sargam - creation of progeny; prajā-īśa-rūpeṇa - in the form of the Prajāpati Marīci and others; dasyūn - thieves and rogues; hanyāt - kills; sva-rāṭ-vapuḥ - in the form of the king; kāla-rūpeṇa - in the form of time; sarveṣām - of everything; abhāvāya - for the annihilation; pṛthak - different; guṇaḥ - possessing qualities.

In the form of Prajāpati Marīci, the Supreme Personality of Godhead creates progeny; becoming the king, He kills the thieves and rogues; and in the form of time, He annihilates everything. All the different qualities of material existence should be understood to be qualities of the Supreme Personality of Godhead.