Mar 31, 2015
2.1 BASIS FOR PREPARATION OF FINANCIAL STATEMENT:
The financial statements have been prepared to comply in all material
respects with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India ("ICAI"), relevant
provisions of the Companies Act, 2013 and guidelines issued by the
Securities and Exchange Board of India.
The financial statements have been prepared under historical cost
convention on an accruals basis. The accounting policies have been
consistently applied by the company and are consistent with those used
during the previous year. The presentation of financial statement in
conformity with generally accepted accounting principles ("GAAP")
requires management to make estimates and assumptions that affect the
amounts reported in the financial statements and accompanying notes.
Although these estimates are based on management best knowledge of
current events and actions the company may undertake in future, actual
results ultimately may differ from the estimates.
2.2 INVENTORY VALUATION:
Raw Materials, Finished Products, Packing Materials, Stores and Spares
are stated at lower of cost or net realizable value.
2.3 CASH FLOW STATEMENT:
Cash flows are reported using the indirect method, whereby net profit
(loss) before tax is adjusted for the effective transactions of non
cash nature and any deferrals or accruals of past or future cash
receipts or payments. The cash flow from regular revenue generating,
investing and financing activities of the group are segregated.
2.4 DEPRECIATION:
Depreciation on Tangible Assets is provided on straight- line basis on
the useful life of the asset as mentioned in Schedule II to the
companies Act, 2013.
2.5 REVENUE RECOGNITION:
* Sales are recognized when the significant risk attached to the goods
are passed on to the seller and are recorded net of trade discounts,
rebates but includes Sales Tax wherever applicable.
* Dividend income is recognized when the right to receive the dividend
is established.
* Interest income is recognized on an accrual basis.
* Rental income on leased property is recognized on accrual basis,
based on the terms and conditions agreed with the lessee.
2.6 FIXED ASSETS:
* Fixed Assets are stated at cost of acquisition and subsequent
improvements thereto including taxes, duties, freight and other
incidental expenses related to acquisition and installation.
* Interest on term loan taken for acquisition of assets is capitalized
upto the date of asset being ready for use.
* Capital work in progress comprises of the cost of Fixed Assets that
are not put to use as at the Balance Sheet date and advance paid
towards acquisition of Fixed Assets.
2.7 FOREIGN CURRENCY TRANSACTION:
* Initial recognition - Foreign currency transactions are recorded in
the reporting currency, by applying to the foreign currency amount the
exchange rate between the reporting currency and the foreign currency
approximately at the date of the transaction.
* Conversion - Foreign currency monetary items are reported using the
closing rate. Non monetary items, which are carried in terms of
historical cost denominated in a foreign currency are reported using
the exchange rate at the date of transaction.
* Exchange Differences - Exchange differences arising on the settlement
or conversion of monetary items are recognized as income or as expenses
in the period in which they arise.
2.8 INVESTMENTS:
Long Term Investments are valued at their acquisition cost. Provision
for diminution in the value of long-term investment is made only if such
decline is other than temporary in the opinion of the management.
2.9 EMPLOYEE BENEFITS:
2.9.1 Gratuity:
The company has taken Group Gratuity Scheme for its eligible employees
from Life Insurance Corporation of India, for the gratuity liability.
The premium payable to Life Insurance Corporation of India is provided
on an actuarial basis.
2.9.2 Leave Encashment:
Leave Encashment Liability of eligible employees is accounted on
actuarial basis.
2.9.3 Provident Fund:
Company's contribution to provident fund is charged to Profit & Loss
Account and the same is remitted to provident fund Commissioner along
with the employee contribution.
2.10 BORROWING COST:
Borrowing cost that are specifically attributable to the acquisition,
construction or production of qualifying asset are capitalized as part
of the cost of such asset. A qualifying asset is an asset that
necessarily takes a substantial period of time to get ready for its
intended use or sale. Other borrowing costs are recognized as an
expense in the period in which they are incurred.
2.11 SEGMENT REPORTING:
The companies operations predominantly relate to trading in wheat and
manufacturing & trading in wheat products. The company has business
segment as primary segment & geographical segment as secondary segment.
Income and direct expenses in relation to segments is categorized bases
on item that are individually identifiable to that segment and based on
their relationship to the operating activity of that segment. Certain
expenses such as depreciation, financial charges which form part of a
segment component of total expense, are not specifically allocable to
specific segment on a reasonable basis, have been included under
unallocated corporate expenses.
Geographical revenues are segregated based on the location of the
customer who is invoiced are in relation to which revenue is otherwise
recognized.
2.12 ACCOUNTING OF LEASE:
Leases where the lessor effectively retains the substantially all risks
and benefits of the ownership over the lease term are classified as
operating lease. Operating lease payments are recognized as expenses in
the profit and loss account on the straight-line basis over the lease
term.
2.13 INCOME TAX:
* Tax expenses comprises of current, deferred and fringe benefit tax.
Current tax and fringe benefit tax are measured at the amount expected
to be paid to the tax authorities in accordance with the Income-tax
act, 1961.
* Deferred income taxes reflect the impact of current year timing
differences between the taxable income and accounting income for the
year and reversal of timing differences of earlier years, based on the
tax rates that have been enacted or substantively enacted at the
Balance Sheet date. Deferred tax assets are recognized only if there is
reasonable certainty that sufficient future taxable income will be
available, against which such deferred tax assets can be realized. If
the company has carry forward of unobserved depreciation and tax
losses, all deferred tax assets are recognized only if there is virtual
certainty supported by convincing evidence that they can be realized
against future taxable profits. Unrecognized deferred tax assets of
earlier years are reassessed and recognized to the extent that it has
become reasonably certain or virtually certain, as the case may be that
future taxable income will be available against which such deferred tax
asset can be realized.
2.14 PROVISIONS:
Provision is recognized when the company has a present obligation as a
result of past events: it is probable that the outflow of resources
will be required to settle this obligation, in respect of which
reliable estimate can be made. The provision is not discounted at
present value and are determined based on the best estimate is required
to settle the obligation at the balance sheet date. These are reviewed
at each balance sheet date and adjusted to reflect the current best
estimate.
2.15 CONTINGENT LIABILITIES:
All known liabilities wherever material are provided for. Liabilities
that are material, whose future outcome cannot be ascertained with
reasonable certainty are contingent and disclosed by way of notes to
accounts.
Mar 31, 2014
Not Available.
Mar 31, 2012
1.1 BASIS FOR PREPARATION OF FINANCIAL STATEMENT:
The financial statements have been prepared to comply in all material
respects with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India ("ICAI"), relevant
provisions of the Companies Act, 1956 and guidelines issued by the
Securities and Exchange Board of India.
The financial statements have been prepared under historical cost
convention on an accruals basis. The accounting policies have been
consistently applied by the company and are consistent with those used
during the previous year. The presentation of financial statement in
conformity with generally accepted accounting principles ("GAAP")
requires management to make estimates and assumptions that affect the
amounts reported in the financial statements and accompanying notes.
Although these estimates are based on management best knowledge of
current events and actions the company may undertake in future, actual
results ultimately may differ from the estimates.
1.2 INVENTORY VALUATION:
Raw Materials, Finished Products, Packing Materials, Stores and Spares
are stated at lower of cost or net realizable value.
1.3 CASH FLOW STATEMENT:
Cash flows are reported using the indirect method, whereby net profit
(loss) before tax is adjusted for the effective transactions of non
cash nature and any deferrals or accruals of past or future cash
receipts or payments. The cash flow from regular revenue generating,
investing and financing activities of the group are segregated.
1.4 DEPRECIATION:
Depreciation on Fixed Assets is provided on straight- line basis at the
rates mentioned in Schedule XIV of the companies Act, 1956, on
proportionate basis.
1.5 REVENUE RECOGNITION:
- Sales are recognized when the significant risk attached to the
goods are passed on to the seller and are recorded net of trade
discounts, rebates but includes Sales Tax wherever applicable.
- Dividend income is recognized when the right to receive the
dividend is established.
- Interest income is recognized on an accrual basis.
- Rental income on leased property is recognized on accrual basis,
based on the terms and conditions agreed with the lessee.
1.6 FIXED ASSETS:
- Fixed Assets are stated at cost of acquisition and subsequent
improvements thereto including taxes, duties, freight and other
incidental expenses/elated to acquisition and installation.
- Interest on term loan taken for acquisition of assets is
capitalized upto the date of asset being ready for use.
- Capital work in progress comprises of the cost of Fixed Assets that
are not put to use as at the Balance Sheet date and advance paid
towards acquisition of Fixed Assets.
1.7 FOREIGN CURRENCY TRANSACTION:
- Initial recognition - Foreign currency transactions are recorded in
the reporting currency, by applying to the foreign currency amount the
exchange rate between the reporting currency and the foreign currency
approximately at the date of the transaction.
- Conversion - Foreign currency monetary items are reported using the
closing rate. Non monetary items, which are carried in terms of
historical cost denominated in a foreign currency are reported using
the exchange rate at the date of transaction.
- Exchange Differences - Exchange differences arising on the
settlement or conversion of monetary items are recognized as income or
as expenses in the period in which they arise.
1.8 INVESTMENTS:
Long Term Investments are valued at their acquisition cost. Provision
for diminution in the value of long-term investment is made only if
such decline is other than temporary in the opinion of the management.
1.9 EMPLOYEE BENEFITS:
1.9.1 Gratuity:
The company has taken Group Gratuity Scheme for its eligible employees
from Life Insurance Corporation of India, for the gratuity liability.
Liability for Gratuity is provided on Actuarial basis.
1.9.2 Leave Encashment:
Leave Encashment Liability of eligible employees is accounted on
accrual basis.
1.9.3 Provident Fund:
Company's contribution to provident fund is charged to Profit & Loss
Account and the same is remitted to provident fund Commissioner along
with the employee contribution.
1.10 BORROWING COST:
Borrowing cost that are specifically attributable to the acquisition,
construction or production of qualifying asset are capitalized as part
of the cost of such asset. A qualifying asset is an asset that
necessarily takes a substantial period of time to get ready for its
intended use or sale. Other borrowing costs are recognized as an
expense in the period in which they are incurred.
1.11 SEGMENT REPORTING:
The companies operations predominantly relate to trading in wheat and
manufacturing & trading in wheat products. The company has business
segment as primary segment & geographical segment as secondary segment.
Income and direct expenses in relation to segments is categorized bases
on item that are individually identifiable to that segment and based on
their relationship to the operating activity of that segment. Certain
expenses such as depreciation, financial charges which form part of a
segment component of total expense, are not specifically allocable to
specific segment on a reasonable basis, have been included under
unallocated corporate expenses.
Geographical revenues are segregated based on the location of the
customer who is invoiced are in relation to which revenue is otherwise
recognized.
1.12 ACCOUNTING OF LEASE:
Leases where the lessor effectively retains the substantially all risks
and benefits of the ownership over the lease term are classified as
operating lease. Operating lease payments are recognized as expenses in
the profit and loss account on the straight-line basis over the lease
term.
1.13 INCOME TAX:
- Tax expenses comprises of current, deferred and fringe benefit tax.
Current tax and fringe benefit tax are measured at the amount expected
to be paid to the tax authorities in accordance with the Income-tax
act, 1961.
- Deferred income taxes reflect the impact of current year timing
differences between the taxable income and accounting income for the
year and reversal of timing differences of earlier years, based on the
tax rates that have been enacted or substantively enacted at the
Balance Sheet date. Deferred tax assets are recognized only if there is
reasonable certainty that sufficient future taxable income will be
available, against which such deferred tax assets can be realized. If
the company has carry forward of unobserved depreciation and tax
losses, all deferred tax assets are recognized only if there is virtual
certainty supported by convincing evidence that they can be realized
against future taxable profits. Unrecognized deferred tax assets of
earlier years are reassessed and recognized to the extent that it has
become reasonably certain or virtually certain, as the case may be that
future taxable income will be available against which such deferred tax
asset can be realized.
1.14 PROVISIONS:
Provision is recognized when the company has a present obligation as a
result of past events: it is probable that the outflow of resources
will be required to settle this obligation, in respect of which
reliable estimate can be made. The provision is not discounted at
present value and are determined based on the best estimate is required
to settle the obligation at the balance sheet date. These are reviewed
at each balance sheet date and adjusted to reflect the current best
estimate.
1.15 CONTINGENT LIABILITIES:
All known liabilities wherever material are provided for. Liabilities
that are material, whose future outcome cannot be ascertained with
reasonable certainty are contingent and disclosed by way of notes to
accounts.
Mar 31, 2011
1. BASIS FOR PREPARATION OF FINANCIAL STATEMENT:
The financial statements have been prepared to comply in all material
respects with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India ("ICAI"), relevant
provisions of the Companies Act, 1956 and guidelines issued by the
Securities and Exchange Board of India.
The financial statements have been prepared under historical cost
convention on an accruals basis. The accounting policies have been
consistently applied by the company and are consistent with those used
during the previous year. The presentation of financial statement in
conformity with generally accepted accounting principles ("GAAP")
requires management to make estimates and assumptions that affect the
amounts reported in the financial statements and accompanying notes.
Although these estimates are based on management best knowledge of
current events and actions the company may undertake in future, actual
results ultimately may differ from the estimates.
2. INVENTORY VALUATION:
Raw Materials, Finished Products, Packing Materials, Stores and Spares
are stated at lower of cost or net realizable value.
3. CASH FLOW STATEMENT:
Cash flows are reported using the indirect method, whereby net profit
(loss) before tax is adjusted for the effective transactions of non
cash nature and any deferrals or accruals of past or future cash
receipts or payments. The cash flow from regular revenue generating,
investing and financing activities of the group are segregated.
4. DEPRECIATION:
Depreciation on Fixed Assets is provided on straight- line basis at the
rates mentioned in Schedule XIV of the companies Act, 1956, on
proportionate basis.
5. REVENUE RECOGNITION:
- Sales are recognized when the significant risk attached to the goods
are passed on to the seller and are recorded net of trade discounts,
rebates but includes Sales Tax wherever applicable.
- Dividend income is recognized when the right to receive the dividend
is established.
- Interest income is recognized on an accrual basis.
- Rental income on leased property is recognized on accrual basis,
based on the terms and conditions agreed with the lessee.
6. FIXED ASSETS:
- Fixed Assets are stated at cost of acquisition and subsequent
improvements thereto including taxes, duties, freight and other
incidental expenses related to acquisition and installation.
- Interest on term loan taken for acquisition of assets is capitalized
upto the date of asset being ready for use.
- Capital work in progress comprises of the cost of Fixed Assets that
are not put to use as at the Balance Sheet date and advance paid
towards acquisition of Fixed Assets.
7. FOREIGN CURRENCY TRANSACTION:
- Initial recognition - Foreign currency transactions are recorded in
the reporting currency, by applying to the foreign currency amount the
exchange rate between the reporting currency and the foreign currency
approximately at the date of the transaction. Ã
- Conversion - Foreign currency monetary items are reported using the
closing rate. Non monetary items, which are carried in terms of
historical cost denominated in a foreign currency are reported using
the exchange rate at the date of transaction.
- Exchange Differences - Exchange differences arising on the settlement
or conversion of monetary items are recognized as income or as expenses
in the period in which they arise.
8. INVESTMENTS:
Long Term Investments are valued at their acquisition cost. Provision
for diminution in the value of long-term investment is made only if
such decline is other than temporary in the opinion of the management.
9. EMPLOYEE BENEFITS:
9.1 Gratuity:
The company has taken Group Gratuity Scheme for its eligible employees
from Life Insurance Corporation of India, for the gratuity liability.
Liability for Gratuity is provided on Actuarial basis.
9.2 Leave Encashment:
Leave Encashment Liability of eligible employees is accounted on
accrual basis.
9.3 Provident Fund:
Company's contribution to provident fund is charged to Profit & Loss
Account and the same is remitted to provident fund Commissioner along
with the employee contribution.
10. BORROWING COST:
Borrowing cost that are specifically attributable to the acquisition,
construction or production of qualifying asset are capitalized as part
of the cost of such asset. A qualifying asset is an asset that
necessarily takes a substantial period of time to get ready for its
intended use or sale. Other borrowing costs are recognized as an
expense in the period in which they are incurred.
11. SEGMENT REPORTING:
The companies operations predominantly relate to trading in wheat and
manufacturing & trading in wheat products. The company has business
segment as primary segment & geographical segment as secondary segment.
Income and direct expenses in relation to segments is categorized bases
on item that are individually identifiable to that segment and based on
their relationship to the operating activity of that segment. Certain
expenses such as depreciation, financial charges which form part of a
segment component of total expense, are not specifically allocable to
specific segment on a reasonable basis, have been included under
unallocated corporate expenses.
Geographical revenues are segregated based on the location of the
customer who is invoiced are in relation to which revenue is otherwise
recognized.
12. ACCOUNTING OF LEASE:
Leases where the lessor effectively retains the substantially all risks
and benefits of the ownership over the lease term are classified as
operating lease. Operating lease payments are recognized as expenses in
the profit and loss account on the straight-line basis over the lease
term.
13. INCOME TAX:
- Tax expenses comprises of current, deferred and fringe benefit tax.
Current tax and fringe benefit tax are measured at the amount expected
to be paid to the tax authorities in accordance with the Income-tax
act, 1961.
- Deferred income taxes reflect the impact of current year timing
differences between the taxable income and accounting income for the
year and reversal of timing differences of earlier years, based on the
tax rates that have been enacted or substantively enacted at the
Balance Sheet date. Deferred tax assets are recognized only if there is
reasonable certainty that sufficient future taxable income will be
available, against which such deferred tax assets can be realized. If
the company has carry forward of unobserved depreciation and tax
losses, all deferred tax assets are recognized only if there is virtual
certainty supported by convincing evidence that they can be realized
against future taxable profits. Unrecognized deferred tax assets of
earlier years are reassessed and recognized to the extent that it has
become reasonably certain or virtually certain, as the case may be that
future taxable income will be available against which such deferred tax
asset can be realized.
14. PROVISIONS:
Provision is recognized when the company has a present obligation as a
result of past events: it is probable that the outflow of resources
will be required to settle this obligation, in respect of which
reliable estimate can be made. The provision is not discounted at
present value and are determined based on the best estimate is required
to settle the obligation at the balance sheet date. These are reviewed
at each balance sheet date and adjusted to reflect the current best
estimate.
15. CONTINGENT LIABILITIES:
All known liabilities wherever material are provided for. Liabilities
that are material, whose future outcome cannot be ascertained with
reasonable certainty are contingent and disclosed by way of notes to
accounts.
Mar 31, 2010
1. BASIS FOR PREPARATION OF FINANCIAL STATEMENT:
The financial statements have been prepared to comply in all material
respects with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India ("ICAI"), relevant
provisions of the Companies Act, 1956 and guidelines issued by the
Securities and Exchange Board of India. The Financial Statements have
been prepared under historical cost convention on an accrual basis. The
Accounting Policies have been consistently applied by the Company and
are consistent with those used during the previous year. The
presentation of Financial Statement in conformity with Generally
Accepted Accounting Principles ("GAAP") requires Management to make
estijnates and assumptions that affect the amounts reported in the
Financial Statements and accompanying notes. Although these estimates
are based on management best knowledge of current events and actions
the Company may undertake in future, actual results ultimately may
differ from the estimates.
2. INVENTORY VALUATION:
Raw Materials, Finished Products, Packing Materials, Stores and Spares
are stated at lower of cost or net realizable, value.
3. CASH FLOW STATEMENT:
Cash flows are reported using the indirect method, whereby net profit
(loss) before tax is adjusted for the effective transactions of non
cash nature and any deferrals or accruals of past or future cash
receipts or payments. The cash flow from regular revenue generating,
investing and financing activities of the group are segregated.
4. DEPRECIATION:
Depreciation on Fixed Assets is provided on straight- line basis at the
rates mentioned in Schedule XIV of the Companies Act, 1956, on
proportionate basis.
5. REVENUE RECOGNITION:
- Sales are recognized when the significant risk attached to the goods
are passed on to the seller and are recorded net of trade discounts,
rebates but includes Sales Tax wherever applicable.
- Dividend income is recognized when the right to receive the dividend
is established.
- Interest income is recognized on an accrual basis.
- Rental income on leased property is recognized on accrual basis,
based on the terms and conditions agreed with the lessee.
6. FIXED ASSETS:
- Fixed Assets are stated at cost of acquisition and subsequent
improvements thereto including taxes, duties, freight and other
incidental expenses related to acquisition and installation.
- Interest on term loan taken for acquisition of assets is capitalized
upto the date of asset being ready for use.
- Capital work in progress comprises of the cost of Fixed Assets that
are not put to use as at the Balance Sheet date and advance paid
towards acquisition of Fixed Assets.
7. FOREIGN CURRENCY TRANSACTION:
- Initial recognition - Foreign currency transactions are recorded in
the reporting currency, by applying to the foreign currency amount the
exchange rate between the reporting currency and the foreign currency
approximately at the date of the transaction.
- Conversion - Foreign currency monetary items are reported using the
closing rate. Non monetary items, which are carried in terms of
historical cost denominated in a foreign currency are reported using
the exchange rate at the date of transaction.
- Exchange Differences - Exchange differences arising on the settlement
or conversion of monetary items are recognized as income or as expenses
in the period in which they arise.
8. INVESTMENTS:
Long Term Investments are valued at their acquisition cost. Provision
for diminution in the value of long-term investment is made only if
such decline is other than temporary in the opinion of the management.
9. EMPLOYEE BENEFITS:
9.1 Gratuity:
The company has taken Group Gratuity Scheme for its eligible employees
from Life Insurance Corporation of India, for the gratuity liability.
Liability for Gratuity is provided on Actuarial basis.
9.2 Leave Encashment:
Leave Encashment Liability of eligible employees is accounted on
accrual basis.
9.3 Provident Fund:
Companys contribution to provident fund is charged to Profit & Loss
Account and the same is remitted to provident fund Commissioner along
with the employee contribution.
10. BORROWING COST:
Borrowing cost that are specifically attributable to the acquisition,
construction or production of qualifying asset are capitalized as part
of the cost of such asset. A qualifying asset is an asset that
necessarily takes a substantial period of time to get ready for its
intended use or sale. Other borrowing costs are recognized as an
expense in the period in which they are incurred.
11. SEGMENT REPORTING:
The companys operations predominantly relate to trading in wheat and
manufacturing & trading in wheat products. The Company has business
segment as primary segment & geographical segment as secondary segment.
Income and direct expenses in relation to segments is categorized based
on item that are individually identifiable to that segment and based on
their relationship to the operating activity of that segment. Certain
expenses such as depreciation, financial charges which form part of a
segment component of total expense, are not specifically allocable to
specific segment on a reasonable basis, have been included under
unallocated corporate expenses. Geographical revenues are segregated
based on the location of the customer who is invoiced are in relation
to which revenue is otherwise recognized.
12. ACCOUNTING OF LEASE:
Leases where the lessor effectively retains substantially all risks and
benefits of the ownership over the lease term are classified as
operating lease. Operating Jease payments are recognized as expenses
in the profit and loss account on the straight-line basis over the
lease term.
13. INCOME TAX:
- Tax expenses comprises of current, deferred and fringe benefit tax.
Current tax and fringe benefit tax are measured at the amount expected
to be paid to the tax authorities in accordance with the Income-tax
act, 1961.
- Deferred income taxes reflect the impact of current year timing
differences between the taxable income and accounting income for the
year and reversal of timing differences of earlier years, based on the
tax rates that have been enacted or substantively enacted at the
Balance Sheet date. Deferred tax assets are recognized only if there is
reasonable certainty that sufficient future taxable income will be
available, against which such deferred tax assets can be realized. If
the Company has carry forward balance of unobserved depreciation and
tax losses, all deferred tax assets are recognized only if there is
virtual certainty supported by convincing evidence that they can be
realized against future taxable profits. Unrecognized deferred tax
assets of earlier years are reassessed and recognized to the extent
that it has become reasonably certain or virtually certain, as the case
may be that future taxable income will be available against which such
deferred tax asset can be realized.
14. PROVISIONS:
Provision is recognized when the Company has a present obligation as a
result of past events, it is probable that the outflow of resources
will be required to settle this obligation, in respect of which
reliable estimate can be made. The provision is not discounted at
present value and are determined based on the best estimate as required
to settle the obligation at the Balance Sheet date. These are reviewed
at each Balance Sheet date and adjusted to reflect the current best
estimate.
15. CONTINGENT LIABILITIES:
All known liabilities wherever material are provided for Liabilities
that are material, whose future outcome cannot be ascertained with
reasonable certainty are contingent and disclosed by way of notes to
accounts.
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