Half Yearly Report

RNS Number : 6857S

India Capital Growth Fund Limited

15 September 2010

 



15 September 2010

INDIA CAPITAL GROWTH FUND LIMITED

INTERIM RESULTS FOR THE PERIOD FROM 1 JANUARY 2010 TO 30 JUNE 2010

CHAIRMAN'S STATEMENT

In my review in the last Annual Statement I reported that the Board had completed a review of the investment policy and strategy which had resulted in the appointment by the Manager of a new, experienced fund manager to oversee the Company's investments and a change of approach. This, while remaining true to the core investment policy of focussing on the mid and small cap sectors in India, would lead to a less concentrated portfolio and greater liquidity in the underlying investments. The effects of this change of approach are now beginning to show through. While there is still further work to do before the restructuring of the portfolio is complete, the number of stocks in the portfolio has increased from 15 to 33 and the liquidity profile has improved considerably.

The result has been an increase in the Net Asset Value of 14.3%, outperforming the BSE Mid-cap index which rose 6.4% in INR terms and 14.0% on a Sterling adjusted basis, Sterling having depreciated by 6.6% against the Rupee in the six month period. It is worth mentioning that some of this outperformance has come from long standing constituents of the portfolio. Nevertheless the initial results of the new approach augur well for the future. For shareholders, there has also been a narrowing of the discount to NAV at which the Company's shares trade. At 31 December 2009 the discount was 31.2%, but at 30 June 2010 this had narrowed to 10.1%, contributing to an overall increase in the Company's share price of almost 50% over the period. A more detailed review of progress is set out in the Investment Manager's Report. 

India has now been recognised publicly by the UK Government as a country of particular importance, and there has been talk of the desirability of forging a "special relationship" between the two countries. In the short term, some of the other BRIC stock markets may produce whizzier performance as a result of their lower ratings (as measured by forward P/E ratios). However, looking at the medium term, we continue to view India's economy and stock market as having the soundest fundamentals and greatest potential. The combination of democracy, sound legal and financial systems, and a core highly educated and technologically advanced workforce is compelling. The challenge for the Indian Government is to create a larger core; but given their thirst for progress, this should be achievable.

The saga of the proposed EU Directive (AIFM) seeking further to regulate the financial services sector rumbles on. It was originally intended that the new Directive would be adopted by the European Parliament in July 2010.  This deadline has been missed, as there is still a material gap between the views of the Commission, the Council of Ministers and the Parliament, and the aim is now for it to be completed in September. Meanwhile, the Presidency moves on again, this time to the Belgians. Until the conflicting views of the various EU hierarchies are reconciled, there is no certainty of the impact on conventional closed-ended funds such as us, who, despite their solid track record, have been caught up in the political knee-jerk of the credit crunch for which hedge funds and private equity funds have been, for the most part unjustifiably, blamed. We remain wholly supportive of the efforts of the Association of Investment Companies in their lobbying. 

The changes put in train at the end of last year are beginning to show fruit. The portfolio is performing well in both absolute and relative terms, and the narrowing of the discount to a level more in line with our peer group indicates stronger interest in the Company from investors. The economic arguments in favour of India continue, and the satisfactory monsoon should relieve some pressure from inflation. We have reason to be optimistic for the future.

Fred Carr

Chairman

14 September 2010

SUMMARY INVESTMENT MANAGER'S REPORT

Economic Update

2009 witnessed the height of the global financial crisis and the start of the initial recovery phase in global markets, a period in which Indian equities performed spectacularly well. The first half of 2010 saw India's economic growth continue the strong momentum initiated in 2009, performing above expectations and trend, and confirming that the economy had moved quickly into the "second phase" of the industrial cycle. This phase is traditionally characterised by strong GDP growth driven by increased levels of confidence in the sustainability of the recovery, low nominal interest rates, the commencement of a tightening cycle as the output gap narrows, healthy corporate profitability and rising demand for credit. 

In India's case all these boxes were ticked in the six months to June with varying degrees of accomplishment. Inevitably this positive flow of good macro-economic data does not come without areas of concern. Current issues that continue to "dog" investors who track India are the persistently high fiscal deficit both at Central and State governmental level, a rising current account deficit (discussed later) and inflation. These anxieties are compounded somewhat when considering the current price to earnings premium that India enjoys over other BRIC economies. The most striking of these matters has been the course of inflation which has remained both high and sticky. The reported data has been consistently above the Reserve Bank of India (RBI) and the market's expectations. The initial cause of the problem was elevated food prices as a consequence of a poor monsoon in 2009 but as the recovery strengthened the inflation "generalised" to the manufacturing and service areas of the economy. This is "demand pull" and not "supply led" inflation and has already  permeated wages in the financial sector, IT and Telecoms in particular as well in the manufacturing sector via higher imported raw material costs and fuel prices, forcing companies to pass on increased costs to consumers in order to protect margins. The RBI has responded by raising interest rates by a half of one per cent as well as increasing the cash reserve requirement (the amount of money commercial banks must park with the RBI) by three quarters of one per cent to date. We fully expect this trend to continue for some time as real interest rates remain in negative territory and growth continues to surprise on the upside. The RBI has not been as aggressive as many would have expected, not least because they do not wish to choke off the recovery, but also because food price inflation was expected (and has started) to fall as the high base effect falls out of the numbers. The concern though remains that the policy makers are still "behind the curve" and that further and more aggressive rate rises are needed to prevent inflation from becoming too entrenched.

Currently the outlook for the monsoon for 2010 is healthy with the levels of rainfall in line with the historic averages. Our expectation is that inflation in the Indian economy is going to be a persistent theme for many years to come as the country's poor infrastructure and shortage of skilled labour struggles to cope with the frantic pace of growth. Additionally food is a high component of the consumer inflationary basket, on account of its prominence within the average Indian's (very low) discretionary income. Pressure here is likely to intensify as real incomes rise and the demand for better quality food products increases. Over the medium term, however, as the country's productivity levels improve (determined by better transportation, storage and distribution) and overall capacity in the economy expands, the inflation trends will moderate.

Economic growth remains healthy and resilient to global shocks recently moving above trend. The IMF has recently raised its forecast GDP growth for the FY 2010 to 9.5%, on an equal footing with China. This strong GDP growth continues to be driven predominately by a pick-up in investment both from the public and the private sector. Much of this is focused in the infrastructure sector, in particular in roads, power and railways, offering multiple opportunities to construction companies, contractors, financiers and other related entities. As the Government moves into its 12th plan period (FY 2013 - FY 2017) it is targeting a further increase in commitment to this area to US$600bn from US$455bn in the 11th Plan, much of which has not yet been completed. In tandem with the greater spending commitment, we are seeing improvements in regulation and bureaucracy, particularly in the areas of infrastructure financing, road construction and water projects. This is a tortuous process as there are many interested parties, but the expectation of better returns and regulatory tailwinds is encouraging much greater levels of private sector involvement both local and foreign. It is also a far cry from the increased levels of government interference and regulation that the developed world is currently experiencing.  In the service related areas the economy continues to benefit from the business outsourcing opportunities in IT in particular as more and more global companies look to reduce costs by shifting production and service support to India. We see this as a trend that can only strengthen in the future as the cost benefits are immense and gradually more companies become comfortable with the quality service and product that India offers.

The increase in the deficit on current account is one area of the economy where some concerns are starting to emerge. At 2.5% deficit as a percentage of GDP, the current account deficit has come about as a consequence of strong imports on the back of a healthy economy and weaker exports on the back of poor global demand.

Today there is no problem funding this gap of approximately US$15 billion but this dependency on foreign flows can cause instability if risk appetite globally retrenches again.

Since the start of the year the Indian Rupee has risen 6.6% against UK Sterling whereas against the US Dollar it has barely changed. Our long held view is that alongside other Asian currencies the Rupee should continue to strengthen against the developed currencies. Not only are the balance of capital flows projected to head more East than West, but the interest rate differentials are expected  to remain such that the "carry trade" will thrive as the West battles the deflationary trend whilst the East battles the opposite. The weakness of Sterling in the first half perhaps provides a better explanation for the currency movement on this occasion, but the UK deficit woes need little explanation here. Since the installation of the coalition government in the UK and the market's enthusiasm for Chancellor Osborne's "emergency" budget the Rupee has given back much of its gains. Having highlighted the concerns surrounding India's expanding current account deficit it may be that the Rupee continues to weaken in the near term to hasten a redress in the trade deficit. The Company's invested portfolio will continue to remain un-hedged.

It is also important to mention that the current administration has made steady progress in policy reform since it came to power so convincingly in early 2009. The Government has introduced partial deregulation of fuel subsidies, definitive progress on the introduction of a general sales tax, a target to raise US$10-12 billion from the sale of public sector assets and an overhaul of the takeover code. Progress is never as fast or as comprehensive as we would like but we can say that things are moving in the right direction and any deviation from the current path is unlikely for the next few years.

In conclusion India's economy continues to grow and build healthily for the future. The strong domestic nature of the growth is an enormous attribute in the context of such a weak global environment. There are challenges and always concerns, but we remain confident of continued positive progress.

Performance indicators

			30/06/2010	31//12/2009	% Change
£ NAV undiluted			68.1	59.6	14.3%
Rupee NAV undiluted			61.5	57.7	6.6%
Share Price			61.25	41	49.4%
Discount to NAV			10.1%	31.2%
Equity Indices
BSE Sensex			17,700.9	17,464.8	1.4%
BSE Mid Cap			7,149.2	6,717.8	6.4%
MSCI India			718.27	707.1	1.6%
Exchange Rates
INR - GBP			70.0724	75.0334	-6.6%
INR - USD			46.60	46.68	-0.2%
Net Foreign Portfolio Investment ($bn)			6.88	12.43	-44.7%
Inflation % yoy
WPI			10.6	8.1
CPI			13.9	14.9
Food inflation			10.4	22.6
Interest rates
RBI Repo Rate %			5.5	5.0
Macro data (% GDP)
Fiscal Deficit (Central and State, % GDP)			8.3*	9.8*
Current account deficit			2.2	2.9
*Annualised data ending March 2010, and estimate for March 2011

Portfolio restructuring

In the 2009 annual report it was reported that a thorough review of the investment process and the portfolio had commenced in January 2010. Since then this has been the main focus of the investment team and considerable progress has been made. Whilst the original brief of a mid and small cap focus is being maintained, a disciplined and thorough investment process has been introduced in an attempt to improve the overall performance of the portfolio. The key aspects of these changes are listed briefly below:

 - A liquidity screen has been introduced to ensure that portfolio positions can be exited in a timely manner.

 - Portfolio concentration has been reduced in order to diversify risk. A target portfolio of 35 stocks has been set.

 - An active bottom up stock picking approach has been adopted using economic profit analysis as the principal valuation tool. Ideas are generated from an understanding of structural thematic trends prevalent in the economy.

 - Individual stock positions are regularly reviewed and performance analysed.

 - Although this remains an absolute return vehicle, the BSE Midcap index has been selected as the means by which performance can be measured.

By the end of June the number of stocks in the portfolio has been increased from 15 to 33. In addition the percentage of the portfolio considered to be liquid (i.e. that can be sold in the market in a timely manner) has increased from approximately 60% to 80%. These figures do not include the portfolio's unlisted private equity stake in Marwadi Shares and Finance Limited. At 30 June 2010 the top 10 holdings represented just under 50% of the portfolio compared to 67% at 31 December 2009. Some work still needs to be done here in order to reduce this concentration further but the majority of the restructuring process is now complete.

Investment Performance

In the first half of 2010 the value of the portfolio rose 14.3% in Sterling terms. 6.6% of this gain has arisen from the growth in the net asset value of the portfolio in local currency terms whilst the remaining 7.7% has come from the weakness of Sterling against the Indian Rupee. This compares favourably to the market's performance of 1.4% for the BSE Sensex and 6.4% for the BSE Midcap index. The outperformance is satisfactory particularly when the high levels of cash held in the portfolio over the period (approximately 16%) and the unlisted component (approximately 9.6%) are also considered. The positive performance can be largely attributed to the exceptional performance of the portfolio's largest holding S Kumars Nationwide Limited, which rose 65.6% over the period. Not only has the company's operating performance much improved, but the management has announced plans to unlock substantial value from the business. This is likely to come in the form of an IPO and partial sale of its subsidiary Reid and Taylor as well as the sale of a stake in a second subsidiary Belmonte to a private equity buyer. Although it is hard to predict the exact timing of these events, as long as global markets remain accommodating we are confident that by the beginning of 2011 this work will have been completed. Elsewhere, the portfolio benefitted from its substantial exposure to the industrial sector. In particular gains were made from Hindustan Dorr-Oliver Limited, a manufacturer of process equipment and engineering solutions up 44.9%, MSK Projects Limited, a construction company up 70.3%, and Jain Irrigation Systems Limited, a producer of micro irrigation systems up 21.5%. Additional positive performance came from other new additions to the portfolio most notably United Phosphorus Limited, a producer of off patent chemicals, up 15.7%, and Shriram Transport Finance Company Limited, a provider of hire purchase finance for trucks, up 13.6%.

The negative contribution to the portfolio has come in three specific areas. Firstly the high levels of cash which were held in the portfolio over the period have been a drag on performance in a rising market. This cash has resulted from the on-going restructuring process where illiquid positions have been reduced and suitable portfolio investments had not yet been chosen. Over the period the cash levels have been reduced from 26.7% at the end of December 2009 to 13.2% at the end of June 2010. It is intended that this cash position will be further reduced as part of the completion of the restructuring process. The second negative contribution to performance can be ascribed to the process of reducing the illiquid and concentrated elements of the portfolio. This has been a critical element of the process but has resulted in consistent selling pressure in certain portfolio positions. This has negatively impacted the value of the residual holdings. This is a slow and painful process and will be on-going in the second half of the year. It is fortunate that the portfolio has had success in other areas, allowing this to occur whilst still generating both absolute and relative performance. Finally the portfolio has been plagued by the poor performance of two stocks in particular. First, Bilcare Limited, a manufacturer of innovative packaging fell 19% over the period. In spite of this disappointing performance we continue to believe in the management and the business model, and we are hopeful of a turnaround in share price performance in the latter half of the year. ICSA (India) Limited, a manufacturer of software to monitor distribution losses in the power sector, also fell 19% over the period.

Conclusion and Outlook

The Indian equity market has performed well in the first half of the year when compared to both the Emerging and Developed market peer group. This good fortune has given us the opportunity to restructure the portfolio and place it in a position to capture the best of what India has to offer in the future. This restructuring process has been well documented and is largely complete. Moving forward it is our intention to continue to search for those companies in India who are most exposed to the Indian secular growth story, whilst gaining market share against their competition but not at the expense of profitability or undue balance sheet risk. These criteria must be achieved in the context of sound corporate governance and reasonable valuations. Against the backdrop of a haphazard economic  story in the developed world, and given India's solid domestic focus, low levels of corporate and consumer debt and insatiable appetite to develop, the opportunities for this proposition to succeed are clearer in India currently than almost anywhere else globally.

India Investment Partners Limited

14 September 2010

INVESTING POLICY

The Group's investment objective is to provide long-term capital appreciation by investing (directly and indirectly) in companies based in India. The investing policy permits the Group to make investments in a range of Indian equity and equity linked securities and predominantly in listed mid and small cap Indian companies with a smaller proportion in unlisted Indian companies. Investment may also be made in large-cap listed Indian companies and in companies incorporated outside India which have significant operations or markets in India. While the principal focus is on investment in listed or unlisted equity securities or equity linked securities, the Group has the flexibility to invest in bonds (including non-investment grade bonds), convertibles and other types of securities. The Group may, for the purposes of hedging and investing, use derivative instruments such as financial futures, options and warrants. The Group may, from time to time, use borrowings to provide short-term liquidity and, if the Directors deem it prudent, for longer term purposes. The Directors intend to restrict borrowings on a longer term basis to a maximum amount equal to 25 per cent. of the net assets of the Group at the time of the drawdown. It is the Group's declared policy not to hedge the exposure to the Indian Rupee.

PRINCIPAL GROUP INVESTMENTS

AS AT 30 JUNE 2010

HOLDING	TYPE	SECTOR	VALUE £000'S	% of PORTFOLIO
S Kumars Nationwide Limited	Mid Cap	Consumer discretionary	5,127	10.04
Marwadi Shares and Finance Limited	Unlisted	Financials	4,578	8.96
Bilcare Limited Prime Focus Limited	Small Cap Small Cap	Healthcare Consumer discretionary	3,317 2,200	6.49               4.31
United Phosphorus Limited	Mid Cap	Materials	2,079	4.07
IVCRL Infrastructures and Projects Limited	Mid Cap	Industrials	1,901	3.72
Infrastructure Development Finance Company Limited	Large Cap	Financials	1,649	3.23
Bharti Airtel Limited	Large Cap	Telecommunications	1,612	3.15
Varun Shipping Company Limited	Small Cap	Industrials	1,472	2.88
SpiceJet Limited	Small Cap	Industrials	1,394	2.73
Total top 10 equity investments			25,329	49.58
Other Small Cap (10 companies) Other Mid Cap (8 companies) Other Large Cap (4 companies)			7,960 7,033 3,999	15.58 13.77 7.83
Other Unlisted (1 company)			-	-
Total equity investments			44,321	86.76
Debt mutual funds Cash and other net current assets			2,412 4,353	4.72 8.52
Total Portfolio			51,086	100.00

Large Cap - companies with a market capitalisation above Rs 100 billion (£1.4 billion).

Mid Cap - companies with a market capitalisation between Rs 15 billion and Rs 100 billion (£215million - £1.4billion)

Small Cap - companies with a market capitalisation below Rs 15 billion (£215million).

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS TO 30 JUNE 2010

			Unaudited	Unaudited	Audited
			Six months to	Six months to	Year to
			30.06.10	30.06.09	31.12.09
	Revenue £000	Capital £000	Total £000	Total £000	Total £000
Income
Fixed deposit interest	-	-	-	1	1
Bank interest income	-	-	-	-	1
Investment income	68	-	68	94	292
	68	-	68	95	294
Net gain on financial assets at fair value through profit or loss
Market movements	-	2,653	2,653	14,800	19,746
Foreign exchange movements	-	4,457	4,457	(9,881)	(6,328)
	-	7,110	7,110	4,919	13,418
Total income	68	7,110	7,178	5,014	13,712
Expenses
Management fee	(369)	-	(369)	(228)	(535)
Cost of acquisition and disposal of investments	-	(147)	(147)	(6)	(31)
Foreign exchange (losses)/gains	8	(30)	(22)	(334)	(161)
Other expenses	(244)	-	(244)	(233)	(450)
Total expenses	(605)	(177)	(782)	(801)	(1,177)
Profit/(loss) for the period/year before taxation	(537)	6,933	6,396	4,213	12,535
Taxation	3	-	3	-	-
Profit/(loss) for the period/year after taxation	(534)	6,933	6,399	4,213	12,535
Earnings per Ordinary Share -  Basic (pence)			8.53	5.62	16.71
Earnings per Ordinary Share - Diluted (pence)			8.53	5.62	16.71

The total column of this statement represents the Group's statement of comprehensive income, prepared in accordance with IFRS.  The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies. The profit after tax is "total comprehensive income" as defined by IAS 1.

All the items in the above statement derive from continuing operations.

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS TO 30 JUNE 2010

	Share Capital £000	Capital Reserve		Revenue Reserve £000	Other Distributable Reserve £000
		Realised £000	Unrealised £000			Total   £000
Balance as at 1 January  2010	750	(13,187)	(13,818)	(1,936)	72,877	44,686
Issue of ordinary shares	-	-	-	-	1	1
Gain/(loss) on investments	-	(9,435)	12,088	-	-	2,653
Revenue loss for the period after taxation (excluding foreign exchange losses)	-	-	-	(534)	-	(534)
Cost of acquisition and disposal of investments	-	(62)	(85)	-	-	(147)
Gain/(loss) on foreign currency	-	5,440	(1,013)	-	-	4,427
Balance as at 30 June 2010	750	(17,244)	(2,828)	(2,470)	72,878	51,086

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS TO 30 JUNE 2009

	Share Capital £000	Capital Reserve		Revenue Reserve £000	Other Distributable Reserve £000
		Realised £000	Unrealised £000			Total   £000
Balance as at 1 January  2009	750	2,689	(43,073)	(1,092)	72,877	32,151
Gain/(loss) on investments	-	(7,870)	22,670	-	-	14,800
Revenue loss for the period after taxation (excluding foreign exchange losses)	-	-	-	(698)	-	(698)
Cost of acquisition and disposal of investments	-	(4)	(2)	-	-	(6)
(Loss)/gain on foreign currency	-	1,190	(11,073)	-	-	(9,883)
Balance as at 30 June 2009	750	(3,995)	(31,478)	(1,790)	72,877	36,364

AUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2009

	Share Capital £000	Capital Reserve		Revenue Reserve £000	Other Distributable Reserve £000
		Realised £000	Unrealised £000			Total   £000
Balance as at 1 January  2009	750	2,689	(43,073)	(1,092)	72,877	32,151
Gain/(loss) on investments	-	(18,283)	38,029	-	-	19,746
Revenue loss for the year after taxation (excluding foreign exchange losses)	-	-	-	(844)	-	(844)
Cost of acquisition and disposal of investments	-	(29)	(2)	-	-	(31)
(Loss)/gain on foreign currency	-	2,436	(8,772)	-	-	(6,336)
Balance as at 31 December 2009	750	(13,187)	(13,818)	(1,936)	72,877	44,686

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2010

	Unaudited		Unaudited		Audited
	30.06.10		30.06.09		31.12.09
	£000		£000		£000
Non-current assets
Financial assets designated at fair value through profit or loss	46,733		33,409		43,394
Current assets
Cash and cash equivalents	4,131		3,048		1,434
Receivables	381		25		10
	4,512		3,073		1,444
Current liabilities
Payables	(159)		(118)		(152)
Net current assets	4,353		2,955		1,292
Total assets less current liabilities	51,086		36,364		44,686
Equity
Ordinary share capital	750		750		750
Reserves	50,336		35,614		43,936
Total equity	51,086		36,364		44,686
Number of Ordinary Shares in issue	75,001,463		75,000,063		75,000,063
Undiluted Net Asset Value per Ordinary Share (pence)	68.11		48.49		59.58
Fully diluted Net Asset Value per Ordinary Share (pence)	68.11		48.49		59.58

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS TO 30 JUNE 2010

	Unaudited		Unaudited		Audited
	Six months to		Six months to		Year to
	30.06.10		30.06.09		31.12.09
	£000		£000		£000
Cash flows from operating activities
Investment income	45		94		292
Fixed deposit interest	-		1		1
Bank interest	-		-		1
Management fee	(363)		(224)		(519)
Other cash payments	(291)		(313)		(498)
Net cash outflow from operating activities	(609)		(442)		(723)
Cash flows from investing activities
Purchase of investments	(27,351)		(710)		(10,962)
Sale of investments	30,795		1,107		9,872
Transaction charges relating to the purchase and sale of investments	(147)		(6)		(31)
Net cash inflow/(outflow) from investing activities	3,297		391		(1,121)
Cash flows from financing activities Proceeds from issue of shares	1		-		-
Net increase/(decrease) in cash and cash equivalents during the period/year	2,689		(51)		(1,844)
Cash and cash equivalents at the start of the period/year	1,434		3,431		3,431
Exchange gains/(losses) on cash and cash equivalents	8		(332)		(153)
Cash and cash equivalents at the end of the period/year	4,131		3,048		1,434

This announcement was approved by the Board on 14 September 2010. It is not the Company's interim accounts, but has been prepared on the same basis as those accounts.

The full Interim Report together with the unaudited accounts for the period is expected to be mailed to shareholders on 22 September 2010 and a copy will be posted on the Company's website www.indiacapitalgrowth.com in accordance with AIM Rule 26.

Enquiries:

India Capital Growth Fund Limited

Northern Trust International Fund Administration Services (Guernsey) Limited (Secretary)

Andrew Maiden               01481 745368

India Investment Partners Limited (Manager)

David Cornell                   020 7802 8904

Arbuthnot Securities Limited (NOMAD)

Hugh Field                       020 7012 2000

 

END

 

 

IR GGUAGBUPUGQC