saMsAra-(of) material existence; dAvA-anala-(by) the forest fire; lIDha-afflicted; loka-the people; trANAya-to deliver; kAruNya-of mercy; ghanAghana-tvam-the quality of a cloud; prAptasya-who has obtained; kalyANa-auspicious; guNa-(of) qualities; arNavasya-who is an ocean; vande-I offer obeisances; guroH-of my spiritual master; zrI-auspicious; caraNa-aravindam-unto the lotus feet.
The spiritual master is receiving benediction from the ocean of mercy. Just as a cloud pours water on a forest fire to extinguish it, so the spiritual master delivers the materially afflicted world by extinguishing the blazing fire of material existence. I offer my respectful obeisances unto the lotus feet of such a spiritual master, who is an ocean of auspicious qualities.
"Duality is bondage before moksa and wisdom after realization. The duality accepted for the purpose of bhakti is sweeter than even non-duality." (from mangalacarana to Advaitasiddhi sara sangraha by Madhusudana Sarasvati, former advaitin)