MIRA INFORM REPORT
|
Report Date : |
05.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
THE SIAM
IRON AND STEEL
[2001] CO., LTD. |
|
|
|
|
Registered Office : |
20th Floor, Rasa Tower Ii, Phaholyothin Road, Chatuchak, Bangkok 10900 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
2001 |
|
|
|
|
Com. Reg. No.: |
0105544085276 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of Iron And Steel |
|
|
|
|
No. of Employees : |
700 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
No complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per
year - as it recovered from the Asian financial crisis of 1997-98. Thai exports
- mostly machinery and electronic components, agricultural commodities, and
jewelry - continue to drive the economy, accounting for more than half of GDP.
The global financial crisis of 2008-09 severely cut Thailand's exports, with
most sectors experiencing double-digit drops. In 2009, the economy contracted
2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995,
as exports rebounded from their depressed 2009 level. Steady economic growth at
just below 4% during the first three quarters of 2011 was interrupted by
historic flooding in October and November in the industrial areas north of
Bangkok, crippling the manufacturing sector and leading to a revised growth
rate of only 0.1% for the year. The industrial sector is poised to recover from
the second quarter of 2012 onward, however, and the government anticipates the
economy will probably grow between 5.5 and 6.5% for 2012, while private sector
forecasts range between 3.8% and 5.7%
|
Source
: CIA |
Company
name
THE
SIAM IRON AND
STEEL [2001] CO.,
LTD.
SUMMARY
BUSINESS
ADDRESS : 20th FLOOR,
RASA TOWER II,
555 PHAHOLYOTHIN ROAD,
CHATUCHAK, BANGKOK
10900
TELEPHONE : [66] 2937-1000
FAX :
[66] 2937-1223-4
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2001
REGISTRATION
NO. : 0105544085276
TAX
ID NO. : 3030346872
CAPITAL REGISTERED : BHT. 120,000,000
CAPITAL PAID-UP : BHT.
120,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : MARCH 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THANA RUANGSILASINGHA, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 700
LINES
OF BUSINESS : IRON
AND STEEL
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
FAIR PERFORMANCE
HISTORY
The
subject was established
on September 3,
2001 as a
private limited company
under the name
style THE SIAM
IRON AND STEEL
[2001] CO., LTD. by
Thai groups. Its business
objective is to
manufacture and distribute
wide range of
steel products to domestic
market.
The
subject was initially
established as a
subsidiary of Cementhai
Holding Co., Ltd.,
which is a
member of The
Siam Cement Group.
In 2002, Tata
Steel Limited of
India and Cementhai
Holding Co., Ltd., Thailand, had
been jointed to set
up the new
company, named Millennium
Steel [Thailand] Public
Company Limited, to
be the holding
company and investing
in 3 companies,
under the merger
structuring business, among
N.T.S. Steel Group
Public Company Limited,
and the 2
subsidiaries of The
Siam Cement Group,
consists of The
Siam Iron and
Steel [2001] Co.,
Ltd. and Siam
Steel Construction Steel
Co., Ltd.
In
2006, Millennium Steel
[Thailand] Public Company
Limited became to be a
wholly owned subsidiary
of Tata Steel
Limited in India,
then its name
was changed to
Tata Steel [Thailand]
Public Company Limited
on December 14,
2006.
At
present, the subject
is a wholly
owned subsidiary of Tata
Steel [Thailand] Public
Company Limited. Subject
currently employs approximate
700 staff.
The
subject’s registered address
was initially located
at 22nd Flr.,
Shinawatra Tower 3,
1010 Vibhavadi-Rangsit Rd.,
Chatuchak, Bangkok 10900.
On
March 28, 2012,
its registered address
was relocated to 20th Flr.,
Rasa Tower II, 555
Phaholyothin Rd., Chatuchak,
Bangkok 10900, and this
is the subject’s
current operation address.
THE
BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Thana Ruangsilasingha |
[x] |
Thai |
57 |
|
Mr. Peeyush Gupta |
[x] |
Indian |
43 |
|
Mr. Amit Ghosh |
|
Indian |
59 |
|
Mr. Sirorote Methmanosak |
|
Thai |
50 |
|
Mr. Paitoon Chuasook |
|
Thai |
50 |
AUTHORIZED PERSON
One of the
above directors [x]
can sign or
one of the
directors [x] can
jointly sign with
one of the
rest directors on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Thana Ruangsilasingha is
the Managing Director.
He is Thai
nationality with the
age of 57
years old.
Mr. Thiraphan Chitakul is
the QA &
Product Development Manager.
He is Thai
nationality.
Mr. Chaichalerm Boonyawithayakorn is
the Plant Manager.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject
is engaged in
manufacturing and distributing
various types of
steel, e.g. steel bars,
wire rods as
well as small
section products, which
are produced in various
forms, such as
angles and channels
and are used
in the construction
industry for roof
structures and electricity
poles.
MAJOR BRAND
“SISC”
PRODUCTION CAPACITY
Steel Bar & wire rod : 230,000
tons per annum
Small section : 170,000
tons per annum
PURCHASE
Raw
materials and machinery
are purchased from
supplier both domestic
and overseas, mainly
India, Republic of
China, Ukraine, Russia
and Germany.
SALES
100% of the
products has been
marketed by Tata
Steel [Thailand] Public
Company Limited.
SUBSIDIARY AND AFFILIATED
COMPANY
The subject is
not found to
have any subsidiary or affiliated company
here in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of 30-60 days.
Imports are by
L/C at sight
or T/T.
BANKING
Bangkok
Bank Public Co.,
Ltd.
EMPLOYMENT
The
subject employs approximately
700 office staff
and factory workers.
LOCATION
DETAILS
The
premise is rented
for administrative office
at the heading
address. Premise is
located in commercial/residential area.
Factory
and warehouse are
located at 49
Moo 11, T. Bangkamode, A. Banmor,
Saraburi 18270. Tel. :
[66] 36 288-000, Fax. :
[66] 36 288-002.
COMMENT
Subject
is a manufacture
of steel bars, wire
rods and etc.
serving construction
industry. Production procedure
reflects a continuing commitment
to the high
technology and demand of
rapid growing industries.
The
year 2012 a going forward
the continued uncertainty
around Euro zone crisis
and strong raw
material prices pose
a challenging outlook
for the steel
industry with a
recovery expected in
the second half
of year. The
growth would be driven
by the government
investment in reconstruction of
infrastructure, including actions
to prevent flooding in
both short and
long term. Automotive
industry has taken
a target to
make 2 million
numbers of vehicles.
This
will result in
Thailand’s steel consumption in
2012 to outstanding increase
from the previous year. However,
increasing imports from
China are likely to
give strong headwinds
to the profitability
and production volume
of steel producers.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 1,000,000 divided
into 10,000 shares of
Bht. 100 each
with fully paid.
On
November 21, 2006, the
capital was increased
to Bht. 120,000,000 divided into
1,200,000 shares of
Bht. 100 each with
fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
July 27, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Tata Steel [Thailand]
Public Company Limited Nationality: Thai Address : 20th Flr., Rasa
Tower II, 555 Phaholyothin Rd.,
Chatuchak, Bangkok |
1,199,994 |
99.99 |
|
Mrs. Arisara Na Ranong Nationality: Thai Address : 68/1
Ladprao 55 Rd.,
Wangthonglang, Bangkok |
1 |
|
|
Mr. Sawai Kunnanetrasai Nationality: Thai Address : 59/66
Moo 19, Salathammasop,
Taweewattana, Bangkok |
1 |
|
|
Ms. Prinda Boonpraspai Nationality: Thai Address : 4/35
Petchburi Rd., Thanon
Phyathai,
Rajthewi, Bangkok |
1 |
= 0.01 |
|
Ms. Porngkanis Sunthornchay Nationality: Thai Address : 17/1
Soi Tiwanont 46,
Thasai, Muang, Nonthaburi |
1 |
|
|
Mr. Surapol Limpanich Nationality: Thai Address : 6
Soi Boonsiri 27,
Sukhumvit Rd.,
Paknam, Muang, Samutprakarn |
1 |
|
|
Mr. Supakij Thongsak Nationality: Thai Address : 2030/5
Prachasongkroh Rd., Dindaeng, Bangkok |
1 |
|
Total Shareholders : 7
Share Structure [as
at July 27,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
1,200,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
1,200,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mrs. Nutchalee Boonyakarnkul No.
3126
Note:
We are unable
to investigate the
financial statement for 2012, due
to the assets
figure is disappeared
from the collection
sector.
BALANCE SHEET [BAHT]
The
latest financial figures
published for March
31, 2011 &
2010 were:
ASSETS
|
Current Assets |
2011 |
2010 |
|
|
|
|
|
Cash and Cash Equivalents |
3,481,483 |
23,466,573 |
|
Trade Accounts Receivable |
|
|
|
Related company |
576,164,620 |
236,728,813 |
|
Other |
- |
92,167,487 |
|
Other Receivable-Related Company |
1,200,389 |
2,484,478 |
|
Inventories |
1,434,405,235 |
1,165,384,650 |
|
Advance Received Goods |
- |
493,049 |
|
Refundable Value Added Tax |
14,553,594 |
46,749,061 |
|
Other Current Assets
|
9,986,787 |
3,330,438 |
|
Total Current
Assets |
2,039,792,108 |
1,570,804,549 |
|
|
|
|
|
Fixed Assets |
292,681,606 |
467,293,811 |
|
Intangible Assets |
2,214,088 |
2,508,494 |
|
Deferred Income Tax |
23,167,675 |
24,510,331 |
|
Other Non-current Assets |
648,001 |
6,629,294 |
|
Total Assets
|
2,358,503,478 |
2,071,746,479 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2011 |
2010 |
|
|
|
|
|
Trade Accounts Payable |
|
|
|
Related company |
124,755,529 |
101,381,844 |
|
Other |
292,487,773 |
228,040,044 |
|
Other Payable -Related Company |
17,185,796 |
17,354,522 |
|
Short Term Loan from
Related Company |
745,770,273 |
744,337,790 |
|
Current Portion of Financial
Lease Contract Liabilities |
55,296 |
139,080 |
|
Accrued Income Tax |
47,951,659 |
51,328,689 |
|
Other Current Liabilities |
19,251,239 |
28,539,865 |
|
Total Current
Liabilities |
1,247,457,565 |
1,171,121,834 |
|
|
|
|
|
Financial Lease Contract
Liabilities, Net |
5,521 |
60,817 |
|
Estimated Liabilities for Employees Benefit |
42,190,256 |
44,896,487 |
|
Total Liabilities |
1,289,653,342 |
1,216,079,138 |
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
value Authorized &
issued share capital 1,200,000
shares |
120,000,000 |
120,000,000 |
|
Capital Paid |
120,000,000 |
120,000,000 |
|
Statutory Reserve |
12,000,000 |
12,000,000 |
|
Retained Earning -
Unappropriated |
936,850,136 |
723,667,341 |
|
Total
Shareholders' Equity |
1,068,850,136 |
855,667,341 |
|
Total
Liabilities & Shareholders' Equity |
2,358,503,478 |
2,071,746,479 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2011 |
2010 |
|
|
|
|
|
Sales Income |
6,783,711,436 |
9,553,758,781 |
|
Gain on Exchange Rate |
3,779,999 |
362,699 |
|
Other Income |
15,160,185 |
9,245,928 |
|
Total Revenues
|
6,802,651,620 |
9,563,367,408 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
6,304,266,923 |
8,935,801,777 |
|
Selling Expenses |
5,009,555 |
76,051,614 |
|
Administrative Expenses |
151,526,473 |
156,269,224 |
|
Total Expenses |
6,460,802,951 |
9,168,122,615 |
|
Profit Before Finance Cost & Income Tax |
341,848,669 |
395,244,793 |
|
Finance Cost |
[39,698,755] |
[31,247,815] |
|
Profit Before Income Tax |
302,149,914 |
363,996,978 |
|
Income Tax |
[88,967,119] |
[105,110,926] |
|
Net Profit / [Loss] |
213,182,795 |
258,886,052 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2011 |
2010 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.64 |
1.34 |
|
QUICK RATIO |
TIMES |
0.47 |
0.30 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
23.18 |
20.44 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.88 |
4.61 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
83.05 |
47.60 |
|
INVENTORY TURNOVER |
TIMES |
4.40 |
7.67 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
- |
3.52 |
|
RECEIVABLES TURNOVER |
TIMES |
- |
103.66 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
16.93 |
9.31 |
|
CASH CONVERSION CYCLE |
DAYS |
66.11 |
41.81 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
92.93 |
93.53 |
|
SELLING & ADMINISTRATION |
% |
2.31 |
2.43 |
|
INTEREST |
% |
0.59 |
0.33 |
|
GROSS PROFIT MARGIN |
% |
7.35 |
6.57 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
5.04 |
4.14 |
|
NET PROFIT MARGIN |
% |
3.14 |
2.71 |
|
RETURN ON EQUITY |
% |
19.95 |
30.26 |
|
RETURN ON ASSET |
% |
9.04 |
12.50 |
|
EARNING PER SHARE |
BAHT |
177.65 |
215.74 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.55 |
0.59 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.21 |
1.42 |
|
TIME INTEREST EARNED |
TIMES |
8.61 |
12.65 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
(28.99) |
|
|
OPERATING PROFIT |
% |
(13.51) |
|
|
NET PROFIT |
% |
(17.65) |
|
|
FIXED ASSETS |
% |
(37.37) |
|
|
TOTAL ASSETS |
% |
13.84 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
7.35 |
Impressive |
Industrial
Average |
6.34 |
|
Net Profit Margin |
3.14 |
Impressive |
Industrial
Average |
1.14 |
|
Return on Assets |
9.04 |
Impressive |
Industrial
Average |
1.22 |
|
Return on Equity |
19.95 |
Impressive |
Industrial
Average |
2.51 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The
company’s figure is 7.35%. When compared with the industry average, the
ratio of the company was higher, this indicated that company was more
profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 3.14%, higher figure when compared with those
of its average competitors in the same industry, indicated that business was an
efficient operator in a dominant
position within its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
9.04%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 19.95%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.64 |
Impressive |
Industrial Average |
1.03 |
|
Quick Ratio |
0.47 |
|
|
|
|
Cash Conversion Cycle |
66.11 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's figure
is 1.64 times in 2011, increased from 1.34 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was higher, indicated that company
was an efficient operator in a dominant position within its industry.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.47 times in 2011,
increased from 0.3 times, then the
company has not enough current assets that presumably can be quickly converted
to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 67 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Downtrend
LEVERAGE RATIO
|
Debt Ratio |
0.55 |
Impressive |
Industrial Average |
0.65 |
|
Debt to Equity Ratio |
1.21 |
Satisfactory |
Industrial
Average |
1.74 |
|
Times Interest Earned |
8.61 |
Impressive |
Industrial
Average |
1.37 |
Debt to Equity Ratio a measurement of how much suppliers, lenders, creditors
and obligors have committed to the company versus what the shareholders have
committed. A lower the percentage means that the company is using less leverage
and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 8.62 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.55 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
23.18 |
Impressive |
Industrial
Average |
2.83 |
|
Total Assets Turnover |
2.88 |
Impressive |
Industrial
Average |
1.24 |
|
Inventory Conversion Period |
83.05 |
|
|
|
|
Inventory Turnover |
4.40 |
Impressive |
Industrial
Average |
3.78 |
|
Receivables Conversion Period |
- |
|
|
|
|
Receivables Turnover |
- |
|
Industrial
Average |
5.84 |
|
Payables Conversion Period |
16.93 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Downtrend
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.97 |
|
|
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.67.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.