so 'yam adya mahārāja
bhagavān bhūta-bhāvanaḥ
kāla-rūpo 'vatīrṇo 'syām
abhāvāya sura-dviṣām
Where does this person with such powers exist? He is living in Dvaraka. He is here (so ’yam). He has appeared on earth (asyam) for destroying the demons. Appearing to the demons as the form of time he destroys them. Actually he has a form of supreme bliss but for the demons he appears as time.