GLOBAL ECONOMY
The global economy, which once showed signs of soft landing in early
2023, has faced setbacks due to stubbornly high inflation and recent financial turmoil.
Central banks efforts to combat inflation and stabilise prices have met with
challenges, as underlying price pressures persist and labour markets remain tight in
various economies. Financial sector vulnerabilities have come into focus, and concerns of
contagion have arisen, leading policymakers to take forceful actions to stabilise the
banking system. Despite ongoing challenges, certain factors continue to shape the world
economy, albeit with varying intensities. High debt levels limit fiscal policymakers
responses to new challenges, while geopolitical tensions contribute to uncertainties. In
this scenario, risks are firmly tilted towards the downside, and growth projections have
been revised downward.
The baseline forecast indicates a gradual recovery with global growth
expected to fall from 3.4% in 2022 to 2.8% in 2023 before settling at 3.0% in 2024.
Advanced economies are anticipated to experience a more pronounced slowdown. However, in
an alternative scenario with further financial stress, global growth could decline even
further.
To improve prospects and minimise risks, policymakers face a delicate
balancing act. Central banks need to maintain their anti-inflation stance while being
prepared to adjust policies as necessary. Fiscal policymakers should support monetary and
financial actions to control inflation and maintain stability.
INDIAN ECONOMY
Amidst global economic concerns and fears of a ‘lost decade,
India appears to be positioning itself for growth. Recent data revisions reveal that the
Indian economy has outperformed expectations, offering hope in the face of global
uncertainties. The International Monetary Fund predicts Indias growth at 5.9% for
FY23 and an average rate of 6.1% over the next five years as Indian economy is undergoing
a broad-based revival across sectors. While consumption-driven growth is a natural focus,
the key to sustained domestic demand-led growth lies in investments. Indias large,
young population with a propensity to spend makes it an attractive investment destination.
In response, policymakers must adopt a three-pronged approach to persuade investors to
invest in capacity-building. The overall outlook for the Indian economy remains positive,
with investments expected to fuel sustainable growth.
In FY24, India is anticipated to grow at a moderate pace of 6.0% to
6.5%, with potential for further growth in the next year as investments kick-start a
virtuous cycle of economic progress. Despite progress, challenges persist, including
geopolitical crises, supply chain reorientations, global inflation, and tight monetary
policies. Nonetheless, Indias GDP estimates indicate a resilient economy, showing
steady momentum, and suggesting a stronger rebound than initially anticipated. Notably,
the revisions were mainly driven by robust growth in manufacturing and construction
sectors.
INDIA GDP GROWTH
_IN %_
| 2024 |
6.3 (Expected) |
| 2023 |
5.9 |
| 2022 |
6.8 |
MANGANESE ORE
Global market overview
The global manganese ore market experienced fluctuations in 2022 due to
various factors impacting steel production, the primary consumer of manganese. Supply
chain disruptions resulting from the Russia-Ukraine conflict and intermittent COVID-19
related lockdowns in China led to a decrease in steel production compared to 2021.
However, global manganese ore production remained unchanged from the
previous year. Key producing countries include South Africa, China, Brazil, Australia,
Ukraine, and Gabon. South Africa stands as the major contributor, accounting for
approximately 70% of the worlds manganese resources.
Manganese plays a crucial role in steel production and lacks a
satisfactory substitute for its major applications. Additionally, it finds use in
lithium-ion batteries, contributing to the growth of the electric vehicle industry.
The Asia-Pacific region, led by rapid urbanisation, construction, and
significant end-user industries like steel and automobiles, is expected to remain the
largest market.
Despite challenges in 2022, the manganese ore market is projected to
continue on a positive growth trajectory in the foreseeable future. The growing demand for
steel and electric vehicles, along with the markets partial consolidation, will
likely sustain this positive trend.
Indian market overview
India holds the 5th position among the leading countries for manganese
ore production, contributing 5.42% to the worlds production. Despite being a
producer, India remains a net importer of manganese ore, with a consumption of 6.664
million tonnes and a supply of 2.688 million tonnes, resulting in 40% self-sufficiency.
Manganese ore is a significant mineral included in the Wholesale Price
Index, and the private sector accounts for 54.05% of the countrys manganese ore
production. In FY22, Indias manganese ore production reached 2.695 million tonnes,
experiencing a slight decline of about 0.27% from the previous year.
The distribution of manganese ore production across states was as
follows: Madhya Pradesh contributed 31.50%, Maharashtra 27.14%, Odisha 19.01%, Karnataka
14.10%, and Andhra Pradesh 7.57%. With its position in the global market, India continues
to play a significant role in the manganese ore industry.
Looking at the global trend, the manganese ore market is projected to
continue on a positive growth trajectory in the foreseeable future.
IRON ORE
Global market overview
In 2022, the global iron ore market experienced slight decrease in
production and trade, primarily driven by rising global inflation, leading to reduced
steel demand and consumption. Total raw steel production declined from 1,962 million
tonnes in 2021 to 1,885 million tonnes in 2022. The largest producers of iron ore were
Australia, Brazil, China and India.
The World Steel Association projected a 2.3% decrease in global
finished steel consumption for 2022, followed by a 1.0% increase in 2023. End-use
consumption of steel products also faced a decline in 2022 due to various factors
affecting consumer demand, such as the conflict in Ukraine, ongoing COVID-19 mitigation
measures in China, and escalating energy costs and interest rates. The year witnessed high
raw material volatility, especially coking coal, on account of ongoing geopolitical
concerns, while supply chain issues also weighed on steel prices.
Despite the fluctuations, the average year-to-date unit value for iron
ore prices in the first 9 months of 2022 was $128.65 per ton, showing a 28% decrease from
the 2021 average, but a significant 28% increase from the 2020 average. Notably, the
prices for iron ore fines (62% iron content) imported into China (cost, insurance, and
freight into Tianjin Port) varied throughout the year, with the highest monthly average
price at $152.07 per ton in March 2022 and the lowest at $99.80 per ton in September 2022.
The global iron ore resources are estimated to exceed 800 billion tonnes of crude ore,
containing more than 230 billion tonnes of iron. Iron ore remains the primary source of
iron, utilised directly as direct-shipping ore or converted into various forms like
briquettes, concentrates, DRI, pellets, or sinter. Technological advancements have enabled
the recovery of hematite from tailing basins and its subsequent pelletisation,
contributing to enhanced efficiency in the industry.
Indian market overview
The Indian iron ore market ranks 4th globally in production, with a
significant contribution to the worlds total output of 3,016 million metric tonnes
(MT). Indias own production stands at an impressive 204 MT, accounting for 6.76% of
the global production.
The country has self-sufficiency in iron ore and continues to be a
net-exporter, producing 204.481 MTPA against a consumption of 147.524 MTPA, resulting in
an impressive self-sufficiency rate of 139%.
In FY22, Indian production of iron ore exhibited a remarkable growth,
reaching 253.97 million tonnes, indicating a substantial increase of 23.86% over the
previous year. The private sector has been a key player, accounting for 60.70% of the
total iron ore production.
Almost the entire production of iron ore (98.62%) in India has been
concentrated in states like Odisha, Chhattisgarh, Karnataka, Jharkhand, and Madhya
Pradesh. These states contributed significantly, with Odisha leading the way at 53.82%.
The iron ore market is closely monitored, and its performance is
included in the wholesale price index. The future of the Indian iron ore industry looks
promising as it aligns with the growth projections of the domestic steel production,
anticipated to reach 300 MTPA of crude steel capacity by FY31.
The governments focus on mega infrastructure development and the
push for affordable housing will further drive the demand for steel and iron ore,
reinforcing the positive outlook for the Indian iron ore market in the foreseeable future.
FERROALLOYS
Global market overview
Ferroalloys refer to various alloys of iron containing significant
proportions of one or more other elements like silicon, manganese, chromium, aluminium,
and titanium. Ferroalloys play a crucial role in enhancing the properties of steel,
providing it with increased resistance to corrosion, improved hardness and tensile
strength at high temperatures, enhanced wear and abrasion resistance, and increased creep
strength. As a result, the growth of the Ferroalloys sector is closely linked to the
development of the Iron and Steel, Foundry, and Electrode Industry. The global ferroalloys
market is expected to exhibit a growth rate (CAGR) of 7.1% during 2023-2028. The growing
purchase of personal cars, rising demand for sustainable and recyclable building
materials, and increasing employment in the production of low-carbon steel and high-speed
cutting tools represent some of the key factors driving the market.
They are used in manufacturing numerous other variants of steel, such
as plain carbon, stainless, alloy, electrical, and tool steels. Ferroalloys are also
employed in refining, deoxidation, modification, and control of non-metallic inclusions
and precipitates. Furthermore, they are utilised in the production of machine tools and
equipment, military hardware, and superalloys.
Indian market overview
Ferroalloys are divided into two main categories: Bulk Ferroalloys and
Noble Ferroalloys. Bulk Ferroalloys find extensive use in stainless steel and carbon
steel, while Noble Ferroalloys, derived from rare-earth minerals, tend to be more
expensive to produce. In India, the Ferroalloys Industry faces challenges due to high
power costs, leading to some facilities operating below their full capacity. A significant
portion of the produced Ferroalloys is exported, after fulfilling domestic requirements.
The total installed capacity of the Bulk Ferroalloys Industry in India
is approximately 5.10 MTPA, while for Noble Ferroalloys, it is 0.05 MTPA. The industry has
primarily established its units in states like Andhra Pradesh, Chhattisgarh, Jharkhand,
Karnataka, Madhya Pradesh, Maharashtra, Odisha, West Bengal, and Meghalaya, owing to the
availability of raw materials and uninterrupted electricity supply.
Source: Indian Bureau of Mines
COKE
Global market overview
The global market for coke, a vital component in steel production, is
shaped by a select few countries. Nearly 90% of the worlds coking coal comes from
just five nations, with China holding a dominant position in this space.
Prices for coking coal have seen significant fluctuations recently in
2022, mirroring the volatility in demand and supply constraints, influenced by regulatory
factors worldwide. With the ongoing geopolitical concerns, supply chain bottlenecks,
coking coal prices have witnessed significant swings on both sides. Chinas
rationalisation of the coal sector is expected to result in a domestic capacity shortfall,
leading to increased imports. Similarly, coking coal demand in Europe is expected to
remain stable, with rising demand in certain countries offsetting declines in others. The
consumption of coking coal worldwide is closely linked to steel production, particularly
in China and India, where steel production plays a significant role.
In 2021, the total global trade in coke reached $11.2 billion, showing
impressive growth with exports increasing by 95.1% from $5.74 billion in 2020 to $11.2
billion in 2021. China stood out as the top exporter with $2.3 billion in exports, while
India emerged as the top importer with $1.02 billion in imports.
Other key exporters include Poland, Colombia, Russia, and Japan, while
Brazil, Germany, and China also featured among the major importers. As the global demand
for steel continues to rise, the coke market is poised for further growth and
opportunities in the foreseeable future.
Source: The Observatory of Economic Complexity
Indian market overview
The Indian steel industry, a key player in the nations economic
growth, heavily relies on two critical raw materials - iron ore and coking coal. While
India possesses surplus reserves of iron ore, there is a pressing need to enhance the
supply of coking coal due to various factors.
Firstly, there exists a significant demand-supply gap for coking coal
in the country. Domestic raw and washed coking coal production has been limited to around
50 MTPA and 5 MTPA, respectively, while the import of coking coal has reached
approximately 50 MTPA.
Secondly, with the aim of achieving a steelmaking capacity of 300 MTPA
by FY31, Indias National Steel Policy 2017 anticipates the requirement of
substantial volumes of coking coal, approximately 170 MT of domestic raw coking coal.
Thirdly, the Indian steel industry depends on imports to fulfil about
70% of its coking coal needs. As steel production continues to grow, the demand for
metallurgical coking coal is estimated to reach 75 MT in FY23, maintaining the share of
imports at 76-77% in FY22 and FY23. In terms of absolute quantities, coking coal imports
are projected to rise to 58 MT in FY23.
As of 1 April 2020, India has approximately 35 BT of coking coal
reserves, with 20 BT classified as Proved Reserves and the remaining 15 BT categorised as
Indicated and Inferred Reserves.
COMPANY OVERVIEW
The Sandur Manganese & Iron Ores Limited (SMIORE) stands as one of
Indias most esteemed private sector miners and commodity producers, with an
impressive operational legacy spanning nearly seven decades. The foundation of its
business revolves around environment-friendly, systematic, safe, and scientific mining
practices.
Notably, SMIORE emerged as the sole iron ore Mining Lessee in the State
of Karnataka to be honoured with a prestigious 5-star award under the Sustainable
Development Framework (SDF) introduced by the Government of India during 2014. It was also
among the three iron ore Mining Lessees in the entire country to achieve this recognition.
Ever since that milestone, SMIORE has consistently garnered a 5-star rating every year, a
testament to its impeccable operational track record. Presently, the Company operates
across three business segments: Mining (Manganese & Iron Ores), Ferroalloys, and Coke
and Energy. These diverse assets work in synergy, harnessing the advantages of being an
integrated Company within the metals and mining industry.
With a forward-looking vision, SMIORE is committed to evolving into a
fully-integrated commodity producer, poised for sustained growth and excellence in the
years to come.
BUSINESS SEGMENT OVERVIEW
MINING Manganese Ore
Manganese ore production during FY23 was 2.85 lakh Tonnes (LT), same as
the previous year, which is in line with the maximum permissible production limit. Net of
internal captive consumption, the sale of manganese ore was 1.96 LT in FY23, compared to
2.10 LT in FY22. Realisation per tonne of manganese ore was 7,255 in FY23, as compared to
the previous years
8,742. Thus the Company recorded lower sales in Manganese Ore during
the year, on account of higher captive consumption and lower average realisations.
Iron Ore
Iron ore production during FY23 was 16.00 LT, which is in line with the
maximum permissible production limit, compared to 15.66 LT in FY22. During the same
period, the sale of iron ore was 15.84 LT, compared to 16.00 LT in FY22. Realisation per
tonne of iron ore was 2,979 in FY23, as compared to the previous years 3,967.
FERROALLOYS
Ferroalloys production during FY23 was 57,338 tonnes (T), an increase
of 5% over the previous years 54,698 T. During the same period, the sale of
ferroalloys was 55,173 T, compared to 53,114 T in FY22, an increase of 4%. Realisation per
tonne of ferroalloys was 74,771 in FY23, as compared to the previous years
86,451.
COKE AND ENERGY
During the year, the production for Coke was 2.44 lakh tonnes (LT)
compared to last years 2.93 LT. The sale of Coke for the year stood at 2.30 LT
corresponding to previous years 2.84 LT. Realisation per tonne of Coke was 45,223
compared to 32,723 in FY22, an increase of 38%.
The sale of Coke under conversion agreement (contract manufacturing)
for the year stood at 2.02 LT, as compared to 1.72 LT in FY22. Conversion & screening
income under contract manufacturing for the year was 44.53 crore, as compared to 29.90
crore in FY22, registering an increase of 49% over the previous year.
FY23 PERFORMANCE DISCUSSION
Total Standalone Income in FY23 declined to 2,185 crore from 2,284
crore in the previous year, registering a marginal 4% decrease. This was primarily due to
lower sales realisations for almost all the products as compared to the previous year.
EBITDA for FY23 stood at 451 crore, registering a decrease of 55% from FY22. The decline
in EBITDA is on account of lower realisation of the Mining segment, impact of volatility
in coking coal prices during the year, and muted realisations for Ferroalloys across the
industry. As a result, PAT for the year stood at 271 crore, registering a decrease of 60%
over the previous year.
OUTLOOK
The Company is poised to benefit significantly from its planned
expansion of manganese ore mining operations, increasing the capacity from 0.28 MTPA to
0.58 MTPA, and iron ore mining operations from 1.60 MTPA to 4.50 MTPA. The Company expects
all further regulatory approvals by Q3FY24 from respective authorities to ramp up
production to the new maximum permissible limits. Furthermore, once the production is
ramped up, the Company will be focusing on downstream facilities within the Mining segment
i.e. Beneficiation Plant and Pellet Plant, which will bolster its value addition
capabilities.
With the commissioning of the 42.9 MW hybrid solar & wind energy
project in June 2023, the Company is geared towards increasing production of Ferroalloys
segment. This asset will play a pivotal role in increasing
Ferroalloys volumes going forward, Statutory Reports and also provide
the Company with an alternate source of energy, thus strengthening the resilience of this
business segment.
Looking ahead, the Companys vision involves progressing towards
producing hot metal and value-added downstream products through an integrated setup.
Financial Statements
HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATIONS
Human Resource Development and Industrial Relations at SMIORE are
rooted in a visionary outlook. Employees are considered an integral part of the extended
family, fostering a culture of belongingness. The Companys enduring bond with its
workforce is evident in their commitment to employee well-being and livelihood security.
To show gratitude for their dedication, SMIORE offers various
thoughtful programmes, including a food security scheme, a housing loan subsidy, a
significant subsidy on LPG cylinders to promote eco-consciousness, pension for life of
certain employees, and more. These initiatives reflect SMIOREs unwavering commitment
to its workforce, comprising around 4,000 direct and indirect family members, recognising
them as the driving force behind the Companys success. As of 31 March 2023, the
Company has 2,294 permanent employees.
Key financial ratios
| Ratios |
FY23 |
FY22 |
% Variance |
Remarks |
Current ratio |
3.47 |
2.26 |
53.30% |
Refer note (e) |
| Debt equity ratio |
0.11 |
0.19 |
(42.93%) |
Refer note (a) |
Debt service coverage ratio |
2.69 |
7.87 |
(65.82%) |
Refer note (b) |
Return on equity ratio |
15.08% |
50.91% |
(70.38%) |
Refer note (b) |
Inventory turnover ratio |
3.85 |
3.34 |
15.45% |
NA |
Trade receivables turnover
ratio |
12.25 |
16.10 |
(23.93%) |
Refer note (c) |
Trade payables turnover
ratio |
3.82 |
3.58 |
6.70% |
NA |
Net capital turnover ratio |
2.10 |
2.34 |
(10.05%) |
NA |
Net profit ratio |
12.74% |
30.02% |
(57.55%) |
Refer note (b) |
| Return on capital employed |
18.03% |
48.18% |
(62.57%) |
Refer note (b) |
| Return on investment |
2.41% |
5.02% |
(52.08%) |
Refer note (d) |
Remarks:
(a) Repayment of debt has resulted in an improvement in the ratio. (b)
Decrease in profit has resulted in a detoriation in the ratio.
(c) Decrease in revenue and increase in trade receivables has resulted
in a decrease in the ratio. (d) Change in mix of mutual fund portfolio from equity to
liquid resulted in a detoriation in the ratio. (e) Decrease in the trade payable has
resulted in an improvement in the ratio.
OPPORTUNITIES AND THREATS
| OPPORTUNITIES |
THREATS |
| • Indias Ascendancy in Global
Steel Production: India has emerged as the worlds second-largest steel producer,
solidifying its position in the global steel industry. |
• Impact of Inflationary Pressures
and Macroeconomic Conditions: The steel industry faces challenges due to prolonged
inflationary pressures and the dynamic macroeconomic scenario, which may adversely affect
global steel demand. |
| • Vision for Increased Steel
Production: The Government of India has set forth a strategic plan to achieve a
significant milestone by doubling its steel production capacity to 300 million tonnes per
annum by the year 2030. |
• Risks from Geopolitical
Developments and Market Dynamics: The steel industry is exposed to risks stemming from
geopolitical developments and changes in market dynamics. Additionally, volatility in raw
material prices may lead to challenges in securing sufficient raw materials and increase
working capital requirements. |
| • Growing Demand from Infrastructure
and Construction Sectors: The steel industry is experiencing a surge in demand driven by
the rapid growth of the infrastructure and construction sectors. The governments
focus on infrastructure development projects, including the robust NHAI pipeline and
initiatives such as Production Linked Incentive (PLI) & National Infrastructure
Pipeline (NIP), along with the indigenisation efforts in railways and defence, act as key
drivers for this demand. Additionally, welfare policies like Pradhan Mantri Awas Yojana
and Pradhan Mantri Gram Sadak Yojana are stimulating the steel demand in rural areas. |
• Adverse Effects on Supply Chain
Network: Evolving geopolitics-related disruptions have a detrimental impact on the steel
industrys supply chain network, leading to potential disruptions in the flow of
materials and finished products. |
| • Railways Role in Driving
Steel Demand: The expansion of the Dedicated Rail Freight Corridor (DRFC) network and the
introduction of high- speed and bullet trains and metro trains are expected to be
instrumental in fostering further demand for steel. |
• Stringent Regulatory Landscape in
Metals & Mining: The regulatory environment in the metals and mining industry is
becoming increasingly stringent. Factors such as geopolitical conditions, shifting trade
patterns, and a heightened focus on Environment Social Governance (ESG) aspects are
shaping the regulatory landscape and posing compliance challenges for steel producers. |
| • Booming Automotive Industry: The
Indian automobile sector is witnessing a healthy performance, driven by the rising demand
for both passenger vehicles and commercial vehicles. The automotive industry is projected
to reach a market size of US$ 260-300 billion by 2026. |
|
| Government support for electric vehicles
and related infrastructure serves as a significant driver for this growth. Moreover,
increased infrastructure investments and CAPEX by the government will positively impact
the MHCV and tractor segments. The auto sector can also take advantage of the PLI
incentive schemes. |
|
| • Steel Consumption in the Capital
Goods Sector: The capital goods sector currently accounts for 11% of the total steel
consumption, and it is expected to grow further by 14-15% by 2025-26. Anticipated growth
in corporate Indias CAPEX will generate a greater demand for steel in this sector. |
|
RISKS AND CONCERNS
Risks pose potential threats and hazards that can impede task
performance and jeopardise overall success. In this regard, SMIORE employs a robust Risk
Management system encompassing comprehensive plans and processes to identify, assess, and
address risks effectively. By taking proactive measures to avoid, overcome, mitigate, or
reduce the impacts of risks, the Company aims to safeguard its business, enhance Corporate
Governance, and elevate stakeholder value.
RISK MITIGATION MEASURES
SMIORE employs a multifaceted approach to address risks effectively.
This includes accepting risks within established criteria, transferring risks to other
parties through insurance, avoiding risks through hedging or adopting safer practices and
policies, and actively working to reduce the likelihood or consequences of risk events.
INTERNAL CONTROL AND ADEQUACY
The Company has a well-structured internal control system with clearly
defined responsibilities for its executives. A sound delegation of power exists,
accompanied by a comprehensive authority and responsibility matrix, outlining financial
limits for approving both revenue and capital expenditure. Moreover, the Company has in
place segregation of duties to prevent concentration of power within a few offcials.
To streamline its operations and enhance efficiency, the Company
utilises a state-of-the-art Enterprise Resource Programming (ERP) system. This system
enables seamless data recording for accounting, consolidation, and management information
purposes, while also facilitating efficient information exchange among different
locations. The Company remains committed to aligning all its processes and controls with
global best practices, continuously striving for improvements in its internal control
mechanisms.
For more detailed information, please refer to the Boards Report.
CAUTIONARY STATEMENT
The Management Discussion and Analysis may contain
‘forward-looking statements pertaining to the Companys objectives,
estimates, expectations, or projections, as allowed by applicable laws and regulations.
However, it is important to note that actual results could differ significantly from those
expressed or implied in these statements.
Several factors could influence the Companys operations,
including fluctuations in raw materials prices, performance of product and application
industries, changes in tax laws, interest rates, power costs, economic developments, and
other factors both within the country and in the global economics domain.
While the Company strives to provide accurate and reliable information,
uncertainties and unforeseen circumstances may impact its actual performance, making it
essential for investors and stakeholders to exercise caution when relying on
forward-looking statements.
Economy risk |
The Companys
industry performance is intricately linked with the overall economic landscape, both
domestically and globally. Factors beyond SMIOREs control, such as inflation,
currency volatility, liquidity flow, political environment, and more, can significantly
influence its operations and outcomes. |
Industry risk |
SMIOREs performance
is closely intertwined with that of the steel industry. Changes in demand-supply dynamics
within the steel, mining, ferroalloys, and coal sectors may have material implications on
the Companys performance. |
Regulatory risk |
Operating in a highly
regulated industry, SMIORE is exposed to the impact of adverse policy changes. These
changes could arise from violations or non-compliance with statutory requirements,
legislative amendments, judicial decisions, contractual disputes, public interest
litigations, environmental regulations, and other factors. |
Operations risk |
Operations risk
encompasses challenges that may hinder meeting production targets. Non-availability of raw
materials, human resources, improper equipment planning, machinery breakdown, and spares
unavailability are some impediments that can affect operational efficiency. |
Technology risk |
The Company is mindful of
risks related to technology adoption and the potential obsolescence of existing
investments. Technological factors can materially impact SMIOREs operations, and
thus, strategic risk management in this area is crucial. |
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