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Kusam Electrical Industries Ltd.

BSE: 511048 Sector: Consumer
NSE: N.A. ISIN Code: INE175Q01018
BSE 00:00 | 29 Mar Kusam Electrical Industries Ltd
NSE 05:30 | 01 Jan Kusam Electrical Industries Ltd
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OPEN 5.18
CLOSE 5.18
VOLUME 1
52-Week high 5.18
52-Week low 0.00
P/E 0.11
Mkt Cap.(Rs cr) 0
Buy Price 5.18
Buy Qty 36500.00
Sell Price 0.00
Sell Qty 0.00

Kusam Electrical Industries Ltd. (KUSAMELECTR) - Director Report

Company director report

To

The Members

Kusam Electrical Industries Ltd

Your Directors are pleased to present the Thirty Nine Annual Report and the AuditedAccounts of the Company for the year ended 31st March 2022.

1. Financial Results

The Company's financial performance for the year ended March 31 2022 is summarizedbelow:

Particulars 2021-2022 2020-2021
(In Rs ‘000) (In Rs ‘000)
Gross Income 68013.87 38970.82
Profit Before Interest and Depreciation 14408.89 2195.96
Less: Interest 328.88 777.95
Less: Provision for Depreciation 1214.00 1276.08
Profit Before Exceptional & Extraordinary items & Tax 12866.01 141.93
Less: Exceptional Items - -
Less: Extraordinary items - -
Profit Before Tax 12866.01 141.93
Less: Provision for Tax 3016.19 -
Less: Deferred Tax (27.19) (30.76)
Net Profit After Tax 9877.02 172.70
Earnings Per Share- Diluted 41.15 0.72

2. Review of Operations

The Income from operations and other income during the year was at Rs 68013874 asagainst Rs 38970820 in the previous year. The Net Profit (before exceptional and extraordinary items and tax) was Rs 12866012 as against (Rs 141930) in the previous year.The Company's Net Profit after tax is of Rs 9877016 as against (172700) after tax inthe Previous year.

3. Change in nature of Business.

During the year under review there were no change in the nature of business.

4. Outlook

The Management of the Company is focusing on procuring bulk orders at competitiverates. The initative taken by the company has started showing good results. The Company isconfident of improved performance during the current year.

5. Dividend

With a view to conserve funds for the operations of the Company your Directors havenot recommended any Dividend on the Equity Shares for the Financial Year under review.

6. Transfer To Reserves

There has been no transfer to reserves in the current Financial Year under review.

7. Share Capital

The Authorised Equity Share Capital of the Company as on March 31 2022 is Rs 2500000(Rupees Twenty five lacs) having 250000 Equity Shares of Rs 10/- each . The Paid-upEquity Shares Capital of the Company as on March 31 2022 is Rs 2400000 (Rupees Twentyfour lacs) having 240000 Equity shares ofRs 10/- each.

8. Public Deposits

During the year under review the Company has not accepted or renewed any depositsfalling within the purview of provisions of Section 73 of the Companies Act 2013 readwith The Companies (Acceptance of Deposits) Rules 2014. Hence the requirements forfurnishing of details of deposits which are not in compliance with Chapter V of the Act isnot applicable.

9. Directors and Key Managerial Personnel

In accordance with the provisions of Section 152 of the Companies Act 2013 andArticles of Association of the Company Mr. Jhanwarlal Bhanwarlal Sipani (DIN: 01261901)Director of the Company retires by rotation at the ensuing Annual General Meetisng andbeing eligible has offered himself for re-appointment.

The Independent Directors of the Company are highly competent with relevant experienceand expertise. They contribute in various ways in the growth and development of theCompany.

None of the Independent Directors had any pecuniary relationship or transactions withthe Company during Financial Year 2021-22. None of the Directors or Key ManagerialPersonnel (KMP) of the Company are related inter-se.

The information as required to be disclosed under Regulation 36 of SEBI LODRRegulations 2015 in case of reappointment is forming part of Notice.

As per the information available with the Company none of the Directors of the Companyare disqualified for being appointed as a Directors as specified in Section 164(2) of theCompanies Act 2013.

The Key managerial personnel in the company as per Section 2(51) and 203 of theCompanies Act 2013 are as follows:

Mr. Chandmal Goliya: Whole Time Director Mr. Navin Goliya; Whole Time Director Mr.Naval Jha: Chief Financial Officer Ms. Amruta Lokhande: Company Secretary

10. Disclosures Under Section 197(12) Of The Companies Act 2013

The Company has 8 employees on its payrollhence the requirements as specified in Rule5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014are applicable to the Company. Disclosures pertaining to Remuneration and other details asrequired under Section 197(12) of the Companies Act 2013 read with Rule 5(1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 are kept atthe Registered Office for inspection 21 days before the date of Annual General Meeting ofthe Company Pursuant to Section 136 of the

Companies Act 2013 and members if any interested in obtaining the details thereofshall make specific request to the Compliance Officer of the Company in this regard.-Annexure-1

11. Names Of Companies Which Have Become Or Ceased To Be Its Subsidiaries JointVentures Or Associate Companies During The Year - Nil

12. Board & Committee Meetings

a) Board Meeting:

During the financial year 2021-22 total Four (4) Board Meetings were held on 25thJune 2021 10th August 2021 12th November 2021 and 09thFebruary 2022. The intervening gap between the Meetings was within the period prescribedunder the Companies Act 2013.

Attendance :

Name of the Director Category Number of Board Meetings attended Attended last AGM
Mr. Chandmal Parasmal Goliya Whole time Director 4 Yes
Mr. Jhanwarlal Bhanwarlal Sipani Non- Executive Director 4 Yes
Mrs. SushmaRanka Non- Executive Independent Director 4 Yes
Mr.Sushilkumar Jhunjhunuwala Non- Executive Independent Director 4 Yes
Mr. Navin Chandmal Goliya Whole time Director 4 Yes

b) Audit Committee Meeting:

During the financial year 2021-22 total four (4) Audit Committee Meetings were held on25th June 2021 10th August 2021 12th November 2021and 09th February 2022.

The Board has well-qualified Audit Committee with majority of Independent Directorsincluding Chairman. They possess sound knowledge on Accounts Audit Finance TaxationInternal Controls etc. The details of the Composition of the Audit Committee during thefinancial year 2021-2022 are as follows:

Chairman: Mr. Sushilkumar Jhunjhunuwala

Members: Mr. J B. Sipani

Ms. SushmaRanka

Attendance :

Name of the Director Category Number of Committee Meetings attended Attended last AGM
Mr. Sushilkumar Jhunjhunuwala Non - Executive Independent Director(Chairman) 4 Yes
Mr. J B. Sipani Non - Executive Director 4 Yes
Mrs. Sushma Ranka Non - Executive Independent Director 4 Yes

(a) TERMS OF REFERENCE:

The terms of reference of the Audit Committee inter alia include the following:

i. The recommendation for appointment remuneration and terms of appointment ofAuditors of the Company.

ii. Review and monitor the Auditors Independence and performance and effectiveness ofAudit process.

iii. Examination of the financial statement and Auditors Report thereon.

iv. Approval or any subsequent modification of transaction of the Company with relatedparties.

Provided that the Audit Committee may make Omnibus Approval for related partytransactions proposed to be entered into by the Company subject to such consultations asmay be prescribed.

v. Scrutiny of Corporate Loans and Investments.

vi. Valuation of undertakings or assets of the Company wherever it is necessary.

vii. Evaluation of internal financial controls and risk management system.

viii. Monitoring the end use of funds raised through public offers and related matters.

ix. Calling for the Comments of the Auditors about internal control system the scopeof Audit including the observations of the Auditors and review of Financial Statementsbefore their submission to the Board and may also discuss any related issues with theInternal and Statutory Auditors and Management of the Company.

Authority to investigate into any matter in relation to the item specified from (i) to(ix) above or referred to it by the Board

(b) FUNCTION:

The Audit Committee while reviewing the Annual Financial Statement also review theapplicability of various Accounting Standards (AS) referred to in Section 133 of theCompanies Act 2013. Compliance of the Accounting Standard as applicable to the Companyhas been ensured in the preparation of the Financial Statement for the year ended 31stMarch 2022.

Besides the above Chairman and Managing Director Whole-Time Director Chief FinancialOfficer Business heads of the Company divisions and the representatives of the StatutoryAuditors are permanent invitees of the Audit Committee Meetings.

The Audit Committee also oversees and reviews the functioning of Vigil Mechanism(implemented in the Company as a Risk Management Policy and Whistle Blower Policy) andreview the finding of investigation in the cases of material nature and the action takenin respect thereof.

c) Nomination & Remuneration & Compensation Committee Meeting:

During the Financial Year 2021-22 total One (1) Nomination & RemunerationCommittee Meeting was held on 10th August 2021.

The Company has constituted Nomination & Remuneration Committee. The details of theComposition of the Nomination & Remuneration Committee are as follows:

Chairman: Mr. Sushilkumar Jhunjhunuwala

Members: Mr. JB. Sipani

Mrs. Sushma Ranka

Attendance:

Name of the Director Category Number of Committee Meetings attended Attended last AGM
Mr. Sushilkumar Jhunjhunuwala Non- Executive Independent Director(Chairman) 1 Yes
Mr. J B. Sipani Non- Executive Director (Member) 1 Yes
Mrs. Sushma Ranka Non-Executive Independent Director (Member) 1 Yes

(a) TERMS OF REFERENCE:

The Committees composition meets with requirements of Section 178 of the Companies Act2013. The terms of reference of the Committee inter alia includes the following:

1. To identify persons who are qualified to become Directors and who may be appointedin Senior Management in accordance with the criteria let down and to recommend to theBoard their appointment and removal and shall carry out evaluation of every Directorsperformance.

2. To formulate the criteria for determining qualifications positive attributes andindependence of a Directors and recommend to the Board a Policy relating to theremuneration for the Directors Key Managerial Personnel and other Employees.

3. To ensure that the level and composition of remuneration is reasonable andsufficient to attract retain and motivate Directors of the quality required to run theCompany successfully.

4. To ensure that relationship of remuneration to performance is clear and meetsappropriate performance benchmark.

5. To ensure that remuneration to Directors Key Managerial Personnel and SeniorManagement involves balance between fixed and incentive pay reflecting short term and longterm performance objectives appropriate to the working of the Company and its goals.

d) Stakeholders Relationship Committee Meeting:

During the financial year 2021-22 total four (4) Stakeholders Relationship CommitteeMeetings were held on 25th June 2021 10th August 2021 12thNovember 2021 and 09th February 2022.

The Company has constituted Stakeholders Relationship Committee. The details of theComposition of the Stakeholders Relationship Committee are as follows:

Chairman: Mr. Mr. J B. Sipani

Members: Mr. Chandmal Goliya

Mrs. Sushma Ranka

Attendance:

Name of the Director Category Number of Committee Meetings attended Attended last AGM
Mr. J B. Sipani Non- Executive Director (Chairman) 4 Yes
Mr. Chandmal Goliya Whole time Director 4 Yes
Mrs. Sushma Ranka Non-Executive Independent Director 4 Yes

(a) TERMS OF REFERENCE:

The Company with the assistance of the Registrar and Share Transfer Agent M/s.Satellite Corporate Services Private Limited attend to all grievances of the Shareholdersreceived directly through SEBI Stock Exchanges Ministry of Corporate Affairs Registrarof Companies etc. The Minutes of the Stakeholders

Relationship Committee Meetings are circulated to the Board and noted by the Board ofDirectors at the Board Meeting.

Continuous efforts are made to ensure that grievances are more expeditiously redressedto the complete satisfaction of the Investors. Shareholders are requested to furnish theirTelephone Numbers and e-mail address to facilitate prompt action.

(b) DETAILS OF SHAREHOLDERS COMPLAINTS RECEIVED SOLVED AND PENDING SHARE TRANSFERSCOMPLAINTS:

Sr. Nature of the complaint No. Received Replied Pending
1 Non-receipt of shares certificates lodged for transfer 0 0 0
2 Non-receipt of dividend warrants 0 0 0
3 Non-receipt of dividend warrants after revalidation 0 0 0
4 Non-receipt of share certificates lodged for split/ Bonus shares 0 0 0
5 Non Receipt of duplicate shares certificates 0 0 0
6 Letters from SEBI / stock Exchange 0 0 0
7 Letters from Department of Company Affairs / Other Statutory Bodies 0 0 0
Total 0 0 0

During the year nil complaints regarding non-receipt of shares sent for transferDemat queries were received from the shareholders all of which have been resolved. Thecompany had no transfers pending at the close of 31.03.2022.

REQUESTS:

Sr. Nature of the Requests No. Received Replied Pending
1 Receipt of dividend warrants for revalidation 0 0 0
2 Request for mandate correction on Dividend warrants 0 0 0
3 Request for duplicate Dividend warrant 0 0 0
4 Request for copy of Annual Report 0 0 0
5 Request for TDS Certificate 0 0 0
6 Request for exchange of split Share certificate 0 0 0
Total 0 0 0

13. Board Evaluation

Pursuant to the provisions of the Companies Act 2013 and Listing Regulations the Boardhas carried out an Annual Performance Evaluation of its own performance the Directorsindividually as well as the Evaluation of the working of its various committees.

A separate exercise was carried out to evaluate the performance of individual Directorsincluding the Chairman of the Board who were evaluated on parameters such as level ofengagement and contribution independence of judgment safeguarding the interest of thecompany. The performance evaluation of the Independent Directors was carried out by theentire Board excluding the directors being evaluated. The Performance Evaluation of theChairman and Non Independent Directors was carried out by the Independent Directors attheir separate meeting.

14. Fixed Deposits

The Company has not accepted any Fixed Deposits during the year.

15. Declaration by an Independent Director(s) & re-appointment if any.

All Independent Directors have given declarations affirming that they meet the criteriaof independence as provided under Section 149 (6) of the Companies Act 2013 andRegulation 16(l)(b) of SEBI (LODR) Regulations 2015 and there has been no change in thecircumstances which may affect their status as Independent Directors during the year.

Mr. Jhanwarlal Bhanwarlal Sipani (DIN 01261901) director retires by rotation and beingeligible and not being disqualified under section 164 of the Companies Act 2013 offerhimself for re-appointment.

16. Internal Financial Controls

The Board has laid down Internal Financial Control Policy to be followed by the Companyand the policy is available on Company’s website at the link www.kusamelectrical.com.The Company has in place adequate internal financial controls with reference to financialstatements. During the year such controls were reviewed and no reportable materialweakness in the operation was observed.

17. Policy on Directors Appointment & Remuneration

Details of Nomination and Remuneration Policy pursuant to Section 178 (4) of theCompanies Act can be accessed by clicking on the web link:

Details of Familiarisation Programme for Independent Directors and criteria for makingpayment to Non- Executive Directors can be accessed by clicking on the web link:

http://www.kusamelectrical.com. Directors-Familiarisation-Programme.pdf

18. Management Discussion and Analysis Report

Management Discussion and analysis Report for the year under review as stipulatedunder Regulation 34(2)(e) of the SEBI (LODR) Regulation 2015 is presented in the separateSection forming part of Annual Report. (Annexure III)

19. Auditors:

(i) Statutory Auditor

The Statutory Auditor of your Company namely M/s. R A N K & Co CharteredAccountants (Firm Registration Number: 101794W) were appointed as the Statutory Auditorsof the Company for first time at 37th Annual General Meeting held in 2020 for aterm of five years and hold office upto the conclusion of the Annual General Meeting to beheld in the Financial Year ended March 31 2025

The Report given by the Statutory Auditor for the Financial Statements for the yearended 31st March 2022 read with Explanatory Notes thereon do not call for any explanationor comments from the Board under Section 134 of the Companies Act 2013.

(ii) Secretarial Auditor

As per Section 204 of the Companies Act 2013 and the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 the Company is required to appoint aSecretarial Auditor for auditing secretarial and related records of the Company.

CS Nishi Jain Practicing Company Secretary was appointed as Secretarial Auditors forcarrying out the Secretarial audit for the Financial Year 2021-22.

The Secretarial Audit Report for the Financial Year ended 31st March 2022is annexed herewith marked as "Annexure A" to this Report. The observations madeby the Secretarial Auditor in her report are self-explanatory.

As required by Section 204 of the Act 2013 the Secretarial Audit Report for the year2021-22 given by Nishi Jain Practicing Company Secretary for auditing the Secretarial andrelated records is attached herewith as "Annexure II".

iii) Internal Auditor

The Company has adequate system of Internal check and control and the function of theInternal Auditor is being looked after by M/s HRJ & Associates Chartered Accountantsas an Internal Auditor of the company

iv) Cost Auditor

The Company is not required to maintain Cost Audit Records as its turnover is less thanRs 35 Crore Company not engaged in production of goods or providing services in respectof which any order has been passed by the Central Government under Section 148 of theCompanies Act 2013 read with the Companies (Cost Records and Audit) Rules 2014.

20. Internal Controls

Your Company has in place adequate Internal Control Systems commensurate with the sizeof its operations. Internal control systems comprising of policies and procedures aredesigned to ensure sound management procedures are designed to ensure sound management ofyour Company’s operations safekeeping of its assets optimal utilization ofresources reliability of its financial information and compliance. Clearly defined rolesand responsibilities have been institutionalized. Systems and procedures are periodicallyreviewed to keep pace with the growing size and complexity of your company’soperations.

21. Vigil Mechanism:

In pursuant to the provisions of Section 177(9) & (10) of the Companies Act 2013the Company have a Vigil Mechanism Policy for directors and employees to deal with aninstance of fraud or mismanagement if any. The Vigil Mechanism Policy has been uploadedon the website of the Company at http: www. kiisamelectncal. com pdfWhistle-Blower-policy.pdf

22. Risk Management Policy

The Board of Directors has put in place a Risk Management policy for the company whichincludes business risks markets risks event risks and IT / Financial/ Interest rate/liquidity risks and the structure infrastructure processes awareness and riskassessment / minimization procedures. The elements of the risk which in severe form canthreaten Company’s existence have been identified by the Board of Directors. Detailsof the Risk management Policy have been uploaded on the website of the Company at http:www. kiisamelectncal. com Risk-Management-Policy.pdf

23. Extract of Annual Return:

Pursuant to the provisions of Section 134 (3) (a) of the Companies Act 2013 Extractof the Annual Return for the financial year ended 31st March 2022 made under theprovisions of Section 92 (3) of the Companies Act 2013 in Form MGT - 9 is available onthe website of the Company www.kusamelectrical.com.

24. Material changes and commitments if any affecting the financial position of thecompany which have occurred between the end of the financial year of the Company to whichthe financial statements relate and the date of the Report

No material changes and commitments affecting the financial position of the Companyoccurred between the end of the financial year to which this financial statement relateand on the date of this report.

25. Particulars of loans guarantees or investments

The details of Loan Guarantees and Investments are given under the provisions ofSection 186 of the Companies Act 2013 are given in the Notes to Financial Statements.

26. Related Parties Transactions:

During the financial year 2021-22 the Company had not entered into any materialtransactions with any of its related parties. The related party transactions entered intowith the related parties as defined under Companies Act 2013 during the financial year2021-2022 were in the ordinary course of business and at arm’s length and the samehas been approved by the Audit Committee. The disclosure of Related Party Transactionsunder Accounting Standard-18 with related party are disclosed in the notes to Accounts ofthe Standalone Financial Statements.

Details of policy for dealing with related party transactions can be accessed byclicking on the web link: http: www.kiisamclccincal.comRelated-partv-trcmsaction-policv.pdf

27. Corporate Governance

In terms of Regulation 15(2)(a) of SEBI(LODR) Regulations 2015 the compliance withthe Corporate Governance provisions as specified in Regulations 17 18 19 20 21 2223 24 25 26 27 and Clauses (b) to (i) of sub-regulation(2) of Regulation 46 and parasC D and E of Schedule V are not applicable to the Company as the paid up share capital ofthe Company is less than 10 crores and its Net Worth does not exceed 25 crores as on 31stMarch 2022s.

28. Corporate Social Responsibility (CSR)

In accordance with the provisions of Section 135 read with Schedule VII of theCompanies Act 2013 the Company is not required to adopt a CSR Policy outlining variousCSR activities to be undertaken by the Company.

29. General Disclosures

Your Directors state that no disclosure or reporting is required in respect of thefollowing items as there were no transactions on these items during the year under review:

1. The Company has not issued any shares with differential rights and hence noinformation as per provisions of Section 43(a)(ii) of the Act read with Rule 4(4) of theCompanies (Share Capital and Debenture) Rules 2014 is furnished.

2. The Company has not issued any sweat equity shares during the year under review andhence no information as per provisions of Section 54(1 )(d) of the Act read with Rule8(13) of the Companies (Share Capital and Debenture) Rules 2014 is furnished.

3. The Company has not issued any equity shares under Employees Stock Option Schemeduring the year under review and hence no information as per provisions of Section 62(1)(b) of the Act read with Rule 12(9) of the Companies (Share Capital and Debenture) Rules2014 is furnished.

4. During the year under review there were no instances of non-exercising of votingrights in respect of shares purchased directly by employees under a scheme pursuant toSection 67(3) of the Act read with Rule 16(4) of Companies (Share Capital and Debentures)Rules 2014 is furnished.

5. No orders have been passed by any Regulator or Court or Tribunal which can have animpact on the going concern status and the Company's operations in future.

30. Obligation of Company Under the Sexual Harassment of Women at Workplace(Prevention

Prohibition and Redressal) Act 2013

The Company has set up an Internal Complaints Committee (ICC) for providing a Redressalmechanism pertaining to Sexual harassment of women employees at workplace. There was nocomplaint received during the year under review.

31. (a) Conservation of energy technology absorption

Your Company has no activities relating to conservation of energy and absorption ofTechnology.

(b) Foreign exchange earnings and Outgo

During the year under review the Company has earned foreign exchange ofRs 289284/-on account of export sale and outgo of foreign exchange during the year was Rs29524202/- for imports.

32. Directors’ Responsibility Statements

Pursuant to the requirement of Section 134(5) of the Companies Act 2013 with respectto Directors’

Responsibility Statement it is hereby confirmed that:-

(a) In the preparation of the annual accounts for the year ended 31st March2022 the applicable accounting standards have been followed along with proper explanationrelating to material departures.

(b) The Directors has selected such accounting policies as mentioned in Note 2 of theAnnual accounts have been applied consistently and made judgments and estimates that arereasonable and prudent so as to give a true and fair view of the state of affairs of thecompany at the end of the financial year ended 31st March 2022 and of theprofit and loss of the company for that period.

(c) The Directors had taken proper and sufficient care has been taken for themaintenance of adequate accounting records in accordance with the provisions of this Actfor safeguarding the assets of the company and for preventing and detecting fraud andother irregularities.

(d) The Directors had prepared the annual accounts for the year ended 31stMarch 2022 have been prepared on a going concern basis.

(e) The Directors had laid down Internal Financial Control to be followed by theCompany and that such internal financial control are adequate and were operatingeffectively.

(f) The Directors had devised proper systems to ensure compliance with the provisionsof all applicable laws are devised and are adequate and operating effectively.

33. Significant And Material Orders Passed By The Regulators Or Courts

During the year under review no significant and material orders were passed by theRegulators Securities Exchange Board of India Stock Exchanges Tribunal or Courts.

34. Pending Proceeding Under The Insolvency And Bankruptcy Code 2016

During the year under review no proceeding pending under the Insolvency and BankruptcyCode 2016

35. One time Settlement with Bank or Financial Institutions

During the year under review no instance of onetime settlement with any Bank orFinancial Institution

36. Affirmation On Compliance Of Secretarial Standards

The company hereby affirms that during the year under review company has complied withall the applicable secretarial standards (including any modifications or amendmentsthereto) issued by the Institute of Company Secretaries of India

37. Reporting of Frauds

There was no instance of fraud during the year under review which required theStatutory Auditors to report to the Audit Committee and / or Board under Section 143(12)of the Act and the rules made thereunder.

38. Listing with Stock Exchanges:

The Company confirms that it has paid the Annual Listing Fees for the year 2022-2023 toBSE where the Company’s Shares are listed.

39. Acknowledgements

Your Directors wish to thank Bankers Government Authorities and various stakeholderssuch as shareholders customers and suppliers among others for their support andvaluable guidance to the Company. Your Directors also wish to place on record theirappreciation for the committed services of all the Employees of the Company.

For and on behalf of the Board of Directors
Chandmal P. Goliya
Whole time Director
Place: Mumbai
Date: 12-08-2022

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