Connect with us

Economy & Market

Indian Cement Industry: The year gone by and the challenges ahead

Published

on

Shares

Though the year 2011 has been bumpy for the Indian cement sector, demand growth for the sector is likely to bounce back given the positive outlook of the general construction and infrastructure sector. The main impediments which have impacted the industry are the recent devaluation of the rupee and bank funding becoming costlier for the industry. This has led to a rise in import & input costs for the company in the form of freight and logistics cost. Read on to know the journey of the Indian Cement industry in the current scenarioIndia is the second largest producer of cement in the world after China and the Indian cement industry has seen a tremendous boom during the last few years in sync with the booming Indian economy. However, the fiscal 2011-12 saw the Indian economy suffering a setback due to an increase in inflation, spiking interest rates and a surge in the prices of commodities and fuels alongwith a devalued rupee. A lull has also been observed in the country’s housing sector, which accounts for over 60-70 percent of the country’s cement demand.Pervasion of a negative sentiment in the Indian Economy :As per the monthly "Economic Watch for November 2011" brought out by the Federation of Indian Chambers of Commerce and Industry (FICCI), the country’s economic growth is expected to slump to 6.6-6.8 percent in the financial year 2011-12. This projection by the industry’s apex body comes in the wake of the Indian government having lowered the country’s GDP growth forecast from the originally projected 9 percent to 7.25-7.75 percent. A poor performance by the mining, manufacturing and capital goods sectors resulted in a 5.1 percent on year contraction in the country’s industrial production in October in over two years. The growth of India’s GDP in the July-September quarter was pegged at 6.9 percent, the lowest in two years on account of the weak global fundamentals and a tight monetary policy by the government. The export sector is also likely to witness a moderation given the bearish fundamentals gripping the world economy. The situation has been complicated further by a widening trade deficit in the current fiscal. Exports for the April-November period increased by 33.2 percent on year to $ 192.7 billion while imports rose by 30.2 percent on year to $ 309.5 billion.A gloom has also been witnessed in the investment climate of the country with a slowdown in the housing and construction industry, which are critical demand drivers for the cement industry. This view was further emphasized by Jayram Nambiar, Ex Managing Director, Pfeiffer India Pvt Ltd who stated, "there has been a substantial reduction in private investments in major capital projects in 2011. There has been low government expenditure on public projects and a fall in investment levels in the housing and construction industry. The cement industry is unlikely to see a revival in demand to the tune of 8-9 percent for some time."Indian Cement Industry : The year that wasThe negative sentiment in the economy has also found its reverberations in the cement sector.Jayram Nambiar, Ex Managing Director-Pfeiffer India Pvt Ltd has concurred "as per a report by the CMA, the country produced 98.81 mt of cement in April-October 2011 which is only 1.2 percent higher than 96.75 mt produced in 2010. A slowdown in demand for cement has been noticed from the housing industry and if the trend continues, the annual growth in demand for cement will remain in the range of 3 per cent on a year on year basis , in 2011-12". The year 2011 also witnessed low cement capacity utilizations compounded by a fall in capacity additions. It was further observed that inspite of an oversupply situation, increased cost of inputs such as fuel and commodities led to a rise in prices of cement across India. Commenting on the capacity parameters for the cement industry, Umesh Shrivastava, Executive Chairman, Holtec Consulting Private Limited stated, "the average capacity utilization, over the year is likely to be in the range of 70-75 percent, which despite being low, is pegged at a level higher than the breakeven point of 50 percent. A slowdown has also been observed in capacity additions, with only 12-13 mtpa of capacity commissioned till now. A capacity addition of around 30 mtpa was expected to come onstream in the period April 1, 2011-31 March 2012." The industry was expecting the installation of around 15-20 mtpa of capacity in 2011. However, a difference in value perceptions between prospective sellers and buyers led to the prospect remaining unrealized. As compared to a peak cycle witnessed during FY 2007-08, cement industry utilization rates witnessed a downslide in FY 2011-12. Commenting on this aspect, Sumit Banerjee, Vice Chairman, Reliance Cementation augured, "the cement sector is cyclical in nature and continues to witness peak and trough cycles. Following a peak capacity utilization rate of 98 percent in FY08, the industry witnessed a down cycle with utilization rate falling to 74 percent in FY 2011-12. Hopefully, this should be the bottom of the cycle with the utilization rate expected to record an improvement to 76 percent in FY 2012-13 and further to 79 percent in FY 2013-14."A moderate 3.1 percent year on year growth in dispatches was recorded by the Indian cement industry in FY 2011-12, following a year on year increase of 4.5 percent in FY 2010-11. The bleak scenario was a result of muted demand, especially in the Southern Indian state of Andhra Pradesh due to political instability. Demand growth for cement in fiscal 2011-12 was expected to remain lower at 4.5 percent due to a slowdown in the economy, sluggish growth in infrastructure and real estate projects and a low momentum in government sponsored housing and irrigation schemes.Cost pressures also added to the woes of the cement industry in this fiscal. There was a rise in limestone mining costs due to a hike in prices of diesel in June 2011. Heavy monsoons in the coal mining areas also forced cement companies to import coal at inflated price levels due to a fall in the value of the rupee. High input costs coupled with a fall in demand led to a pressure on the margins of companies. Commenting on the cost factor, Sumit Banerjee, Vice Chairman, Reliance Cementation said, "severe pressure has been exerted over cement production costs over the last two years. The underlying reason behind the same was an increase in costs incurred on raw material, fuel and power, and freight costs which account for around 70 percent of the overall costs for the manufacture of cement. This has affected the operating margin of the industry, which has gone down significantly inspite of higher cement prices."The year can also be noted for technological developments which included waste heat recovery systems and utilization of lower grades of limestone for making clinker. Positive moves were also witnessed on the part of stronger players in the domestic cement arena who tried to establish production capacities outside India and acquire sources for solid fuel.The road aheadThe future largely appears bleak for the cement industry in the fiscal 2012-13 due to prevalent weak economic fundamentals. Commenting on the adversities likely to be faced by the industry, Jayram Nambiar, Ex Managing Director, Pfeiffer India Pvt Ltd said, "looking ahead, the economic scenario the world over and in India is anti growth and the worst is yet to come. The problem in India has been compounded by the current unfavorable political climate. The coming general election is unlikely to lead to the emergence of a strong political party or coalition. The growth levels of 2008-09 are not likely to be witnessed over the next two years. The period is also likely to be tough for the cement industry. The industry will have to deal with problems like rising energy costs compounded with the depreciation of the rupee, higher freight and distribution costs and low price realizations due to weak demand." These problems shall further be exacerbated by a rise in labour costs due to inflationary trends and a rise in the cost of living index. However, price levels for cement cannot be expected to increase much due to high unutilized capacity far in excess of demand likely to prevail in 2012 and 2013. However, it should be noted that additional cement capacity of 20 million mtpa is being implemented and will be commissioned in 2012. If sufficient demand exists, a capacity utilisation of more than 85 percent is easily achievable. The weak economic climate will also have an impact on smaller cement producers and their operations, leading to a spate of consolidations. Concurring on this issue, Nambiar reiterated, "presently, 35 percent of the cement production capacity is in the hands of smaller producers for whom the future will be one of tribulation due to unfavourable economic conditions. The next two years will see a period of consolidation in the industry with the smaller players withdrawing from the industry by selling out to the financially stronger cement producers. Their share of the total cement capacity can be expected to increase to over 70 percent by 2014."Being a huge country, there will be a difference in the region wise demand for cement in the country which is broadly divided into the western, eastern, northern and southern regions. Elaborating on this aspect, Sumit Banerjee, Vice Chairman, Reliance Cementation stated, "demand for cement in the South is expected to go southward by 4 percent in FY2011-12, display lower than average growth at 5 percent in FY2012-13 and bounce back sharply in FY2013-14. A rise in growth will be witnessed by the Eastern and Central regions from the lower than average levels of 6 percent in FY2011-12 to 9 percent in FY2013-14. Demand for cement in the Northern region is expected to remain in the range of 7-9 percent while the Western region will show demand in the 10 percent range till FY2013-14."Reiterating on the capacity utilization differentials across different regions, Banerjee stated, "a moderation is expected to set in the average industry capacity utilization rate to 76 percent in FY2012-13 from 79 percent in FGY2010-11 before showing an upward curve to 79 percent in FY2013-14. The highest capacity utilization rates are likely to be witnessed by the Eastern and Northern regions at 90 percent levels in FY2012-13 while higher capacity additions could lead to a fall in capacity utilizations in Central India. Utilization rates are also likely to be impacted in the Western region due to pressure exerted on account of cement supply from Southern India."The industry is also optimistic that demand for cement will surge in the near future through the revival of economic activity by the government especially through investment in infrastructure projects. Expressing confidence that the government will initiate the demand push process, Umesh Shrivastav, Executive Chairman, Holtec Consulting Private Limited stated, "following the slump of 2011, demand for cement is likely to see a recovery process and will touch levels of 6-8 percent in 2012. The increase in growth will be triggered by the government’s drive to revive economic activity by initiating investment in infrastructure projects. A correction is foreseen in interest rates and improved regulation as regards land acquisition and environmental clearance leading to revival of several on-hold projects. Cement prices are likely to maintain an upward curve due to increasing production and ownership costs alongwith lower capacity utilizations."Challenges & Opportunities for Indian Cement Industry during 2012 onwards:The forthcoming year 2012 for the Cement Industry is likely to see more of consolidation but lower growth rate. The challenges and opportunities may be summarized as follows:??Extraordinary delay in mining lease sanction and delay in land acquisition & MoEF clearance.??Non availability of domestic coal clubbed with poor quality. Hence, industry has to depend upon high cost imported coal. ??Depreciation of Indian currency has further increased the cost of imported coal, Fuel, Gypsum & other raw materials.??Continuous hike in power tariff, due to increase in coal cost & cross subsidy. Though captive power plant appear to be a part solution, but CPP is again depending upon coal supply linkage, which is uncertain.??On top of it, total taxation including excise, VAT, royalty and cross subsidy amounts to approx. 39 – 40% of Ex-works sales realization. Cement being mass consuming item, such high taxation needs re-visit.??Low packing rate and low level of dispatches leading to IR – Labor issues as per the applicable rules & norms of wage board.??Cement Plant being a capital intensive unit, high interest cost is another disincentive for fresh investment in the sector.??Reduced spending on Government Projects and Slow down in infrastructure investment is another cause of worry for fresh investment.Some of the Indian Economy Strong Points & Stimulators relating to Cement Industry??Growing population of currently 1.2 billion with increasing spending power??Government pursuing structural reforms, facilitating pan-Asian trade, increasing FDI inflows??Recent push at Prime Minister’s level for large infrastructure projects such as Highways, Roads, Ports, Railways, Power, Housing, etc. ??Requirement of Accelerated industrialization to cater to infrastructure and consumer markets??India’s economic growth based on reforms and economic liberalization likely to sustain on long term basis.Measures to be implemented for stimulating cement demand:In order to stimulate demand in an already sagging industry, the government needs to initiate certain measures in the form of providing tax incentive to the industry, reduce the overall tax value on the commodity and phase out cross subsidy on supportive components. The government can also consider classifying cement as "Declared Goods" like steel having a uniform VAT rate of 4 percent throughout the country. To throw light on the matter further, P.K.Ghosh, Chairman, Ercom Engineers Pvt Ltd Ercom Group said, "the overall taxation value on cement can be brought down to a level of 20-25 percent of ex-works selling price from the current level. Tax incentive should be provided by the government for promoting blended cement in the larger interest of mineral conservation, waste utilization and bringing down carbon emission. Cross subsidy burden on electricity, diesel and railway freight should be phased out in a gradual manner. The supply of superior quality coal should be increased through merchant mining in private sector. Companies who have been allotted captive coal blocks should be asked to increase production for selling in the open market."Cement manufacturers need to maximize production of blended cement by utilizing industrial waste like fly ash and slag for conserving mineral resources. The current average blending ratio in the country is pegged at approximately 27 percent which needs to be increased to 40 percent over the next 4-5 years. High energy consuming old and inefficient equipment needs to be replaced with modern equipment for optimizing and minimizing energy consumption alongwith increasing capacity. The industry needs to adopt the latest technology for Green Cement grinding for reducing clinker consumption and deriving benefits of carbon credits. Ready Mix Concrete (RMC) business may be promoted by cement companies or small companies should be encouraged to undertake RMC business at various locations, leading to bulk supply of cement and consequent reduction in packaging cost.ConclusionIn a nutshell, the government needs to support the cement industry in reviving its fortune through initiatives like reducing tax burden, providing incentives and ensuring availability of superior quality coal.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Concrete

The RAHSTA to Innovation

Published

on

By

Shares

As part of the 10th India Construction Festival, the RAHSTA Awards recognised outstanding contributions to the road construction industry.

On October 10, 2024, the RAHSTA Awards were held at the Jio Convention Centre in Mumbai, forming a significant part of the 10th India Construction Festival. This esteemed event serves as a pivotal platform for recognising and honouring outstanding contributions in the road construction industry, particularly those that prioritise sustainability, innovation and excellence.
RAHSTA, an acronym for ‘Roads and Highways Sustainable Technologies & Advancement’, has become synonymous with the promotion of advancements in road construction equipment and technologies. Organised by the FIRST Construction Council, the awards seek to highlight the importance of sustainable practices in infrastructure development and celebrate those organisations that lead the way in this critical area.
At the event, Pratap Padode, Founder, FIRST Construction Council, underscored the importance of skilling the workforce in the construction sector. He pointed out that construction is India’s second-largest employer, with the potential to reach 100 million jobs by 2030. However, he emphasised that a significant portion of this workforce remains unskilled, with 80 per cent of the 70 million workers lacking adequate training.
“To bridge this skill gap, we must incorporate practical orientation in engineering and management courses,” Padode urged. He highlighted the Indian Government’s initiative to onboard 1 crore interns through CSR funding over five years, encouraging construction companies to participate actively
in this programme. By doing so, he said, the industry could not only enhance skill development but also position itself for future growth and sustainability.

The RAHSTA Awards recognised seven outstanding contributions to the road construction sector, celebrating innovations that drive sustainability and efficiency:

  • Award for Highest Standards of Excellence in Road Engineering & Construction: Patel Infrastructure
  • Award for Excellence in Bridge Engineering: L&T Construction, DIAL Phase 3A Project
  • Best Road Financier Award: HDFC Bank
  • Award for Best Use of Waste Material Recycling in Road Construction: Tata Steel
  • Best Digital Technology Award in Road Building: Cube Highways and Transport Assets Advisors
  • Award for Excellence in Project Management: Haryana Rural Road Infrastructure Development Agency
  • Innovation Award in Project Execution:
  • CC Precast Solutions
    Indeed, the RAHSTA Awards 2024 were more than just a ceremony; they represented a vital call to action for the road construction sector in India. By highlighting the importance of sustainability and technological advancement, the awards inspired industry stakeholders to strive for excellence
    and innovation.
    As the event concluded, it left attendees with a renewed sense of purpose and a collective vision for a more sustainable and efficient future in infrastructure development. The RAHSTA Awards stand as a testament to the possibilities that lie ahead when industry leaders come together to embrace change and foster growth.

Continue Reading

Concrete

Equipment India Awards 2024!

Published

on

By

Shares

The titans of the construction equipment industry were honoured at the 12th BKT Equipment India Awards 2024.

On October 10, 2024, Mumbai played host to the much-anticipated 12th BKT Equipment India Awards 2024, an event that recognised and celebrated the outstanding achievements within the construction equipment sector. The grand ceremony took place at Jio Convention Centre and was among the highlights of the India Construction Festival, which gathered industry leaders, manufacturers and financiers from across the nation to honour innovation and excellence in this vital sector.
The inaugural addresses set a reflective tone for the evening, emphasising the importance of collaboration and information sharing within the industry. In his opening speech, Pratap Padode, Founder, First Construction Council, remarked, “At Equipment India, we have always tried to enhance the standard of the industry. During this 17th year of our existence, we still find that companies are trying to hide behind a veil as far as the disclosure of factual data is concerned.” His emphasis on transparency resonated with the audience, highlighting the critical need for the construction equipment sector to adopt best practices for data sharing, akin to those seen in the automobile industry.
For his part, Vipin Sondhi, Chairman, RAHSTA Committee, and former MD and CEO, JCB India and Ashok Leyland, also shared optimistic insights, stating, “Today, we celebrate not just the figures but the remarkable individuals behind them – the innovators, manufacturers and teams that push the boundaries of what’s possible.” He highlighted the impressive growth of equipment sales, which saw a 26 per cent increase during FY2023-24, reflecting strong market recovery and renewed confidence.
The 12th BKT Equipment India Awards not only celebrated the achievements of key players in the construction equipment sector but also served as a reminder of the collective effort required to drive the industry forward. The event reaffirmed its commitment to supporting the industry’s ongoing evolution, ensuring that India remains a significant player in the global construction equipment market. With the industry poised to grow at a CAGR of 12 per cent, reaching $25 billion by the end of the decade, the evening left attendees inspired and motivated to continue pushing boundaries in their respective fields.
A significant highlight of the evening was the presentation of the Equipment India Person of the Year 2024 award to Jaideep Shekhar, Managing Director, Terex India. Under his astute leadership, the company has achieved remarkable growth, marked by innovation and a commitment to excellence. The jury praised his strategic vision, which has not only propelled the company’s success but also contributed positively to the broader industry landscape.
Receiving the award, Shekhar expressed heartfelt gratitude, stating, “I’m deeply grateful to the jury and Equipment India for this remarkable honour. This award reflects not only my contributions but also the dedication and hard work of my team. I have been associated with the industry for more than 25 years and this award motivates me to keep pushing boundaries and to lead the growth
with integrity.”
The award presentation was made all the more special by the presence of previous winners of the Equipment India Persons of the Year, including Vipin Sondhi, former MD and CEO, JCB India (Equipment India Person of the Year 2013); Sandeep Singh, Managing Director, Tata Hitachi Construction Machinery (Equipment India Person of the Year 2015); and Dimitrov Krishnan, Managing Director, Volvo Construction Equipment India (Equipment India Person of the Year 2013).
The event also witnessed the recognition of numerous companies across various categories, showcasing the best of the best in the construction equipment sector. Indeed, as the industry gears up for future challenges, the awards stood as a testament to resilience, creativity and the unwavering spirit of collaboration. Together, the participants are set to build a brighter tomorrow for the construction equipment industry in India, fostering innovation and sustainable practices that will serve the nation for years to come.

Winners of the 12th BKT Equipment India Awards

  • Equipment India Person of the Year 2024:Jaideep Shekhar, Managing Director, Terex IndiaGreen Factory of the Year: Tata Hitachi Construction Machinery
  • Best After-Sales Service Provider: Tata Hitachi Construction Machinery
  • Concrete Pumps: Schwing Stetter India
  • Truck Cranes: Sany Heavy Industry India
  • Asphalt Plants: Ammann India
  • Asphalt Finishers: Ammann India
  • Batching Plants: Schwing Stetter India
  • Crawler Cranes: Sany Heavy Industry India
  • Piling Rigs: Sany Heavy Industry India
  • Rigid Dump Trucks: Caterpillar India
  • Motor Graders: Caterpillar India
  • Mini Excavators: Tata Hitachi Construction Machinery
  • Crawler Excavators: Tata Hitachi Construction Machinery
  • Mobile Cranes: Action Construction Equipment
  • Crawler Dozers: BEML
  • Skid-Steer Loaders: Doosan Bobcat India
  • Wheel Loaders: LiuGong India
  • Self-Loading Concrete Mixers: AJAX Engineering
  • Tower Cranes: Action Construction Equipment
  • Compaction Equipment: Case Construction
  • Mobile Cranes: Action Construction Equipment

“I congratulate ASAPP Info Global on the outstanding success of the conference and award shows! It was a privilege to be part of such an insightful session with industry leaders.”
– Sanjay Koul, President- India and South East Asia and Managing Director, Timken India

Continue Reading

Concrete

22nd CONSTRUCTION WORLD Global Awards Excellence Revisited!

Published

on

By

Shares

At the 22nd CONSTRUCTION WORLD Global Awards, over 50 awards in 21categories were presented to industry stalwarts.

The 22nd CONSTRUCTION WORLD Global Awards, was held on October 9 and 10, 2024, at the Jio World Convention Centre, Mumbai, and hosted by infrastructure think-tank FIRST Construction Council in partnership with CONSTRUCTION WORLD (CW) and Equipment India (EI) magazines. Incidentally, the spectacular RAHSTA Expo was India’s first indoor trade fair for construction equipment technology.

Benchmarked to global standards
At the inaugural session, Sanjay Bhatia, Upa-Lokayukta, Government of Maharashtra, along with Vipin Sondhi, Chairman, RAHSTA Expo Committee, and Pratap Padode, Founder, FIRST Construction Council, inaugurated the RAHSTA Expo. Expressing delight at the huge display of construction technology, Bhatia said, “The expo has put the construction industry on an international standard. India is experiencing nation-building at a robust pace and I am truly impressed with the work now being done by our youth with their startups, many of whom are showcasing their innovation here.”

Special bytes
At the 22nd CONSTRUCTION WORLD Global Awards, over 50 awards in 21 categories were presented to over 50 companies.
“I am thrilled to accept this award on behalf of Century Ply,” said Anup Mangaserri, Chief Executive Officer – Laminates, Century Plyboards India.
“It’s an honour to be recognised and I extend my heartfelt thanks.”
“Tata Consulting Engineers has made significant strides in nation-building projects in India and
high-impact engineering efforts abroad,” said BR Parthasarathy, Senior Vice President and Head – Infrastructure Cluster, Tata Consulting Engineers (TCE), sharing his pride in receiving the ENR Award. “This recognition underscores our global capabilities and we are honoured to be part of this journey.”
For his part, Sarat Chandak, CEO, H&R Johnson, said, “We are truly delighted to receive this award as the most admired brand in the construction world. This recognition reflects the dedication and hard work of the brand over its six-year journey in India. Thank you for acknowledging our efforts.”
And Sandeep Desai, Executive Director, and Ananta Rayaprolu, Director, Afcons Infrastructure, noted, “This is a proud moment for the entire Afcons team to have this particular trophy and prestigious award. Afcons has always been at the forefront of extreme engineering, and we are really happy for this acknowledgment, which motivates us to continue pushing the boundaries of innovation.”
Joining the chorus of gratitude, Manish Kumar, Executive Vice President, ITD Cementation, stated, “It is an incredible honour to receive this award and to be here for this event, which is very well organised. Being recognised among the best of our peers in the industry is truly a privilege. I accept this on behalf of my team and company and we are deeply grateful for this recognition.”
Many winners addressed the efforts that led to their recognition. “We are extremely proud and thankful that our founder has received the CW Person of the Year (Private Sector) award,” said Hardik Agrawal, Director, Dineshchandra Agrawal (DRAIPL). “This recognition reflects the relentless efforts of the entire Dinesh Chandra Group. We are deeply motivated by this honour and we thank the CONSTRUCTION WORLD Global Awards for this acknowledgment.” And Lalit Chhabra, Managing Director, PINI India, added, “It is a tremendous honour to receive this award. We are delighted that our global efforts have been recognised. This is a testament to what we have done in the past and our hard work. We look forward to improving our ranking in the years to come.”
Sharing his excitement, Ryoya Watanabe,
Senior Manager – BD & Marketing Division, Nippon Koei India, said, “We are headquartered in Tokyo and I am excited and honoured to accept this prestigious award. Thank you very much for this recognition.”
Meanwhile, Saji Samuel, Executive Vice President (Long Products), JSW Steel, brought the conversation around to India’s bright future. “I feel elated with this award because this is going to propel India into a five trillion-dollar economy as quickly as possible,” he remarked. “I wish CONSTRUCTION WORLD all the very best and hope many new companies will participate in this event going forward. I feel very proud to hold this trophy in my hand on behalf of my company.”
This collection of leaders from different sectors was a showcase of the diversity and excellence celebrated by these prestigious awards, marking significant milestones in their respective industries.
As Rajiv Poddar, Managing Director, BKT, observed, “India Construction Festival 2024 has once again proven to be an invaluable platform for the construction equipment industry. The convergence of innovative ideas and collaborative efforts showcased here reflects our collective commitment to growth and excellence. Congratulations to ASAPP Info Global for orchestrating such a successful event and to all the award winners – your achievements are a testament to the bright future of our industry.”

An event to remember Another highlight of the event was the launch of Pratap Padode’s book, Tarmac to Towers – India’s Infrastructure Story.
Indeed, in keeping with tradition, the annual CWGA Awards ceremony was a memorable celebration of architectural achievements and a platform for dialogue on critical issues affecting the construction industry.

 

Continue Reading

Trending News

SUBSCRIBE TO THE NEWSLETTER

 

Don't miss out on valuable insights and opportunities to connect with like minded professionals.

 


    This will close in 0 seconds