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P.C. Modi & Company CA Bharat Sonkhiya 20/01/2012 1
RAJASTHAN STATE MINES AND MINERALS LIMITED
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Section 211 of the Companies Act, 1956Section 211 1): Balance Sheet Section 211 2): Profit and LossAccount
As per Part-I of
Schedule VI of theCompanies Act, 1956.
Must give a trueand fair view.
General instructions i.e.Notes
against each itemshould be followed.
As per Part-II ofSchedule VI of the
Companies Act, 1956.
Must give a trueand fair view.
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Existing Schedule VI replacedby new Schedule VI videNotification No. S.O. 447(E)dated 28thFebruary, 2011.
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All Companies (except Banking, Insurance andElectricity Companies).Financial years commencing on or after 1stApril,2011.In accordance with the existing non-convergedAccounting Standards notified under theCompanies (Accounting Standards), Rules, 2006.Infosys has come out with full set of FinancialStatements for two quarters based on revisedSchedule VI.
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APPLICABILITY
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Revised Schedule VIA Birds eye view
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General Instructions
Part I Form of Balance Sheet and GeneralInstructions for preparation of Balance Sheet
Part II Form of the Statement of Profit and
Loss and General Instructions for preparation ofStatement of Profit and Loss
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P.C. Modi & Company CA Bharat Sonkhiya 20/01/2012 6
BALANCE SHEETPART I- Form of BALANCE SHEET
Name of the Company.Balance Sheet as at.
(Rupees in.)See accompanying notes to the financial statements
Particulars NoteNo. Figures for thecurrent reportingperiod
Figures for theprevious reportingperiod
I. Equity and LiabilitiesShareholders Fund
Share Application Money pending
for allotment
Non-current liabilities
Current liabilities
Xxx xxx
II. AssetsNon-current assets
Current assets
Xxx xxx
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STATEMENT OF PROFIT ANDLOSS
Particulars NoteNo. Figures for thecurrent reportingperiodFigures for theprevious reportingperiod
I. Revenue from operations Xxx xxx
II. Other Income Xxx xxx
III
.
Total Revenue (I+II) Xxx xxx
PART II- Form of STATEMENT OF PROFIT AND LOSSName of the CompanyProfit and loss statement for the year ended
(Rupees in.)See accompanying notes to the financial statements
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EQUITY AND LIABILITY CLASSIFICATION
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Other Long-
term Liabilities
Deferred taxLiabilities(Net)
Short-term
borrowings
CurrentLiabilities
Trade Payables
Long-term
borrowings
Non-CurrentLiabilities
Short-termprovisions
Other currentliabilities
ShareApplication
moneypending
allotment
Long-termprovisions
Equity andLiabilities
Moneyreceived
against sharewarrants
Reserves andSurplus
Share Capital
ShareholdersFund
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P.C. Modi & Company CA Bharat Sonkhiya 20/01/2012 9
Assets
Current AssetsNon- Current Assets
Non- CurrentInvestments
Fixed Assets
IntangibleAssets underdevelopment
Capital WIP
IntangibleAssets
Other Non-Current Assets
Long-term Loansand Advances
Deferred TaxAssets (Net)
Tangible AssetsCurrent
Investments
Inventories
Other currentAssets
Shortterm Loansand Advances
TradeReceivables
Cash and cashequivalents
ASSET CLASSIFICATION
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Supremacy of Accounting Standards Assets & Liabilities:-
Current Non Current
Definitions of :- Current Non Current
Proposed Dividend Cross Reference of NOTES
YET NOT IN ACCORDANCE WITHIFRS / IND - ASP.C. Modi & Company CA Bharat Sonkhiya 20/01/2012 10
HIGHLIGHTS
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ACCOUNTING STANDARD WILL PREVAILAS PER PARAS 1 AND 6 OF GENERAL
INSTRUCTIONS
Disclosure Requirements
As per
Accounting
Standards
As perRevised Schedule VI
CONFLICT
SUPREMACY OF ACCOUNTING STANDARDS
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MOST SIGNIFICANTCHANGES
CURRENT ASSETS / LIABILITIES
NON CURRENT ASSETS/ LIABILITIES
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IMPORTANT DEFINITIONS
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OPERATING CYCLEAn operating cycle is the time between the acquisitionof assets for processing and their realization incash or cash equivalents. Where the normaloperating cycle cannot be identified, it is assumedto have a duration of 12 months.
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RSMML
Mining Activity
RockPhosphate
Limestone Lignite Gypsum
Wind Farms
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Normal Operating cycle in RSMML
Particulars RockPhosphate
Limestone Gypsum Lignite WindFarms
Removal of overburden 2 - - - -
Drilling & Blasting 2 2 - - -
Excavation, Processing
& Transportation tocustomers
16 15 11 20 -
Supply of electricity - - - - 40
Realization of debtors 180 55 5 5 15
TOTAL 200 72 16 25 55
(In Days)
*Higher credit period has been considered as time taken for realization of debtors in case of credit sales.
*For better clarity Company may opt single higher NOC i.e. 200 days.
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In case of RSMML, Normal Operating Cycle isshorter than 12 months. Therefore, criteria forCurrent and Non-Current will be as under:
Criteria for Current and Non-Current
NormalOperatingCycle (as
determined)
12 monthsafter
reporting
date
Whichever
is higher
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0
Determination of Normal Operating Cycle
End of NOC
Normal Operating Cycle = 200 days
NOCperiod
Assets andliabilities
expected to berealized and
settled in thisperiod will beCurrent
Assets and
liabilities not
expected to be
realized and
settled in this
period will be
Non- Current
Initial DevelopmentPeriod (not a part ofNOC) Removal of
overburdenDrilling &Blasting
Excavation &Transportation
Realizationof debtors
Start of NOC
Rock Phosphate SBU
1-2 Years 2 days
2 day 16 days 180 days
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Q.) Rock Phosphate SBU has entered into a contract with a party on 1st
April, 2011 for supplying minerals quarterly for three years. The first
supply was made in the month of May, 2011 amounting to `10 lacs.
However payment was not realized before 31stMarch, 2012. A sum of `7
lacs was expected to be received within the year and remaining `3 lacs
was not expected to be received till 31st March, 2013. The contract
required a sum of ` 2 lacs to be deposited as security deposit by the party
and the contract can be terminated at the option of party. The securitydeposit was refundable after 12 months from the date of termination of
contract.
Example
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Example
1. Debtors amounting to ` 7 lacs will not be considered as non-current on thereporting date as these are expected to be realized within 12 months after thereporting date as per the condition 3 of the definitions. Debtors amounting to `3
lacs will be considered as non-current on the reporting date as these are notexpected to be realized within 12 months after the reporting date.2. Security deposit is considered as current if the contract is terminated before 31st
March, 2012 as the amount is refundable within 12 months from the end ofreporting period.
Removal ofoverburden
& Excavation
Processinginto finished
goods
Transportation& billing tocustomers
Payment realized(`7 lacs)
Reporting date
01/04/2011 01/05/2011 05/05/201131/03/2012
30/09/2012 31/03/2013
Non-current
Current on the basis ofcondition 3 of the definition.
`10 lacs out of NOC
`3 lacs
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20/11/2011
End of NOC
(200days)
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Items which are always Non-Current
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1. Deferred tax asset/liability
2. Fixed Assets3. Capital advances for Fixed Assets
Items which are always Current
1. Finished goods/ stock-in-trade held for trading.2. Fixed deposits until there is a restriction on
their realization.3. Unpaid dividend lying in Investor Education
and Protection Fund Account.4. Accrued interest.5. Current maturities of Non-Current liabilities.6. Current realization of Non-Current assets.
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Determination of Normal Operating Cycle.
Also, proper documentation of Normal Operating Cycle along with the
Boardsapproval for the same.
This requires the empirical study of Companys previous years data and
past experiences.
View of Auditor and Auditee may differ on issues involving subjectivity.
Applying the test of Normal Operating Cycle (as applicable) for classifying
each and every asset and liabilities into Current and Non-Current.
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Expected tobe realized
Basisrequired
Documentationrequired at thetime of audit
Empiricalstudy/
Analysis ofdata
Assets:- Expected to be realized
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Debtors
Long outstanding also includespending for reconciliationagainst which provision is made.
Others
Documentation requiredfor expected realizationwithin 12 months.
Expected to berealized within12 months afterreporting date.
Not expected tobe realizedwithin 12months after
reporting date.
CURRENT NON-CURRENT
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Finished
Goods/Stock-in-
trade
Slowmoving
ObsoleteNon-moving
Not expectedto be realizedwithin 12months afterreportingdate. Hence
Non-Current
AlwaysCurrent
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Stores&
Spares
Slowmoving
Obsolete
Non-moving
Not expectedto beconsumedwithin 12months afterthe reportingdate. Hence,non-current
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If expected to be utilized/ consumed within 12months after the reporting date then currentotherwise Non-Current
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Advances to employees, claims
recoverable & security deposits
Amount expected to be realized
within 12 months after thereporting date CURRENTAmount expected to be realized
beyond 12 months after thereporting date NON-CURRENT
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Income taxdeposits
Advance tax
AlwaysCURRENT
Income tax
refunds
If expected to berealized within 12months from thereporting datethen CURRENT.
Demanddeposits
against appeal
Expectation ofrealization within12 months afterreporting date thenCURRENT.
Others will beNON-CURRENT.
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Portion to be amortizedwithin 12 months afterreporting date shall beCURRENT.
Unamortized portion shallbe NON-CURRENT
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Miscellaneous Expenditure :- Deferred Revenue Expenditure
Under the head other Current/ Non-Current Assets
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Investment in joint
sector/ assisted sector
Investment held for Long Term,
hence NON - CURRENT
Investment in
Subsidiaries
Investment in Subsidiaries held for
Long Term, hence NONCURRENT.
Current maturities oflong term investments Classified as CURRENT
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LIABILITIES
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The Company doesnot have anyunconditional right todefer settlement ofthe liability for atleast 12 months afterthe reporting date.
Criteria for Current Liabilities
CURRENT
NONCURRENT
Yes
No
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Running bills of Contractors pending to
be settled.1. Have to be settled within 12 months after reporting date
2. No unconditional right to defer beyond 12 months
3. Expected to be settled within the Normal Operating Cycle of the
Company
Currentliability
Non-Currentliability
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The amount is expectedto be adjusted within 12monthsThe amount is to beadjusted within theNOC
Right to defer thepayment of the samebeyond 12 months
Yes/No Yes/No Yes/No
CurrentIf Yes
Non-CurrentIf No
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Provision for employees benefits likegratuity and leave encashment
Liability as ascertainedby Actuarial Valuation
Liability payable within12 months will be Current
Other liability will be Non-Current
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Provisions
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Other Miscellaneous Liabilities
Other Misc.Liabilities &Provisions
Provisions
Income Tax
Dividenddistribution
tax
Others
Outstanding
expenses
Contributionto Provident
FundUnpaid
expenses
Expected to besettled within 12months after thereporting date
OtherwiseNon-Current
CurrentLiability
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The disclosure requirementsspecified in Part I of Schedule VIare in addition to and not in
substitution of the disclosurerequirements specified in the
Accounting Standards prescribed
under the Companies Act, 1956.
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Disclosure in Notes Requirement of disclosure of Delayed Payments to Micro and Small
Enterprises
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Contractual
Obligations Excluded - amounts due undercontractual obligation can nolonger be included within Trade
Payables. Such payables should beclassified as "others" and each such
item should be disclosed nature-
wise.
Included amount due in
respect of all contractual
obligations to be included
under Sundry Creditors.
ExamplePayable
against Purchase of
Machinery and its
renovation contract.
Will be shown under Other Non
Current Liabilities(If payable after 12
months from the reporting date or
Operating cycle).
Will be shown under the
head Sundry Creditors.
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P.C. Modi & Company CA Bharat Sonkhiya 20/01/2012 51
Long TermOther Current (Non Current)
To be disclosedunder this head
Employee BenefitsOthers (Specify Nature)
Example: Provisionsfor Warranties
Long Term Provisions
Short TermProvisionsProvision for Employee Benefits Others (Provision for Dividend,Provision for Taxation etc.)
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Capital Work-in-Progress
Capital advancesshould be includedunder long-termloans & advances
Intangible Assetsunder Development
should be disclosedunder separatehead provided theycan be recognisedbased on thecriteria laid down
in AS 26Intangible Asset
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Example Sale of Such receivables will be classified Will be shown under the head Sundry
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Particulars Revised Schedule VI Old Schedule VIDue date of payment Expected date of realization
calculated from past trend.Billing date
Disclosure Outstanding for a periodexceeding 6 months from thedate the invoice / bill is due forpayment.
** where no due date isspecifically agreed upon,normal credit period allowed
by the company should betaken into consideration forcomputing the due date whichmay vary depending upon thenature of goods or services soldand type of customers.
Outstanding for a periodexceeding 6 months based onthe date on which invoice / billwas raised.
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Fixed Assets /Contractuallyreimbursableexpenses / insuranceclaims.
as others and each such itemshould be disclosed nature-wise.
yDebtors
:
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Example: Billing Date01st July, 2011 In normal course of business, receivables are realized within 3 months from the billing date.
Disclosure Comparison of Schedule VI:Particulars Revised Schedule VI Old Schedule VIDue Date 01st October, 2011 01st July, 2011
Disclosure to be made for: Outstanding as on and after01st April, 2012
Outstanding as on and after01st Jan, 2012
In normal course of business the receivables became due for payment on 01st October, 2011 (3months). Thus outstanding for a period exceeding 6 months will be calculated from that date asper Revised Schedule V1.
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S b idi i
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CurrentAssets
CurrentInvestments
Subsidiaries
Associates
JointVentures
Trade
Receivables(current)
Secured,considered good,
Unsecured,
considered good,
Doubtful
Inventories
Goods in transit
Finished Goods otherthan those acquired for
trading purposes
Mode ofvaluation
Stock-in-trade should includegoods acquired for trading
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Contingent Liabilities and CapitalCommitmentsDisclosure of Contingent Liabilities and Commitments (to the extent not provided for)
Commitments
Estimated amount of contractsremaining to be executed onCapital account and not providedfor
Uncalled Liability on sharesand other investments whichare partly paid
Other Commitments(Specify nature)
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STATEMENT OF PROFIT AND LOSS
PART II REVISED SCHEDULE VI
COMPANIES ACT,1956
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KEYHIGHLIGHTS
Format prescribed: Vertical
Elimination of the concept of schedules,information to be provided in the notes toaccounts.
Classification of expenses is based on theirnature and not on their function.
Quantitative disclosure is dispensed with.
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PART II FORM OF STATEMENT OF PROFIT AND LOSS
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Particulars Note
No.
Figures for the current
reporting period
Figures for the
previous reporting
period
I. Revenue from operations xxx xxx
II. Other Income xxx xxx
III. Total Revenue (I+II) xxx xxx
PART II - FORM OF STATEMENT OF PROFIT AND LOSS
Name of the Company.
Profit and loss statement for the year ended.
(Rupees in.)See accompanying notes to the financial statements
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Significant Changes:Seperate disclosure on
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Significant Changes:Seperate disclosure on
face of P&L
Exceptional and Extraordinary items:
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I Profit before exceptional and
extraordinary items and tax
II Exceptional items
III Profit before extraordinary items
and tax ( I-II)
IV Extraordinary items
V Profit before tax ( III-IV)
xxx
xxx
xxx
xxx
xxx
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DISCONTINUING OPERATIONS:
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Format will be:
AS-24provides the guidance on this part.
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Profit/(loss) fromdiscontinuing operations
Tax expense of
discontinuing operations
Profit/(loss) from
discontinuing
operations(after tax)
xxx
xxx
xxx
DISCLOSURES IN NOTES TO
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DISCLOSURES IN NOTES TO
ACCOUNTS
Employeebenefitsexpenses
Salaries andwages
Contribution toprovident and
other funds
Staff welfareexpenses
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1.
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6.
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Finance cost
Interestexpenses
Otherborrowing
costs
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Borrowing costs has not been defined in revised schedule VI,
reference is to taken from AS-16 Borrowingcost.
6.
7
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Other
Disclosure innotes
ReservesSubsidiary
companies
DividendsProvision for
losses
ProvisionsDividend
proposed
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7.
REQUIREMENT OF DISLOSURE OF STOCK:
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Q
RAW MATERIALS:
PARTICULARS CONSUMPTION
RAW MATERIALS XX
(YY)
TOTAL XX
(YY)
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(Amount in `)
PARTICULARS PURCHASES
TRADED ITEM XX
(YY)
TOTAL XX
(YY)
(Amount in `)GOODS PURCHASED :
MANUFACTURED GOODS :
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MANUFACTURED GOODS :
PARTICULARS SALES VALUES CLOSING
INVENTORY
OPENING
INVENTORYFINISHED GOODS
A
XX
(YY)
XX XX
TOTAL XX
(YY)
XX XX
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(Amount in `)
PARTICULARS WIP
GOODS WIP XX(YY)
TOTAL XX
(YY)
WIP GOODS :(Amount in `)
*Figures in brackets are previous year figures.
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DISCLOSURE BY WAY OF NOTES TO ACCOUNTS:
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Employeebenefit expenses
Salaries andwages
Contribution
to providentand other
funds
Employeeswelfare
Leaveencashment
Selling expenses
Cash discounts
Packagingexpenses
Advertisementexpenses
Businesspromotionexpenses
Payment tocontractors
For removal ofoverburden
For raising,transportation
and others
Freight charges
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