हित्वात् वत्सलः; 'वत्सांसाभ्यां कामबले' इति लप्रत्ययः ।वत्सानां पालनात् वत्सी, जगत्पितुस्तस्य वत्सभूताः प्रजा इति वा वत्सी ।रत्नानि गर्भभूतानि अस्येति समुद्रः रत्नगर्भः ।धनानामीश्वरः धनेश्वरः ॥धर्मगुब्धर्मकृद्धर्मी सदसत्क्षरमक्षरम् ।अविज्ञाता सहस्रांशु
In plain words
Because of His tender love, He is Vatsala, the affectionate. Because He protects His spiritual children like calves, or because all beings are the calves of this world-father, He is Vatsī. Because precious gems lie within Him, He is Ratnagarbha, the ocean. As the master of all treasures, He is Dhaneśvara. Then follow the names: Dharmagup the protector of righteousness, Dharmakṛt its creator, Dharmī its embodiment, Sat the manifest, Asat the unmanifest, Kṣara the mutable, Akṣara the immutable, Avijñātā the unknowable, and Sahasrāṃśu the thousand-rayed.
Close to the Sanskrit
Because of affection, Vatsala (the affectionate); the la suffix comes by the rule 'vatsāṃsābhyām...'; Vatsī because of protecting calves, or because creations are like calves to Him, the father of the world; Samudra Ratnagarbha because jewels are inside Him; Dhaneśvara because He is the lord of wealth; Dharmagup, Dharmakṛt, Dharmī, Sat, Asat, Kṣara, Akṣara, Avijñātā, Sahasrāṃśu...