MIRA
INFORM REPORT
|
Report Date : |
09.08.2008 |
IDENTIFICATION DETAILS
|
Name : |
JEWELEX INDIA
PRIVATE LIMITED |
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Formerly Known As : |
JEWELEX BOMBAY
PRIVATE LIMITED |
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Registered Office : |
124 / C, Mittal Court, Nariman Point, Mumbai – 400021,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.10.2004 |
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Com. Reg. No.: |
11-71263 |
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CIN No.: [Company
Identification No.] |
U36910MH2004PTC148938 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ11921A |
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PAN No.: [Permanent
Account No.] |
AABCJ4523H |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers and Exporters of all kinds of diamond
studded gold Jewellery. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED
CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track.
Directors are reported as experienced, respectable and resourceful
businessmen. It is a 100% export oriented unit. Financial position is good. Payments
are correct and as per commitments.
The company can be considered for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
124 / C, Mittal Court, Nariman Point, Mumbai - 400021, Maharashtra,
India |
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Tel. No.: |
91-22-2874155 |
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Fax No.: |
91-22-2048488 |
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E-Mail : |
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Corporate
Office : |
Plot No. 56-B,
First Floor, Seepz, Andheri [East], Mumbai – 400096, Maharashtra, India |
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Tel. No.: |
91-22-66938505/
8510/ 28291686/ 28290699 |
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Fax No.: |
91-22-56938506/
28290460 |
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E-Mail : |
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Head Office /
Factory 1: |
G-29, G & J Complex III, Seepz, Andheri (East), Mumbai
– 400096, Maharashtra, India |
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Tel. No.: |
91-22-56938500 /
8501 / 8502/ 28290700/ 28291686/ 0699 |
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Fax No.: |
91-22-28290460 |
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E-Mail : |
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Factory 2 : |
Unit III, G – 33,
G & J Complex No. III, Seepz, Andheri [East], Mumbai – 400096,
Maharashtra, India |
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Tel. No.: |
91-22-56938500/
56938502 |
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Fax No.: |
91-22-28290460 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Piyush S. Kothari |
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Designation : |
Director |
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Address : |
3, Nishica Terrace, 3rd Floor, A G Khan Road, Worli
Seaface, Mumbai – 400018, Maharashtra, India |
|
Date of Birth/Age : |
10.01.1943 |
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Date of Appointment : |
31.03.2008 |
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Name : |
Mr. Nilesh P. Kothari |
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Designation : |
Director |
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Address : |
10, Ayarvarta, 20, N. D. Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
11.02.1961 |
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Date of Appointment : |
01.10.2004 |
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Name : |
Mr. Ashish S. Kothari |
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Designation : |
Director |
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Address : |
705, Mangal Kunj – B, 2 Mount Pleasant Road, Mumbai –
400006, Maharashtra, India |
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Date of Birth/Age : |
21.05.1973 |
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Date of Appointment : |
10.05.2005 |
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Name : |
Mr. Ketan R. Shah |
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Designation : |
Director |
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Address : |
146/8, Jawahar Nagar, Road No. 9, 1st Floor,
Goregaon (West), Mumbai – 400062, Maharashtra, India |
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Date of Birth/Age : |
24.02.1972 |
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Date of Appointment : |
01/04/2003 |
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Name : |
Mrs. Afshan
Adlakha |
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Designation : |
Director |
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Address : |
A / 702, Jalvayu
Vihar, Powai, Andheri [East], Mumbai – 400076, Maharashtra, India |
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Date of Birth/Age : |
02.04.1976 |
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Date of Appointment : |
01.07.2004 |
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Name : |
Mr. Anish P
Kothari |
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Designation : |
Director |
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Address : |
102, Elcid, 13 –
A, Ridge Road, Mumbai 400 006, Maharashtra, India |
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Date of Birth/Age : |
19.11.1965 |
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Date of Appointment : |
01.10.2004 |
MAJOR SHAREHOLDERS
(As on
27.02.2007)
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Names Of
Shareholders |
|
No. of Shares |
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|
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|
Piyush S Kothari |
|
682500 |
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Anish P Kothari |
|
682500 |
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Nilesh P Kothari |
|
682500 |
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Saryu P Kothari |
|
682500 |
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Chandra P Kothari
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|
682500 |
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Gopika A Kothari |
|
568750 |
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Nisha N Kothari |
|
568750 |
|
D J Finance
Limited |
|
450000 |
|
Piyush S Kothari |
|
6142500 |
|
Anish P Kothari |
|
6142500 |
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Nilesh P Kothari |
|
6142500 |
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Saryu P Kothari |
|
6142500 |
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Chandra P Kothari
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|
6142500 |
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Nisha N Kothari |
|
5118750 |
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Gopika A Kothari |
|
5118750 |
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D J Finance
Limited |
|
4050000 |
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Total |
|
50000000 |
(As on
31.03.2007)
|
Category |
Percentage |
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|
|
|
Bodies corporate (not mentioned above) |
9.00 |
|
Directors or relatives of directors |
91.00 |
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|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of all kinds of diamond
studded gold jewellery. |
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Products : |
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PRODUCTION
STATUS
|
Particulars |
Unit |
Actual Production |
|
Rings |
Nos. |
111044 |
|
Pendants |
Nos. |
51777 |
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Earrings |
Pairs |
112732 |
|
Belts/Neckless/Bangles |
Nos. |
5431 |
GENERAL INFORMATION
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No. of Employees : |
About 2000 |
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Bankers : |
Overseas Branch, Earnest House, Nariman
Point, Mumbai 400 021
Brady House, 14, Veer Nariman Road, Mumbai
400 023
Overseas Branch, Union Bhavan, Ground
Floor, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai 400 021
International Business Branch, General
Bhonsale Marg, Nariman Point, Mumbai 400 021
Overseas Branch,
Mittal Court, C Wing, 16th Floor, Naniman Point, Mumbai 400 021
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Banking Relations : |
Good |
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Auditors : |
M. M. Nissim and
Company Chartered
Accountants, |
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Address: |
Barodawala
Mansion, B – Wing, 3rd Floor, 81, Dr. Annie Besant Road, Worli,
Mumbai – 400018, Maharashtra, India |
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Tel. No.: |
91-22-24949991 |
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Fax No.: |
91-22-24949995 |
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Associates/Subsidiaries : |
No.501, Block No.II Seepz
++, Seepz Sez, Andheri (East), Mumbai, India Tel No.:91-22-28290904/
28290905 Fax No.: 91-22-28290906 Email: vico@bom3.vsnl.net.in
CIN No. U99999MH2000PTC124713
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CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.100/- each |
Rs.500.000 millions |
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Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
5000000 |
Equity Shares |
Rs.100/- each |
Rs.500.000 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
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|
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1] Share Capital |
500.000 |
50.000 |
50.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1363.077 |
1567.533 |
51.834 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1863.077 |
1617.533 |
101.834 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3408.775 |
1583.669 |
1502.791 |
|
|
2] Unsecured Loans |
450.000 |
903.100 |
699.4112 |
|
|
TOTAL BORROWING |
3858.775 |
2486.769 |
2202.2022 |
|
|
DEFERRED TAX LIABILITIES |
30.785 |
20.551 |
0.000 |
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|
|
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|
|
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TOTAL |
5752.637 |
4124.853 |
2304.036 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
327.764 |
336.071 |
75.314 |
|
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Capital work-in-progress |
306.957 |
0.627 |
0.000 |
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|
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INVESTMENT |
12.612 |
18.775 |
0.000 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
2660.087 |
2298.910 |
1248.129 |
|
|
Sundry Debtors |
2569.083 |
1723.444 |
1010.465 |
|
|
Cash & Bank Balances |
220.128 |
138.846 |
158.059 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
481.865 |
407.636 |
240.260 |
|
Total Current Assets |
5931.163 |
4568.836 |
2656.913 |
|
|
Less
: CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
794.319 |
755.565 |
394.481 |
|
|
Provisions |
31.540 |
43.891 |
33.710 |
|
Total Current Liabilities |
825.859 |
799.456 |
428.191 |
|
|
Net Current Assets |
5105.304 |
3769.380 |
2228.722 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
5752.637 |
4124.853 |
2304.036 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover [including other income] |
|
8821.491 |
5400.019 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
511.629 |
386.266 |
|
Provision for
Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
|
511.629 |
386.266 |
|
|
|
|
|
|
Total Expenditure |
|
8309.862 |
5013.753 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.80 |
7.15 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.80 |
7.15 |
NA |
|
|
|
|
|
|
|
Return on Total
Assets (PBT/Total Assets} |
(%) |
8.17 |
10.43 |
NA |
|
|
|
|
|
|
|
Return on
Investment (ROI) (PBT/Networth) |
|
0.27 |
0.24 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total
Liability/Networth) |
|
2.51 |
2.03 |
25.83 |
|
|
|
|
|
|
|
Current Ratio (Current
Asset/Current Liability) |
|
7.18 |
1.21 |
1.19 |
LOCAL AGENCY
FURTHER INFORMATION
Subject was
incorporated on 22nd March, 1993 under the name and style ‘Jewelex Bombay
Private Limited’. The name was changed to the present w.e.f. 15.09.2004.
Fixed Assets
- Building [Leasehold]
- Plant and Machinery
- Electrical Fittings
- Furniture & Fixtures
- Office Equipments
- Computers
- Vehicles
Form 8 Particular for
creation or modification of charges
|
Corporation identity number or
foreign company registrations number of the company |
U36910MH2004PTC148938 |
|
Name of the company |
JEWELEX INDIA PRIVATE LIMITED |
|
Address |
124-C, Mittal Court, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
This Form is for |
Modification
of charge |
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Type of Charges |
Immovable Property Book debs Movable Property Floating
Charge |
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Particular of the charge
holder |
Corporation Bank Overseas Branch, Earnest House, Nariman Point, Mumbai – 400021, Maharashtra |
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Nature or description of the
instrument creating charge |
Supplemental Joint Deed of
Hypothecation Supplemental Working Capital
Conortium Agreement Joint Inter se Agreement and Memorandum of Deposit of Title
Deeds. (Collectively Constitute a single charge from
Rs.4801.500 Millions |
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Date of the instrument creating
charge |
17.11.2007 |
|
Amount Secure by the
charge |
Rs.4801.500
millions |
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Brief of the principal terms and
conditions and extent and operation of the charge |
Rate of Interests: Interests shall be charge on the outstanding
in the said account (s) such rate as any may be determined by the said banks
from time to time. Terms of repayment: On Demand Margin: As may be stipulated by each of the member
Banks from time tot time. Extent and operation of the charge: Hypothecation of assets of the company as
specified in item No.14 as a continuing security for the due repayment of
following credit facilities and The company accorded and gave oral consent to
Bank to continue to hold and retain the title deeds (by way of construction delivery)
in respect of its immovable properties as mentioned under item No.14 Others: The charge created in respected of fixed
assets by way of first charge and in respect of wind mill assets by way of
second charge to secure term loan of corporation bank. The charge created herein by the company over
the current assets shall be on first pari passu inter se the Banks and the charge created over fixed assets shall
be on pari passu inter se the Banks |
|
Particulars of the Property
charged |
Hypothecation of Current assets Movable Fixed Assets Secound Charge on Wind Mill Assets and first
exclusively charge on corporation Bank Term Loan and Immovable Properties
lying and situated at Mumbai |
|
Particulars of the present modification |
The consortium Charge shall now modified/
revised upto Rs.4801.500 Millions in favour of the members of corporation
Bank consortium. |
|
Name of the company |
JEWELEX INDIA PRIVATE LIMITED |
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Presented By |
CORPORATION BANK AND JEWELEX INDIA PRIVATE LIMITED |
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1) Date and
description of instrument creating the change |
Dated: 01.10.2004 Certificate of
incorporation bearing No. U 36910MH 2004 PTC 148938 and Memorandum and
Articles of Association of the company incorporated under part IX of
Companies Act, 1956 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
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3) Short
particular of the property charged. If the property acquired is subject to charge,
date of the acquired of the property should be given |
Assets of the
firm (“the Borrower”) i) The whole of
the current assets of the borrower namely, stocks of raw materials, stock in
process, semi finished and finished goods stores and spares not relating to
plant and machinery (consumable stores and spares), bills receivable and book
debts and all other current assets, both present and future whether now lying
loose or in cases or which are now lying or stored in or about or shall
hereinfafter from time to time during the continuance of the security of
these presents be brought into or upon or be stored or be in or about or
borrower’s factories, premises and godowns situated at Mumbai, in the State
of Maharashtra or wherever also the same may be or be held by any party to
the order or disposition of the borrower or in the course of transit or on
high seas or on order or delivery, howsoever and whersoever in the possession
of the borrower and either by way of substituion or addition. ii)
|
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4) Gist of the
terms and conditions and extent and operation of the charge. |
i) The aforesaid securities were created
by way of first charge on part passu inter se the Bank for repaymene of
monies due and payable by the Borrower to each of the Bank and/or Corporation
Bank Consortium. ii) Interest shall be charged on the
outstanding in the accounts opened in respect of the aforesaid credit
facilties at such rate(s) as may be determined by each of the Bank and/or
Corporation Bank Consortium from time to time. |
||||||||||||||
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5) Name and
Address and description of the person entitled to the charge. |
Overseas Branch, Earnest House, Nariman
Point, Mumbai 400 021
Brady House, 14, Veer Nariman Road, Mumbai
400 023
Overseas Branch, Union Bhavan, Ground
Floor, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai 400 021
International Business Branch, General
Bhonsale Marg, Nariman Point, Mumbai 400 021
Overseas Branch, Mittal Court, C Wing, 16th
Floor, Naniman Point, Mumbai 400 021 |
||||||||||||||
|
6) Date and brief description of instrument
modifying the charge |
Dated 10.03.2005 No Instrument,
but mortage was created by deposit of title deeds in respect of company’s immovable
properties as security. |
||||||||||||||
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
a) Post
Modifications: The original charge
created on 01.10.2004 for Rs. 1080.000 millions was modified on 10.03.2005
for Rs. 1560.000 millions b) Present
Modification: The company gave
and accorded its consent to the Bank to hold and retain the title deeds in
respect of its immovable properties namely: 1.
Premises no.
605, situated at 6th floor, Aman Chambers premises Co-operative
Society Limited, 113, Mama Parmanand Marg, (Formerly Queen’s Road), Mumbai –
400 004 2.
Premises
nos. 123,124 and 125 on th 12th floor of ‘C’ Wing of Mittal Court Building
situated at Nariman Point, Mumbai 400 021 3.
Premises
(Gala/Unit) No. 13 of Prbhadevi Industrial Estate on the 2nd floor
situated at Veer Savarkar Marg, Prabhadevi, Mumbai 400 4.
Office
Premises no. 2 –B, admeasuring 20.25 sq. mtrs., on the 3rd floor,
in the building known as “Aman Chambers” of Aman Chambers Premises
Co-Operative Society Limited, situated at 113, Mama Parmanand Marg, Mumbai
400 004, on the land bearing New survey No. 8032 (Pt) and survey no. 30/8007
and cadestral survey no. 16, admeasuring 1906 sq. yrds. Of Girgaum Division,
Mumbai within the registration district sub –district of Mumbai city 5.
Office
premises no. 301-A, admeasuring 52 sq. mtrs. On the 3rd floor, in
the building known as “Aman Chembers” of Aman Chambers premises Co-Opeativer
Society Limited, situate at 113, Mama Parmanand Marg, Mumbai 400 004, on the
land bearing new survey no. 8032 (Pt) and survey no. 30/8007 and cadestral
survey no. 16, admeasuring 1906 sq. yrds of Girgaum Division, Mumbai within
the registraiton District sub-district of Mumbai city And also created
mortgage by deposit of title deeds in respect of company’s immovable property
namely:
To secure the
credit facilites upto Rs.1560.000 millions, together with interest, costs,
charges and expenses etc. Save and except
creation of above mortgage, there is therfore, no changes in the amount of
charge which stands secured at Rs.1560.000 millions. |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.20 |
|
UK Pound |
1 |
Rs.81.48 |
|
Euro |
1 |
Rs.64.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|