Wednesday, March 19, 2008

Young Entrepreneur Series IV

This year 11 IIM A grads and one from IIM Calcutta have opted out of placement to start their own companies. This is now a yearly phenomenon. In the spirit of the season then, here's the dope on a company started by bschool grads of 2004 vintage.

No, it's not a dotcom, tech or consulting start up but a real, live sweat and blood business. But stress is something they probably don't worry about. Or at least have a way to deal with :)

Company: CMYK Health Boutique Private Limited, operating the'Four Fountains' spas.

Started in: Jan 2007

Anurag Kedia (IIT B ,IIM A (2004)
Saurabh Garg (IITB, IIMA)
Sunil Rao (Sydenhem, SP Jain)
Arnab Mitra (IITD, IIMC) *
* was part of original team but recently quit for family reasons.

The business: Four Fountains is chain spa. Therapies are priced very reasonably - from 199 to 1349 (at most spas prices begin at Rs 2000 upwards).

Four Fountains aims to set up day spas in the top 20 towns of the country. The first two are already operational in Pune in Koregaon park and Aundh.

I met Anurag and Sunil in Pune last month. They gamely agreed to come see me at 11 pm, and share the journey so far. This is a long post - not because I can't edit it but because I think details matter. And they inspire/ guide those of you who may be thinking of taking the plunge into entrepreneurship yourselves.

So sit back and relax. Imagine yourself at the Four Fountains!

Sunil, Saurabh and Arnab were all at HLL, I was at KPMG. Saurabh and I were batchmates at IIM A and through him I met them 2. Saurabh and I were exploring something, the two of them were exploring something. We hit upon the idea of health spas and both teams were excited it. So we decided to join hands and work on it together.

Were you familar with spas before you started Four Fountains?
Anurag: All 4 of us had been to Ayush or ayurvedic health centres at some time.. But none of us in HLL were associated with Ayush as a business.

Sunil: And at work every once in a while you have a getaway where you are supposed to indulge yourself with company money, so at one of those occassions we would have gone to a spa.

Also our international stint in HLL was in Bangkok so we had seen the spa market is huge and that there are good quality, affordable spas. It all came together - the idea that spas need not be expensive in order to provide a good service

All of you were based in Pune?
Sunil: None of us, actually. Pune was a business decision. Three of us worked in Bombay, Anurag was in Chennai.

So how many months went into thinking and researching the business and how & when did you exit your jobs?
Anurag: Saurabh and I left together Dec 2006, Jan 2007. I got released a bit earlier. Sunil and Anurag were still in jobs. We wanted to make sure we had things in place before we quit. They left in April & May 2007.

While we two were brainstorming on ideas they had been researching on spas for quite a while. In Feb-March 2007 we decided to join hands. By then, they had spent 6 months researching the project.

Earlier we were working on a discount retail chain for rural India (similar to Subhiksha, but we had our own ideas how to make it work). Unfortunately. hype created by bigger players did not allow us to get support for that project.

On campus had you thought about entrepreneurship?
Anurag: I had not thought of it.. In fact I was a guy who dropped out of the LEM course (much sought after course @ IIM A on entrepreneurship) because I heard Prof Handa occupies all your weekends. He takes you to all interesting places but Saturday, Sunday khatam ho jayega.

And I was the cultural secretary. Mujhe kaam karna hai, Chaos ka paisa ikattha karna hai so I wriggled out. Later on Prof Handa has been quite helpful.. we have been in touch.

Then how did you end up starting a company?
Anurag: The job was doing ok - not so good, not so bad. I was a management consultant, with projects across companies. One day I got a call from Saurabh and he said 'kuch karte hain'. I said sounds interesting...

What about S P Jain? Is it common to take up entrepreneurship?
Sunil: Not very common. My junior batch there was one guy who started a financial advisory service, my batch I am the first one.

So tell me about the first idea you guys had.. the discount retail chain.
Anurag: We looked for funding, because usme jab tak scale nahin hota hai kuch nahin hota.

So who all did u meet for funding?
Anurag: We met anybody and everybody we thought could give us money including marwari seths, VCs, pvt equity funds, corporates - almost everybody. We thought we had firm commitment from 2-3 of them but then it did not materialise. We had started pitching in Aug 2006, worked 6 months before that on the plan. By December we realised ki no matter what kuch karna hai. If not discount retail, then something else.

You had saved up money?
Anurag: A little 6-8 months, or even 10 months stretch kar ke we could sustain ourselves.

What was the need gap in the spa market which you spotted when you started researching the idea?
Sunil: We talked to people and asked them, what do you understand by 'spa'. Some thought it's a gym, others thought it's a salon. We figured there is no one person who owns spas as they stand for. Spas are associated with 5 star hotels and seen as expensive while some think ok, they're massage parlours.

We saw an opportunity to bring in genuine spa service in a great ambience but affordable prices.

Next stage? How did you raise money??
Sunil:After the concept was in place, we formulated with evidence, tested on 30-40 people and refined the concept. We then pitched for money.

Who gave the money?Anurag: A quasi V C fund - they have a couple of businesses of their own and will soon become a professional VC fund. But Four Fountains is their first external investment.

How many people did you go to before securing funding?
Anurag: This time we pitched to 5-6 people. But for the retail project we had pitched to a countless number and hence knew the people who did not invest in the project but had shown interest in us. They said ok agar tum kuch aur bhi karna chahte ho let us know. Hence it was quicker, when we went back to them with the spa idea.

How do go and pitch? Cold call or through people you knew?

Anurag: We went to all routes. More of people we did not know... Band of Angels, Mumbai Angels etc etc

Sunil: They would have done more cold calls than anything else.

What is the size of the project?
The current investment is a little above Rs 1 cr.

You have two spas right now. What next?
Immediately, Bombay, Delhi, Chennai and Bangalore are on the horizon. We're just waiting for these two to stabilise and processes being completely in place. Then we can move out of Pune and leave these spas to function on their own. We have done some ground work in Mumbai and Delhi and hope to open the next set of spas around May-June 2007

How do you do that? I mean 'stablise'? And where do you get spa professionals from? In Mumbai, some spas have therapists from Thailand, Bali etc.

There is huge shortage of skileld manpower in this industry - like in every other industry today but here there seems to be an even greater shortage because there are no good training instututes except in Kerala where they impart training in panchkarma.

There also not all panchkarma schools are producing ther right quality and attitude. Another problem is language. Very few can converse in Hindi or English, they speak only Malayalam.

In the first phase we have hired ppl with some background - people with diploma in ayurveda and diploma in naturopathy - just to make sure they are comfortable with he idea of working in a spa. For them the idea of giving a massage is not taboo, it's not lowly work, they accept it as a profession and find it a respectable thing to do.

But there are not enough people who have that attitude to massage in the first place...

So then how do they become experts in say, 'Invigorating Swedish therapy'?
We have an expert on board as a consultant who looked into the menu of products, service sequence, guest handling, phone etiquette etc. We also hired external trainers who do training for 5 stars and are now freelancing. Now we have an in house expert to handle future training needs.

How much do therapists get paid?
CtoC is 10k per month for therapist. Outside they get paid 4-5k, we pay on the higher side.

How many employees do you have right now?
22 therapists in all + each spa has 2 guest relation executives and a manager. The two trainers are a common resource.

Why the name Four Fountains?The four fountains represent the four faculties... Fountain of youth, tranquility, abundance and joy.

And what's special about your spa?
Some of the facilities we have are not in 5 stars also. Indivudal showers in all rooms, all disposable matterial, 100% natural products. For facials we use high end products like Artistry from Amway.

How many customers come to Four Fountains in a week?
100-150 people. The average amount they spend currently is Rs 700 which is higher than we had expected. We have found that when you offer good value, people tend to spend more.

Also there are more men right now than women which is also a surprise. The ratio is 60: 40. Most are not regular spa goers - Pune has spas only in 5 stars and catering mainly to foreigners.

Popular therapies are Ayurvedic and invigorating Swedish massage for men and Harmonising aromatherapy for women. Also the destressing head, neck and shoulder therapy.

We can do 70 therapies a day at each centre. There are 'happy hours' between 10 am to 4pm, Mon-Fri.

What have you done to promote the spas?
Above the line and below the line. We have put ads in TOI Pune and also tied up with Lifestyle store, restaurants, multiplexes, gym. We access their database by providing discount offers to their members and users.

And what's the break even level for each spa?
Cash Break even is 3-6 months, payback is 2.5-3 years.

Do you take a salary for yourselves?
Yes, a modest one but enough to cover living expenses.

And how will you raise more money for expansion?
The same investors have committed more money for the next 15-20 spas. Post that we will be looking for more money, if they are not interested then maybe from external sources.

It's a very capital intensive business...
That's the difference between a tech business and non-tech business. You were asking about VCs. Most of the VCs fund tech businesses because there it is theoretically possible for Re 1 Rs 10, Rs 500 or even Rs 1000. Here 1 rupee can make 5 or 10 rupees, at most 20 rupees

You have to keep selling equity and raising money - how much equity are you left with? I ask this because you are many partners and taking a relatively low salary. The attraction is really the long term value of your equity stake...
Ours is a performance linked equity structure. There is a rate of growth defined and a complex formula by which we will value the firm 2 years down the line. There is a strong incentive to do well. If we don't do well most of it belongs to them, if we do well then most will belong to us.

They suggested and we found it fair. The investors have been very supportive.

Is 4 partners a good thing? Do you compartmentalise the work?
Arnab has recently quit for personal reasons, so that leaves 3 of us. We are too small to work in silos but we do divide the responsibility for ease of execution - Sunil handles marketing while I handled the projects part (finding real estate, setting up the spa etc). Saurabh handles training and rollout. Now the project is up and running so all of us are working on the marketing.

Is there an Ayush centre in Pune?
There was one in Koregaon Park, it's shut down.

I went to Ayush once and found the place ok... I would not go back again.Anurag: Actually many aspects of Ayurvedic therapy are currently being debated. Is massage on wooden bed necessary? It's so uncomfortable! If you have a medical condition it's ok stick to the authentic version because it's a treatment but when you go for relaxation is it necessary? Also there are 7 classical positions, 4 of which are not comfortable at all...

Sunil: People go to Ayush for some problem. If you have a backache, come to us; if you have a knee problem come to us... Whereas at our place we are not saying come to us if you have a problem, come if you want to relax..

How important is it for therapists to build personal relationships with clients?
Our effort is to standardise, not add one more complication but if people ask for a particular therapist, we do provide. There is no direct 'cut' to therapists but there is an incentive for doing certain number of therapies, coming on time etc

You thing it's a service business but it can be totally systematised?
It's happening in salons so why not...

I have a small problem with this approach... I visit salons and spas; personal relationships do matter I think!
Anurag: Setting process does not mean people should lose out on warmth. This depends on the people you hire. Skill can be developed but not attitude

What is it about this business that keeps you excited? How will you keep learning and growing?
We figured out that we will do something which is going to be appreciated by people, so there was that kick. But rationally, there was also this whole thing of getting into the wellness space. We can branch into other things eg salon, health food, spa product retailing - there are many opportunities. We have tied up for example with Jawed Habib and started a salon at one of the spas.

Where do you see the company 3-5 years from now?
Four Fountains will be present in top 20 towns with 100 spas in 5 years. Estimated turnover: Rs 100 crores.

It all sounds very easy... You got the idea, investors, set up the spas..any problems?
Anurag: Paperwork is important but ho jaata hai. Execution is the real challenge. Take the small example of getting a press. Is the tagline right, is the message coming across? Should I put 4 lines describing the spa or have 20 lines? If one press ad does not work you bleed... We have made a lot of mistakes.

Then dealing with employees. For example, someone falls sick or their parents fall sick... If 2 out of 10 people can't come in a day it's a 20% hit to our capacity and our revenues directly get impacted. Or if someone is not happy for some reason, or gets food poisonong, we are responsible for them.

There has been a time when we have spent the night at the hospital, because of worry that an employee's fever is dengue. Thankfully, it was not but we spent Rs 5000 in 2 days and then realised medical insurance is required for all.

Has he MBA helped you in being an entrepreneur?
Anurag: Definitely in planning and marketing yes.

Sunil: The job after MBA was a big learning experience. I was handling the Modern bread channel. On paper, everything is fantastic! When you go to the store there is chaos. You find the POP you designed looks crap in the shop...

No regrets??
At times you do miss the comforts, like we can't go to 5 stars etc.

Many entrepreneurs don't take a salary at all for some years.. You guys aren't in that boat. If you had a salary issue it would be more difficult?
Sunil: Yes, because of EMIs.

Anurag: We would have to look at some source of revenue, coaching teaching etc. Also had we planned that we'll become entrepreneurs after 2 years we would have saved accordingly. People who have it in mind should do so.

Finally, if you had not gotten funding would you have given up?
If you have something to show, it's easier to raise money. We would have borrowed money and started one spa... and kept looking for investors!

So when people really really want to do something they find a way, right?
Anurag: It's not that big and bad world out there.

Nahin karne ke liye bahut excuses hote hain
Sabse pehle naukri chhodo, to phir sab kuch ho jaata hai...!.

Wise words those.. as they say, nothing ventured, nothing gained.

What I liked about these guys: They are so matter of fact, ki bhai kisi na kisi tarah karna hi tha. The first idea did not seem feasible, they shifted to a second. And they aren't letting the obstacles along the way bog them down.

For example, the basic issue of spa therapists. They're not available, so you create your own talent pool. This is something all entrepreneurs have to do - train and upgrade people who can work for them instead of looking for ready-made talent (you generally can't afford or attract that kind when you're small and/or in a rapidly growing industry).

They also seem to have a very well thought out expansion strategy. But realise the real challenge is execution (which is where many MBAs in particular stumble). Will be interesting to see what systems they are able to put in place to expand rapidly across geographies.

Lastly, an affordable spa is a Big Idea but not a new one. It addresses a valid customer need and latent desire. We need more such ideas and they are actually all around us, just waiting to be spotted... By would-be entrepreneurs!

P.S. I have not personally tried the Four Fountains spa but if any of you have, do share your experience!

Previous posts in the Young Entrepreneur series:
Prakash Mundhra

Mom's Kitchen



  1. This comment has been removed by the author.

  2. Just in case you missed this :
    4 Grads from IIMB also opted out of placements to start their own venture this year. The 1st line of your article mentions only about IIMA and IIMC. Please refer the following link :-

  3. My comment is not directly related to your post but it is rather pertinent.

    I personally do not think that guys/gals from top B-schools who start-up are awe-worthy.

    That is because most of them are assured of a high paying job even if their venture fails. Also starting-up today has become slightly fashionable, and especially if you do it immediately out of college there is free publicity that the venture gets.

    Yes I am of the opinion that MBAs shouldn't be job grabbers but job creators and new businesses do create jobs, but the kind of publicity some of these start-ups, which do not have necessarily have great revenue models, get is nauseating.

    All said and done, it will interesting to see where most of these businesses started in the last 3-4 years end up after a decade.

  4. Also, from what I gather after interactions with some of these young founders of new businesses is that their MBA education contributes very little to their venture.

    It is rather the well placed peer group and the network that one builds during the course of the 2 yr MBA that helps.

    So lets not also hoodwink people into believing that top B-schools are about the education they impart.

  5. What makes a "dotcom, tech or consulting" business a non-real business :) ?

  6. Hi Rashmi,

    Please edit the URL to their site as instead of
    Thanks for the info on these guys.
    I stay in Aundh, Pune and will try out their service and let you know what I felt about it.

    - Vishal Sagar

  7. Rashmi,

    As always, your analysis/ take home from the interview [at the end] is interesting.

    And yes... naukri se resign karne ki himmat kar lo... every thing then is easier... [am not on the route. yet!]


  8. Hi Rashmi..

    A very nice article as always... Hope u write more frequently....

  9. awesome story....very inspiring

  10. awesome story ........inspiring

  11. Hey Rashmi,
    Nice one! Not one of the coolest startups (probably because they aint tech), but nevertheless an afordable spa that is a spa is something novel.

    Have written a piece on the spirit of 'E' at pseudonormicks, check it out if you please.

    @ amit panhale:
    I guess MBA education is more about networking and collaboration than mugging up books. I think this fact should make you a little less cynical

  12. @ Amit Panhale:

    U r absolutely right Amit. I think this whole 'Etrepreneur ship' stuff is way too over hyped by the Media.

    Mostly we see these guys coming out with ventures like :

    *Decked up high end Saloons
    * yet another Social networking sight

    My point is: we seldom get to see path breaking ideas from these guys who r supposed to be the cream of students(which I am sure they are).BUT Why should anyone get so much of media hype & coverage just by starting another Eating joint? Its nice to know that many young MBAs are starting businesses on their own........BUT thats it .......only NICE.....not FASCINATING.

    P.S. All the best to the young Entrepreneurs though.

    Rahul SenGupta.

  13. Rashmi ,

    Your articles are always good and we do debate/talk on it.

    I am posting these links in my class on Entrepreneurship , I hope to catch some discussion on this .

    Thanks ,

  14. thanx for the article..!
    I think this entrepreneurship phenomenon is soon going to come down to UG level, for this being the best time in India. There are people who started their own ventures just an year after passing out of NITs & IITs.

  15. Nice Idea....I have always thought that SPAs are very expensive and a very 5 star hotel thing. But if spas are being made affordable and moving out of the 5 star hotel clutch......i would love to try it out...when is it coming to Mumbai????

  16. Hi,Rashmi!!!!nice post!!!!i am also looking for some ideas as I could not continue with my job after marriage.Thanks!!!

  17. Great article...

    By the way, I too started my own blog…

    Plz do visit it some time and post ur valuable comments on it..After all u r one of the inspirational souls for me !!!


  18. Hi Rashmi

    this is quite a late comment, but just read your post on Four fountain spa. I have visited their Aundh, pune facility 4 times and can vouch for their quiality. I could not believe that such good spa treatments can be available at affordable prices (900-1500). The rooms are very clean and tidy, yes the indicvidual shower is so much of relief! and the disposbale items are USP. i have tried Ayush in Koregaon too, it was awful. I am pleasantly surprised to know that it has been started by IIT/IIMs. I would like to pass my appreciation and best wishes to them in their venture. I would like to believe that they WILL maintain the same zeal and of course the quality over the years. Regards


  19. Very very inspiring...especially coz of the timing when I read it. Even I have started a small venture in Hyd, a play school, Ankur Rishikul Vidyalaya.

    Few things that kicked me:
    Drop the job and jump in... I haven't done it yet. But, I guess I rather do it sooner.

    So far I have funded myself with loan.. I need to find out more about getting investors as I can't fund myself for expansion.

    My biggest difficulty.. Getting good teachers with good attitude and have them regular as well.

    Well, I m feeling some new energy after reading this post. Thanks for that.

  20. Most of these guys have not been to a professional level spa.
    Banyan Tree, Ananda, etc or international spas which have the
    services and staff which has professional level training.

    This includes, product selection,
    ambiance, marketing, market capacity etc.
    The experience comes with 1-2 years of travel to the SPA locations inside and outside India.
    This is required since SPA going people know what they want but dont get it since most of the times
    its ill planned in terms of quality
    of services and the services.

  21. awseme story...really inspiring...

  22. Anonymous1:09 AM

    Interesting article and interview. I want to run my own business soon, so this was really motivational. I'm more interested in buying a business than starting a business, but I haven't had much luck looking for one. Does anyone have any suggestions? Thanks.

  23. Anonymous9:26 PM

    @Claire – I would check around for small business groups in your area. They should be able to help and direct you.

    I also highly recommend, which is an online global marketplace where you can invest in, buy, and sell a business. You can also find a lender through the site should you need one. There's a wide selection of business, so you should find what you’re looking for. Check it out and good luck!

  24. Anonymous7:52 AM

    明星代言 明星经纪公司
    制动单元 铝壳电阻
    modern abstract art sofa manufacturer
    净水器 开水器 净水机 净水 软水机 软水 直饮机 家用净水 家用净水器 家用净水机 中央净水 中央净水器 水家装 水家电 水卫士 混合机
    过滤机 DHL快递 俄罗斯签证 回转支承 Laser marking
    保险箱 法兰 法兰标准
    polycarbonate sheet 回流焊 波峰焊
    压球机 注册上海公司 儿童摄影
    牛皮癣 皮肤病 制氮机
    食堂售餐机 校园一卡通
    学校一卡通 ic卡售饭机
    食堂售饭机 深圳一卡通
    广东售饭机 机电设备安装
    北京发票 代开发票
    餐饮发票 住宿发票
    网络电话 免费网络电话
    假发 补发
    织发 植发
    压滤机 板框压滤机
    蒸馏水机 纯蒸气发生器
    上海搬家公司 上海搬场公司
    大众搬家 大众搬场
    张家界旅游 香港旅游
    深圳旅行社 打包机
    收缩机 对讲机 电源模块
    售饭机 水控机 水控器
    萎缩性胃炎 neoprene laptop bags
    SEO优化 计量泵
    胃炎 胃病
    冷水机 冰水机
    北京特价机票 北京打折计票 北京国际机票
    北京机票预定 北京飞机票
    北京订机票 北京机票查询 饮料机械
    银杏 水培花卉 企业宣传片 空分设备
    化工泵 离心机
    电话交换机 程控交换机 集团电话 集装袋
    混合机 混合机
    混合机捏合机 捏合机
    捏合机导热油炉 导热油炉
    导热油炉 反应釜 反应釜
    反应釜 spherical roller bearing
    搬运车 搬运车 电动搬运车 油桶搬运车 堆高车 电动堆高车 半电动堆高车 堆垛车
    高空作业平台车 电动叉车 平衡重叉车 前移叉车 电瓶叉车
    韩国饰品批发 模块电源
    X架 超薄灯箱> 易拉宝 展柜制作
    代理服务器 游戏加速器 网络加速器
    网通加速器 电信加速器 电信网通转换器
    电信网通加速器 网通电信互转
    网通电信互通 网络游戏加速器
    美国VPN代理 美国独享VPN 美国独享IP
    pvc ceiling panel Spherical roller bearings
    安全鞋 劳保鞋 防砸鞋 电绝缘鞋 上海安全鞋 上海劳保鞋 江苏劳保鞋
    服装软件 服装管理软件 进销存软件
    进销存管理软件 服装管理系统 服装进销存软件
    进销存系统 进销存管理系统 免费进销存软件
    吉林中医 东北特产
    阳痿 阴茎短小 阴茎增大
    早泄 前列腺炎 阴茎增粗 阴茎延长
    国际机票 上海国际机票
    国际特价机票 国际打折机票
    砂磨机 砂磨机
    砂磨机 卧式砂磨机
    卧式砂磨机 卧式砂磨机
    三辊研磨机 三辊研磨机
    三辊研磨机 混合机 混合机
    混合机 锥形混合机 锥形混合机 锥形混合机 行星动力混合机 行星动力混合机 行星动力混合机 无重力混合机 无重力混合机 无重力混合机
    干粉砂浆设备 干粉砂浆设备
    干粉砂浆设备 捏合机 捏合机 捏合机 导热油炉 导热油炉 导热油炉 反应釜 反应釜 反应釜 搪玻璃反应釜 搪玻璃反应釜 搪玻璃反应釜
    乳化机 涂料设备 干混砂浆设备 无重力混合机 胶体磨 涂料成套设备 双螺旋混合机
    北京婚庆 北京婚庆公司
    办证 呼吸机 制氧机
    亚都 亚都加湿器 亚都净化器
    饰品批发 小饰品批发 韩国饰品 韩国饰品批发 premature ejaculation penis enlargement
    安利产品 马来西亚留学
    网站优化 网站推广
    论文代写 代写论文
    拖链 防护罩 排屑机 塑料拖链 钢铝拖链
    深圳装饰 深圳装饰公司 深圳装修公司
    特价机票 打折机票 国际机票
    新风换气机 换气机 立式新风换气机 风机箱 新风系统 能量回收机
    搅拌机 混合机 乳化机
    毛刷 毛刷辊 工业毛刷 刷子 钢丝刷
    涂层测厚仪 硬度计
    兆欧表 激光测距仪
    测振仪 转速表
    温湿度计 风速仪
    噪音计 红外测温仪
    硬度计 万用表
    美容院 美容加盟
    澳洲留学 澳大利亚留学
    酒店预定 北京酒店预定 北京酒店
    nail equipment nail products nail product nail uv lamp nail uv lamp nail uv lamps uv nail lamp nail brush
    nail file nail tool nail tip nail gel curing uv lamps lights
    万用表 风速仪
    红外测温仪 噪音计
    苗木价格 苗木信息 标牌制作 深圳标牌 北京儿童摄影 防静电鞋 淘宝刷信誉
    威海凤凰湖 威海海景房 大庆密封件
    打标机 淘宝刷信誉 TESOL/TEFL国际英语教师证书 英语教师进修及培训 北京快递公司 北京国际快递

  25. Anonymous10:01 AM


  26. Anonymous1:34 PM

    导热油炉吴桥县导热油炉锅有限责任公司是全国最大的生产导热油炉生产基地之一,公司主要生产各种导热油炉锅,熔盐炉, 转盘轴承,管式加热炉,蒸汽发生器,一二类压力容器.徐州回转支承 公司提供转盘轴承 --slewing ring slewing bearing slewing bearings服务. automation-industrial-industrial automation-slewing bearingslewing bearings

  27. Anonymous5:38 PM

    (法新社倫敦四日電) 英國情色大亨芮孟的公司a片昨天a片下載說,芮孟日前去世,享壽八十二歲;這位身價上億的房地產開發商,曾經在倫敦av女優推出第一情色視訊成人影片脫衣舞表演。色情





  28. Anonymous11:44 AM

    江原道化粧品お試しセット トリニティーライン ブロードイオン 通販 ウィ アピシア 三七石鹸 ナノアクア ナチュラルソープ オフィス家具 通販 リバイタラッシュ ベアミネラル:baremineral アンプルール アスタリフト 茶のしずく アムラエッセンス レディースプエラリア レディースプエラリア ムチャチャ グラグラ 二重まぶたにする(なる)方法 セルブライト セルブライト リバイタラッシュ フェブリナ(フェヴリナ)ジェルパック まつげエクステ「アイラッシュ」通販 アイホーン 悠香 茶のしずく 茶のしずく石鹸 吉野家 牛丼通販 即日発行 クレジットカード クレジットカード 即日発行 皇潤 皇潤 皇潤こうじゅん こうじゅん皇潤 ベトナム株の口座開設 酸素カプセル カルジェルナビ スパリゾート 加圧トレーニング オーベルジュ ダイエット食品 通販 外反母趾の予防と矯正ミニガイド H&M(へネス&モーリッツ)ミニガイド O脚の改善と矯正ミニガイド 電動自転車ミニガイド フーレセラピーミニガイド シロアリ対策ミニガイド 鈴虫寺 カルニチンクイーン カルニチンクイーン にんにく注射 質屋 大阪 質屋 東京 質屋 名古屋 借金相談 別れ方 湯たんぽ トモセラピー 歯並び 矯正 アートメイク 日焼けサロン 超音波エクステ TOIEC 勉強法 借金 無料相談 ベランダ ハト対策 黒鯛の釣り方 少年野球 ピッチング指導法 スノボー(スノーボード)の滑り方 薄毛対策・抜け毛対策 やずやの香酢 フーディア アルジルリン 化粧品お試しセット EGF化粧品パソアパソ アスタキュア 皇潤 ビーグレン(ビバリーグレン):b-glen 茶のしずく モンテセラピー 造顔マッサージ クリーム

  29. Anonymous8:24 PM

    情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣用品,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,情趣,美國aneros,rudeboy,英國rudeboy,英國Rocksoff,德國Fun Factory,Fun Factory,英國甜筒造型按摩座,甜筒造型按摩座,英國Rock Chic ,瑞典 Lelo ,英國Emotional Bliss,英國 E.B,荷蘭 Natural Contours,荷蘭 N C,美國 OhMiBod,美國 OMB,Naughti Nano ,音樂按摩棒,ipod按摩棒,美國 The Screaming O,美國TSO,美國TOPCO,美國Doc Johnson,美國CA Exotic,美國CEN,美國Nasstoy,美國Tonguejoy,英國Je Joue,美國Pipe Dream,美國California Exotic,美國NassToys,美國Vibropod,美國Penthouse,仿真按摩棒,矽膠按摩棒,猛男倒模,真人倒模,仿真倒模,PJUR,Zestra,適趣液,穿戴套具,日本NPG,雙頭龍,FANCARNAL,日本NIPPORI,日本GEL,日本Aqua Style,美國WET,費洛蒙,費洛蒙香水,仿真名器,av女優,打炮,做愛,性愛,口交,吹喇叭,肛交,魔女訓練大師,無線跳蛋,有線跳蛋,震動棒,震動保險套,震動套,TOY-情趣用品,情趣用品網,情趣購物網,成人用品網,情趣用品討論,成人購物網,鎖精套,鎖精環,持久環,持久套,拉珠,逼真按摩棒,名器,超名器,逼真老二,電動自慰,自慰,打手槍,仿真女郎,SM道具,SM,性感內褲,仿真按摩棒,pornograph,hunter系列,h動畫,成人動畫,成人卡通,情色動畫,情色卡通,色情動畫,色情卡通,無修正,禁斷,人妻,極悪調教,姦淫,近親相姦,顏射,盜攝,偷拍,本土自拍,素人自拍,公園露出,街道露出,野外露出,誘姦,迷姦,輪姦,凌辱,痴漢,痴女,素人娘,中出,巨乳,調教,潮吹,av,a片,成人影片,成人影音,線上影片,成人光碟,成人無碼,成人dvd,情色影音,情色影片,情色dvd,情色光碟,航空版,薄碼,色情dvd,色情影音,色情光碟,線上A片,免費A片,A片下載,成人電影,色情電影,TOKYO HOT,SKY ANGEL,一本道,SOD,S1,ALICE JAPAN,皇冠系列,老虎系列,東京熱,亞熱,武士系列,新潮館,情趣用品,情趣,情趣商品,情趣網站,跳蛋,按摩棒,充氣娃娃,自慰套,G點,性感內衣,情趣內衣,角色扮演,生日禮物,生日精品,自慰,打手槍,潮吹,高潮,後庭,情色論譠,影片下載,遊戲下載,手機鈴聲,音樂下載,開獎號碼,統一發票號碼,夜市,統一發票對獎,保險套,做愛,減肥,美容,瘦身,當舖,軟體下載,汽車,機車,手機,來電答鈴,週年慶,美食,徵信社,網頁設計,網站設計,室內設計,靈異照片,同志,聊天室,運動彩券,大樂透,威力彩,搬家公司,除蟲,偷拍,自拍,無名破解,av女優,小說,民宿,大樂透開獎號碼,大樂透中獎號碼,威力彩開獎號碼,討論區,痴漢,懷孕,美女交友,交友,日本av,日本,機票,香水,股市,股市行情, 股市分析,租房子,成人影片,免費影片,醫學美容,免費算命,算命,姓名配對,姓名學,姓名學免費,遊戲,好玩遊戲,好玩遊戲區,線上遊戲,新遊戲,漫畫,線上漫畫,動畫,成人圖片,桌布,桌布下載,電視節目表,線上電視,線上a片,線上掃毒,線上翻譯,購物車,身分證製造機,身分證產生器,手機,二手車,中古車,法拍屋,歌詞,音樂,音樂網,火車,房屋,情趣用品,情趣,情趣商品,情趣網站,跳蛋,按摩棒,充氣娃娃,自慰套, G點,性感內衣,情趣內衣,角色扮演,生日禮物,精品,禮品,自慰,打手槍,潮吹,高潮,後庭,情色論譠,影片下載,遊戲下載,手機鈴聲,音樂下載,開獎號碼,統一發票,夜市,保險套,做愛,減肥,美容,瘦身,當舖,軟體下載,汽車,機車,手機,來電答鈴,週年慶,美食,徵信社,網頁設計,網站設計,室內設計,靈異照片,同志,聊天室,運動彩券,,大樂透,威力彩,搬家公司,除蟲,偷拍,自拍,無名破解, av女優,小說,民宿,大樂透開獎號碼,大樂透中獎號碼,威力彩開獎號碼,討論區,痴漢,懷孕,美女交友,交友,日本av ,日本,機票,香水,股市,股市行情,股市分析,租房子,成人影片,免費影片,醫學美容,免費算命,算命,姓名配對,姓名學,姓名學免費,遊戲,好玩遊戲,好玩遊戲區,線上遊戲,新遊戲,漫畫,線上漫畫,動畫,成人圖片,桌布,桌布下載,電視節目表,線上電視,線上a片,線上a片,線上翻譯,購物車,身分證製造機,身分證產生器,手機,二手車,中古車,法拍屋,歌詞,音樂,音樂網,借錢,房屋,街頭籃球,找工作,旅行社,六合彩,整型,整型,珠海,雷射溶脂,婚紗,網頁設計,水噹噹,台中隆鼻,果凍隆乳,改運整型,自體脂肪移植,新娘造型,婚禮顧問,下川島,常平,常平,珠海,澳門機票,香港機票,貸款,貸款,信用貸款,宜蘭民宿,花蓮民宿,未婚聯誼,網路購物,婚友,婚友社,未婚聯誼,交友,婚友,婚友社,單身聯誼,未婚聯誼,未婚聯誼, 婚友社,婚友,婚友社,單身聯誼,婚友,未婚聯誼,婚友社,未婚聯誼,單身聯誼,單身聯誼,白蟻,白蟻,除蟲,老鼠,減肥,減肥,在家工作,在家工作,婚友,單身聯誼,未婚聯誼,婚友,交友,交友,婚友社,婚友社,婚友社,大陸新娘,大陸新娘,越南新娘,越南新娘,外籍新娘,外籍新娘,台中坐月子中心,搬家公司,搬家公司,中和搬家,台北搬家,板橋搬家,新店搬家,線上客服,網頁設計,線上客服,網頁設計,植牙,關鍵字,關鍵字,seo,seo,網路排名,自然排序,網路排名軟體,交友,越南新娘,婚友社,外籍新娘,大陸新娘,越南新娘,交友,外籍新娘,視訊聊天,大陸新娘,婚友社,婚友,越南新娘,大陸新娘,越南新娘,視訊交友,外籍新娘,網路排名,網路排名軟體,網站排名優化大師,關鍵字排名大師,網站排名seo大師,關鍵字行銷專家,關鍵字,seo,關鍵字行銷,網頁排序,網頁排名,關鍵字大師,seo大,自然排名,網站排序,網路行銷創業,汽車借款,汽車借錢,汽車貸款,汽車貸款,拉皮,抽脂,近視雷射,隆乳,隆鼻,變性,雙眼皮,眼袋,牙齒,下巴,植牙,人工植牙,植髮,雷射美容,膠原蛋白,皮膚科,醫學美容,玻尿酸,肉毒桿菌,微晶瓷,電波拉皮,脈衝光,關鍵字,關鍵字,seo,seo,網路排名,自然排序,網路排名軟體,汽車借款,汽車借款,汽車借款,汽車貸款,汽車貸款,借錢,借貸,當舖,借款,借貸,借錢,週轉,學英文,英文社團,英語俱樂部,學習英文,英語會話,英文演講,English Club,學英語,學英文,美語社團,英語社團,英文讀書會,Toastmasters,Toastmaster,英語讀書會,拍樂得批發,拍樂得飾品,拍樂得化妝品批發,

  30. Anonymous10:40 AM

    (法新社a倫敦二B十WE四日電) 「情色二零零七」情趣產品大產自二十三日起在倫敦的肯辛頓奧林匹亞展覽館舉行A片,倫敦人擺脫對性的保守態度踴躍參觀,許多穿皮色情衣與塑膠緊身衣的好色之徒avA片下載進這項世界規模最大的成人生活展情色電影,估計三天展期可吸色情引八萬多好奇民眾參觀。







  31. Anonymous1:56 PM

    看房子,買房子,建商自售,自售,台北新成屋,台北豪宅,新成屋,豪宅,美髮儀器,美髮,儀器,髮型,EMBA,MBA,學位,EMBA,專業認證,認證課程,博士學位,DBA,PHD,在職進修,碩士學位,推廣教育,DBA,進修課程,碩士學位,網路廣告,關鍵字廣告,關鍵字,廣告,課程介紹,學分班,文憑,牛樟芝,段木,牛樟菇,日式料理, 台北居酒屋,燒肉,結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,台北住宿,國內訂房,台北HOTEL,台北婚宴,飯店優惠,台北結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,住宿,訂房,HOTEL,飯店,造型系列,學位,牛樟芝,腦磷脂,磷脂絲胺酸,SEO,婚宴,捷運,學區,美髮,儀器,髮型,牛樟芝,腦磷脂,磷脂絲胺酸,看房子,買房子,建商自售,自售,房子,捷運,學區,台北新成屋,台北豪宅,新成屋,豪宅,學位,碩士學位,進修,在職進修, 課程,教育,學位,證照,mba,文憑,學分班,網路廣告,關鍵字廣告,關鍵字,SEO,关键词,网络广告,关键词广告,SEO,关键词,网络广告,关键词广告,SEO,台北住宿,國內訂房,台北HOTEL,台北婚宴,飯店優惠,住宿,訂房,HOTEL,飯店,婚宴,台北住宿,國內訂房,台北HOTEL,台北婚宴,飯店優惠,住宿,訂房,HOTEL,飯店,婚宴,台北住宿,國內訂房,台北HOTEL,台北婚宴,飯店優惠,住宿,訂房,HOTEL,飯店,婚宴,結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,台北結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,台北結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,台北結婚,婚宴場地,推車飲茶,港式點心,尾牙春酒,居酒屋,燒烤,美髮,儀器,髮型,美髮,儀器,髮型,美髮,儀器,髮型,美髮,儀器,髮型,小套房,小套房,進修,在職進修,留學,證照,MBA,EMBA,留學,MBA,EMBA,留學,進修,在職進修,牛樟芝,段木,牛樟菇,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,住宿,民宿,飯宿,旅遊,美容,美髮,整形,造型,美容,美髮,整形,造型,美容,美髮,整形,造型,美容,美髮,整形,造型,美容,美髮,整形,造型,美容,美髮,整形,造型,美容,美髮,整形,造型,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,設計,室內設計,裝潢,房地產,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,進修,在職進修,MBA,EMBA,住宿,民宿,飯店,旅遊,美容,美髮,整形,造型,設計,室內設計,裝潢,房地產,進修,在職進修,MBA,EMBA,關鍵字排名,網路行銷,关键词排名,网络营销,網路行銷,關鍵字排名,关键词排名,网络营销,羅志祥,周杰倫,五月天,蔡依林,林志玲,羅志祥,周杰倫,五月天,蔡依林,林志玲,PMP,在職專班,研究所在職專班,碩士在職專班,PMP,證照,在職專班,研究所在職專班,碩士在職專班,網頁設計,網站設計,網頁設計,網站設計,网页设计,网站设计,网站设计,网页设计

  32. Anonymous10:29 AM

    ^^ nice blog!! ^@^

    徵信, 徵信網, 徵信社, 徵信社, 徵信社, 徵信社, 感情挽回, 婚姻挽回, 挽回婚姻, 挽回感情, 徵信, 徵信社, 徵信, 徵信, 捉姦, 徵信公司, 通姦, 通姦罪, 抓姦, 抓猴, 捉猴, 捉姦, 監聽, 調查跟蹤, 反跟蹤, 外遇問題, 徵信, 捉姦, 女人徵信, 女子徵信, 外遇問題, 女子徵信, 徵信社, 外遇, 徵信公司, 徵信網, 外遇蒐證, 抓姦, 抓猴, 捉猴, 調查跟蹤, 反跟蹤, 感情挽回, 挽回感情, 婚姻挽回, 挽回婚姻, 外遇沖開, 抓姦, 女子徵信, 外遇蒐證, 外遇, 通姦, 通姦罪, 贍養費, 徵信, 徵信社, 抓姦, 徵信, 徵信公司, 徵信社, 徵信, 徵信公司, 徵信社, 徵信公司, 女人徵信, 外遇

    徵信, 徵信網, 徵信社, 徵信網, 外遇, 徵信, 徵信社, 抓姦, 徵信, 女人徵信, 徵信社, 女人徵信社, 外遇, 抓姦, 徵信公司, 徵信社, 徵信社, 徵信社, 徵信社, 徵信社, 女人徵信社, 徵信社, 徵信, 徵信社, 徵信, 女子徵信社, 女子徵信社, 女子徵信社, 女子徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信,

    徵信, 徵信社,徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 徵信, 徵信社, 外遇, 抓姦, 離婚, 外遇,離婚,

    徵信, 外遇, 離婚, 徵信社, 徵信, 外遇, 抓姦, 徵信社, 徵信, 徵信社, 徵信, 外遇, 徵信社, 徵信, 外遇, 抓姦, 徵信社, 征信, 征信, 徵信, 徵信社, 徵信, 徵信社, 征信, 徵信, 徵信社, 徵信, 徵信, 徵信社, 徵信, 徵信社, 徵信社, 徵信社, 徵信, 外遇, 抓姦, 徵信, 徵信社, 徵信, 徵信社, 徵信,

  33. Anonymous4:42 PM


    very nice post... enjoyed it very much.

    Thank you"

    good site



Disqus for Youth Curry - Insight on Indian Youth