentioned earlier have enabled the company to have profitable
operations.
b. 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 financial
statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year, except for the
change in accounting policy explained below.
c. Change in accounting policy
Presentation and disclosure of financial statements:
The Schedule III notified under the Companies Act 2013 is applicable to
the company in the current year for preparation and presentation of its
financial statements. There is no change in accounting policy of the
company during the current year except charging of depreciation under
Straight Line Method of Schedule II of the Companies Act, 2013.
However, the company has reclassified the previous year figures in
accordance with the requirements applicable in the current year.
d. 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 revenues, 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
requiring a material adjustment to the carrying amounts of assets or
liabilities in future periods
e. Tangible fixed assets
Fixed assets are stated at the book value as on 01/06/2003 and
subsequent capital expenditure i.e.; addition to fixed assets are
stated at cost prevailing at the date of acquisition.
f. Depreciation on tangible fixed assets
Depreciation on fixed assets has been provided as per rate applicable
on the basis of estimated useful life under Straight Line Method of
Schedule II of the Companies Act, 2013.
g. Investments
Investments, which are readily realizable and intended to be held for
not more than one year from the date on which such investments are made,
are classified as current investments. All other investments are
classified as long-term investments.
On initial recognition, all investments are measured at cost. The cost
comprises purchase price and directly attributable acquisition charges
such as brokerage, fees and duties. If an investment is acquired, or
partly acquired, by the issue of shares or other securities, the
acquisition cost is the fair value of the securities issued.
Current investments are carried in the financial statements at cost.
Long-term investments are carried at cost. On disposal of an
investment, the difference between its carrying amount and net disposal
proceeds is charged or credited under the head "capital gain" to the
statement of profit and loss.
h. Inventories
Raw materials, components, stores and spares are valued at lower of
cost and net realizable value. Finished goods are valued at lower of
cost and net realizable value. Net realizable value is the estimated
selling price in the ordinary course of business, less estimated costs
of completion and estimated costs necessary to make the sale.
i. Revenue recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the company and the revenue can be
reliably measured. The following specific recognition criteria must
also be met before revenue is recognized:
Sale of goods
Revenue from sale of goods is recognized when all the significant risks
and rewards of ownership of the goods have been passed to the buyer,
usually on delivery of the goods. The company collects sales taxes and
value added taxes (VAT) on behalf of the government and, therefore,
these are not economic benefits flowing to the company. Hence, they
are excluded from revenue. Excise duty deducted from revenue (gross) is
the amount that is included in the revenue (gross).
Interest:
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the applicable interest rate.
Interest income is included under the head "other income" in the
statement of profit and loss.
j. Foreign currency transaction
(i) Sale: Direct exports are undertaken in terms of the currency of the
country of export and accounted for at the rate prevailing on the date
of shipment. The difference in exchange on the date of realization of
debts is taken in revenue. Third party exports are undertaken at rupee
value.
(ii) Expenses: The actual expenses in terms of rupees on the date of
transaction/ remittance for purchase (import) of goods and expenses are
taken into account.
(iii) Capital Goods: No capital goods were acquired out of foreign
exchange involvement since 01-06-2003.
(iv) Borrowings: No foreign currency borrowings were made during the
current financial year and no outstanding foreign currency borrowings
were at the beginning of the year.
k. Retirement and other employee benefits
Retirement benefit in the form of provident fund is a defined
contribution scheme. The contributions to the provident fund are
charged to the statement of profit and loss for the year when the
contributions are due. The company has no obligation, other than the
contribution payable to the provident fund.
The retirement benefits of the employees in the form of gratuity is
provided on accrual basis taking into account the actuarial valuation.
i Income tax
In pursuance of accounting Standard-22 (accounting for taxes on income)
issued by the Institute of Chartered Accountants of India, current tax
is determined on the basis of the income for the year under Income Tax
Act.
Provision for deferred tax made in the Profit and Loss Statement
reflects the impact of timing differences between income and accounting
income originating during the current year and reversal of timing
differences of earlier years. Deferred tax is measured using the tax
rates and the tax laws enacted or substantively enacted at the
reporting date. Deferred tax assets are recognized for deductible
timing differences only to the extent that there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realised.
As the company is having deferred tax asset by concept of prudence, no
provisions has been made in the books.
m. Segment reporting
The Company at present has two segments viz. granite division engaged
in manufacturing granite products and other operations which comprise
trading transactions including brokerage, commission, mining,
transportation, purchase / sale of property construction rights,
interest income on short term lending and miscellaneous services.
Segment result includes revenue less operating expenses and provision,
if any, for that segment. Segment capital employed represents the net
assets in particular segments. Head office income and expenses are
considered as unallocable corporate expenditure net of unallocable
income.
n. Earnings Per Share
The company reports basic and diluted earnings per equity share in
accordance with AS- 20 (Earnings Per Share). Basic earnings per equity
share has been computed by dividing net profit or loss by the weighted
average number of equity shares outstanding for the period. Diluted
earnings per equity share, has been computed using the weighted average
number of equity shares and dilutive potential equity shares
outstanding during the period.
o. Inter Corporate Loans
The Company follows the KYC norms before providing inter- corporate
loans. The Company also covers reasonable securities against loan
before / at the time of providing loans. Loans are segregated into
secured and unsecured depending upon the securities taken against the
loan.
p. Contingent liabilities
A contingent liability is a possible obligation that arises from past
events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the
control of the company or a present obligation that is not recognized
because it is not probable that an outflow of resources will be
required to settle the obligation. A contingent liability also arises
in extremely rare cases where there is a liability that cannot be
recognized because it cannot be measured reliably. The company does not
recognize a contingent liability but discloses its existence in the
financial statements.
q. Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and in hand and bank deposits with more than 12
months maturity. Investment towards margin money and security deposit
and other commitments are also grouped under cash and cash equivalents.
Mar 31, 2014
A. Corporate information
Ceeta Industries Limited is a domestic public limited company
incorporated under the provisions of the Indian Companies Act, 1956.
The company''s main activity, being the operation of its hundred percent
export oriented granite unit, had to be kept in suspension due to
continuing unfavourable trading condition in the export market. The
company, therefore has always been in the took out for opportunity to
undertake profitable activities such as trading, handling &
transportation and deployment of funds for short term with the
corporates. The other activities as mentioned earlier have enabled the
company to have profitable operations
b. 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 financial
statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year, except for the
change in accounting policy explained below.
c. Change in accounting policy
Presentation and disclosure of financial statements:
The revised Schedule VI notified under the Companies Act 1956 is
applicable to the company in the current year for preparation and
presentation of its financial statements. There is no change in
accounting policy of the company during the current year except
charging depreciation on Plan and Machinery on single shift basis
instead of triple shift basis charged in previous years. However, the
company has reclassified the previous year figures in accordance with
the requirements applicable in the current year.
d. 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 revenues, 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
requiring a material adjustment to the carrying amounts of assets or
liabilities in future periods
e. Tangible fixed assets
Fixed assets are stated at the book value as on 01/06/2003 and
subsequent capital expenditure i.e.; addition to fixed assets are
stated at cost prevailing at the date of acquisition.
f. Depreciation on tangible fixed assets
Depreciation on fixed assets has been provided on straight line method.
The rates and manner for depreciation provision are as per schedule XIV
to the Companies Act, 1956 as amended by the Companies (Amendment) Act,
1988.
g. Investments
Investments, which are readily realizable and intended to be held for
not more than one year from the date on which such investments are
made, are classified as current investments. All other investments are
classified as long-term investments.
On initial recognition, all investments are measured at cost. The cost
comprises purchase price and directly attributable acquisition charges
such as brokerage, fees and duties. If an investment is acquired, or
partly acquired, by the issue of shares or other securities, the
acquisition cost is the fair value of the securities issued.
Current investments are carried in the financial statements at cost.
Long-term investments are carried at cost. On disposal of an
investment, the difference between its carrying amount and net disposal
proceeds is charged or credited under the head "capital gain" to the
statement of profit and loss.
h. Inventories
Raw materials, components, stores and spares are valued at lower of
cost and net realizable value. Finished goods are valued at lower of
cost and net realizable value. Net realizable value is the estimated
selling price in the ordinary course of business, less estimated costs
of completion and estimated costs necessary to make the sale.
i. Revenue recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the company and the revenue can be
reliably measured. The following specific recognition criteria must
also be met before revenue is recognized:
Sale of goods
Revenue from sale of goods is recognized when all the significant risks
and rewards of ownership of the goods have been passed to the buyer,
usually on delivery of the goods. The company collects sales taxes and
value added taxes (VAT) on behalf of the government and, therefore,
these are not economic benefits flowing to the company. Hence, they
are excluded from revenue. Excise duty deducted from revenue (gross) is
the amount that is included in the revenue (gross).
Interest:
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the applicable interest rate.
Interest income is included under the head "other income" in the
statement of profit and loss.
j. Foreign currency translation
(i) Sale: Direct exports are undertaken in terms of the currency of the
country of export and accounted for at the rate prevailing on the date
of shipment. The difference in exchange on the date of realization of
debts is taken in revenue. Third party exports are undertaken at rupee
value.
(ii) Expenses: The actual expenses in terms of rupees on the date of
transaction/ remittance for purchase (import) of goods and expenses are
taken into account.
(iii) Capital Goods: No capital goods were acquired out of foreign
exchange involvement since 01-06-2003.
(iv) Borrowings: No foreign currency borrowings were made during the
current financial year and no outstanding foreign currency borrowings
were at the beginning of the year.
k. Retirement and other employee benefits
Retirement benefit in the form of provident fund is a defined
contribution scheme. The contributions to the provident fund are
charged to the statement of profit and loss for the year when the
contributions are due. The company has no obligation, other than the
contribution payable to the provident fund.
The retirement benefits of the employees in the form of gratuity is
provided on accrual basis taking into account the actuarial valuation.
i Income tax
In pursuance of accounting Standard-22 (accounting for taxes on income)
issued by the Institute of Chartered Accountants of India, current tax
is determined on the basis of the income for the year under Income Tax
Act.
Provision for deferred tax made in the Profit and Loss Statement
reflects the impact of timing differences between income and accounting
income originating during the current year and reversal of timing
differences of earlier years. Deferred tax is measured using the tax
rates and the tax laws enacted or substantively enacted at the
reporting date. Deferred tax assets are recognized for deductible
timing differences only to the extent that there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realised.
As the company is having deferred tax asset by concept of prudence, no
provisions has been made in the books.
m. Segment reporting
The Company at present has two segments viz. granite division engaged
in manufacturing granite products and other operations which comprise
trading transactions including brokerage, commission, mining,
transportation, purchase / sale of property construction rights,
interest income on short term lending and miscellaneous services.
Segment result includes revenue less operating expenses and provision,
if any, for that segment. Segment capital employed represents the net
assets in particular segments. Head office income and expenses are
considered as unallocable corporate expenditure net of unallocable
income.
n. Earnings Per Share
The company reports basic and diluted earnings per equity share in
accordance with AS-20 (Earnings Per Share). Basic earnings per equity
share has been computed by dividing net profit or loss by the weighted
average number of equity shares outstanding for the period. Diluted
earnings per equity share, has been computed using the weighted average
number of equity shares and dilutive potential equity shares
outstanding during the period.
o. Inter Corporate Loans
The Company follows the KYC norms before providing inter- corporate
loans. The Company also covers reasonable securities against loan
before / at the time of providing loans. Loans are segregated into
secured and unsecured depending upon the securities taken against the
loan.
p. Contingent liabilities
A contingent liability is a possible obligation that arises from past
events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the
control of the company or a present obligation that is not recognized
because it is not probable that an outflow of resources will be
required to settle the obligation. A contingent liability also arises
in extremely rare cases where there is a liability that cannot be
recognized because it cannot be measured reliably. The company does not
recognize a contingent liability but discloses its existence in the
financial statements.
q. Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and in hand and bank deposits with more than 12
months maturity. Investment towards margin money and security deposit
and other commitments are also grouped under cash and cash equivalents.
Mar 31, 2013
A. Corporate information
Ceeta Industries Limited is a domestic public limited company
incorporated under the provisions of the Indian Companies Act, 1956.
The company''s main activity, being the operation of its hundred percent
export oriented granite unit, had to be kept in suspension due to
continuing unfavourable trading condition in the export market. The
company, therefore. has always been in the took out for opportunity to
undertake profitable activities such as trading, handling &
transportation and deployment of funds for short term with the
corporates. The other activities as mentioned earlier have enabled the
company to have profitable operations.
b. 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 financial
statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial
statements are consistent with those of previous year, except for the
change in accounting policy explained below.
c. Change in accounting policy
Presentation and disclosure of financial statements:
The revised Schedule VI notified under the Companies Act 1956, has
became applicable to the company in the previous year for preparation
and presentation of its financial statements. There is no change in
accounting policy of the company during the current year. However, the
company has reclassified the previous year figures in accordance with
the requirements applicable in the current year.
d. 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 revenues, 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
requiring a material adjustment to the carrying amounts of assets or
liabilities in future periods
e. Tangible fixed assets
Fixed assets are stated at the book value as on 01/06/2003 and
subsequent capital expenditure i.e.; addition to fixed assets are
stated at cost prevailing at the date of acquisition.
f. Depreciation on tangible fixed assets
Depreciation on fixed assets has been provided on straight line method;
in case of plant & machinery for granite division the ''triple shift
basis'' has been taken. The rates and manner for depreciation provision
are as per schedule XIV to the Companies Act, 1956 as amended by the
Companies (Amendment) Act, 1988.
g. Investments
Investments, which are readily realizable and intended to be held for
not more than one year from the date on which such investments are
made, are classified as current investments. All other investments are
classified as long-term investments.
On initial recognition, all investments are measured at cost. The cost
comprises purchase price and directly attributable acquisition charges
such as brokerage, fees and duties. If an investment is acquired, or
partly acquired, by the issue of shares or other securities, the
acquisition cost is the fair value of the securities issued.
Current investments are carried in the financial statements at cost.
Long-term investments are carried at cost. On disposal of an
investment, the difference between its carrying amount and net disposal
proceeds is charged or credited under the head ''capital gain to the
statement of profit and loss.
h. Inventories
Raw materials, components, stores and spares are valued at lower of
cost and net realizable value. Finished goods are valued at lower of
cost and net realizable value. Net realizable value is the estimated
selling price in the ordinary course of business, less estimated costs
of completion and estimated costs necessary to make the sale.
i. Revenue recognition
Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the company and the revenue can be
reliably measured. The following specific recognition criteria must
also be met before revenue is recognized: sale of goods Revenue from
sale of goods is recognized when all the significant risks and rewards
of ownership of the goods have been passed to the buyer, usually on
delivery of the goods.
The company collects sales taxes and value added taxes (VAT) on behalf
of the government and, therefore, these are not economic benefits
flowing to the company.
Hence, they are excluded from revenue. Excise duty deducted from
revenue (gross) is the amount that is included in the revenue (gross).
Interest:
Interest income is recognized on a time proportion basis taking into
account the amount outstanding and the applicable interest rate.
Interest income is included under the head ''other income in the
statement of profit and loss.
j. Foreign currency translation
(I) Sale: Direct exports are undertaken in terms of the currency of the
country of export and accounted for at the rate prevailing on the date
of shipment. The difference in exchange on the date of realization of
debts is taken in revenue. Third party exports are undertaken at rupee
value.
(ii) Expenses: The actual expenses in terms of rupees on the date of
transaction/ remittance for purchase (import) of goods and expenses are
taken into account.
(iii) Capital Goods: No capital goods were acquired out of foreign
exchange involvement since 01-06-2003.
(iv) Borrowings: No foreign currency borrowings were made during the
current financial year and no outstanding foreign currency borrowings
were at the beginning of the year.
k. Retirement and other employee benefits
Retirement benefit in the form of provident fund is a defined
contribution scheme. The contributions to the provident fund are
charged to the statement of profit and loss for the year when the
contributions are due. The company has no obligation, other than the
contribution payable to the provident fund.
The retirement benefits of the employees in the form of gratuity is
provided on accrual basis taking into account the actuarial valuation.
i Income tax
In pursuance of accounting Standard-22 (accounting for taxes on income)
issued by the Institute of Chartered Accountants of India, current tax
is determined on the basis of the income for the year under Income Tax
Act.
Provision for deferred tax made in the Profit and Loss Statement
reflects the impact of timing differences between income and accounting
income originating during the current year and reversal of timing
differences of earlier years. Deferred tax is measured using the tax
rates and the tax laws enacted or substantively enacted at the
reporting date. Deferred tax assets are recognized for deductible
timing differences only to the extent that there is reasonable
certainty that sufficient future taxable income will be available
against which such deferred tax assets can be realised.
As the company is having deferred tax asset by concept of prudence, no
provisions has been made in the books.
m. Segment reporting
The Company at present has two segments viz. granite division engaged
in manufacturing granite products and other operations which comprise
trading transactions including brokerage, commission, mining,
transportation, purchase / sale of property construction rights,
interest income on short term lending and miscellaneous services.
Segment result includes revenue less operating expenses and provision,
if any, for that segment. Segment capital employed represents the net
assets in particular segments. Head office income and expenses are
considered as unallocable corporate expenditure net of unallocable
income.
n. Earnings Per Share
The company reports basic and diluted earnings per equity share in
accordance with AS-20 (Earnings Per Share). Basic earnings per equity
share has been computed by dividing net profit or loss by the weighted
average number of equity shares outstanding for the period. Diluted
earnings per equity share, has been computed using the weighted average
number of equity shares and dilutive potential equity shares
outstanding during the period.
o. Inter Corporate Loans
The Company follows the KYC norms before providing inter- corporate
loans. The Company also covers reasonable securities against loan
before / at the time of providing loans. Loans are segregated into
secured and unsecured depending upon the securities taken against the
loan.
p. Contingent liabilities
A contingent liability is a possible obligation that arises from past
events whose existence will be confirmed by the occurrence or
non-occurrence of one or more uncertain future events beyond the
control of the company or a present obligation that is not recognized
because it is not probable that an outflow of resources will be
required to settle the obligation. A contingent liability also arises
in extremely rare cases where there is a liability that cannot be
recognized because it cannot be measured reliably. The company does not
recognize a contingent liability but discloses its existence in the
financial statements.
q. Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement
comprise cash at bank and in hand and bank deposits with more than 12
months maturity. Investment towards margin money and security deposit
and other commitments are also grouped under cash and cash equivalents.
Mar 31, 2010
(i) General:
The company follows accrual system of accounting and recognizes income
and expenditure on accrual basis unless otherwise stated. The accounts
are prepared on historical cost convention,
(ii) Fixed Assets :
Fixed assets as on 01/06/2003 are stated at the book value and any
addition to fixed assets subsequent to that date are stated at cost
prevailing on the date of acquisition.
(Hi) Depreciation :
Depreciation on fixed assets has been provided on straight line method;
in case of plant & machinery for granite division the triple shift
basis has been taken. The rates and manner for depreciation provision
are as per schedule XIV to the Companies Act, 1956 as amended by the
Companies (Amendment) Act, 1988.
(iv) Investments :
Quoted Investments are stated at cost less diminution in the market
value which are permanent in nature. The decline in market value of
investment in current year has been considered to be temporary in
nature and hence no provision is made in the books.
(v) Inventories :
Inventories of the company are stated at lower of cost or net
realisable value.
(vi) Revenue Recognition :
The companys sales are net of sales returns and duties and levies.
(vii) Foreign Exchange Transaction :
The transactions in foreign currencies remaining outstanding at the end
of the year are translated at the exchange rates prevailing on the date
of the Balance sheet. Exchange rate gain/loss on transactions relating
to liabilities incurred to acquire fixed assets is treated as an
adjustment to the cost of fixed assets. Exchange gains and losses on
foreign exchange transactions, other than those relating to fixed
assets are recognized in the profit and loss account in accordance with
the Accounting standard 11 of the Institute of Chartered Accountants of
India.
(viii) Employee Retirement Benefits :
Companys contributions to Provident fund are charged to Profit and
Loss a/c. For retirement benefit of the employee, Gratuity is provided
on accrual basis taking into account the actuarial valuation.
(ix) Contingent Liabilities:
Contingent liability has been disclosed separately by way of notes on
accounts in the Schedule and no provision has been made in the
accounts.
(x) Earning Per share :
The company reports basic and diluted earnings per equity share in
accordance with AS-20 (Earnings Per Share). Basic earnings per equity
share has been computed by dividing net profit or loss by the weighted
average number of equity shares outstanding for the period. Diluted
earnings per equity share, has been computed using the weighted average
number of equity shares and dilutive potential equity shares
outstanding during the period.
(xi) Segment Information - Basis of preparation
The Company at present has two segments viz. granite division engaged
in manufacturing granite products and other operations which comprises
trading transactions including brokerage, commission, mining,
transportation and miscellaneous services.
Segment result includes revenue less operating expenses and provision,
if any, for that segment. Segment capital employed represents the net
assets in particular segments. Head office income and expenses are
considered as unallocable corporate expenditure net of unallocable
income.
(xii) Taxation
No provision for income tax has been made since the company has no tax
liability in accordance with the provision of the Income Tax Act.
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