MIRA
INFORM REPORT
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Report Date : |
05.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
IGARASHI MOTORS INDIA LIMITED |
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Registered Office : |
Plot No. B-12 to B-15, Phase 2, MEPZ-SEZ, Tambaram, Chennai, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.07.1993 |
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Com. Reg. No.: |
18-21997 |
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CIN No.: [Company
Identification No.] |
L29142TN1992PLC021997 |
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Legal Form : |
Subject is a Public Limited Liability Company. The Company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of Electrical equipments. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
RATING
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STATUS |
PROPOSED
CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded
healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a now a subsidiary of Igarashi Electric Works Limited, Japan (After disinvestment by Crompton Greaves Limited). Available information indicates high financial responsibility of the company. Financial position is good. Payments are correct and as per commitments. Profit margin is under severe pressure. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long run. |
LOCATIONS
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Registered Office/ Factory : |
Plot No. B-12 to B-15, Phase 2, MEPZ-SEZ, Tambaram, Chennai, Tamilnadu, India |
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Tel. No.: |
91-44-52298100/22628199 |
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Fax No.: |
91-44-22628143 |
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E-Mail : |
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Website : |
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Overseas Offices: |
Located at :-
Tel. No. 044-522-0525 Fax. No. 044-522-8760
Tel. No. 2553-9131 Fax. No. 2873-5901
Tel. No. 021-56329471 Fax. No. 021-56329471
Tel. No. 630-587-1177 Fax. No. 630-587-7797 |
DIRECTORS
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Name : |
Mr. K. K. Nohria |
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Designation : |
Chairman |
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Address : |
11, Aryavrat, 351, Narayan, Mumbai - |
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Date of Birth/Age : |
74 Years |
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Qualification : |
B.E., PHD |
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Experience : |
45 Years |
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Name : |
Mr. P. Mukund |
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Designation : |
Managing Director |
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Address : |
2A, Bishop Walievs, Aveme (West) |
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Date of Birth/Age : |
46 Years |
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Qualification : |
PGDBM, BE |
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Experience : |
23 Years |
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Name : |
Mr. K. Igarashi |
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Designation : |
Director |
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Address : |
3, Kamjamahi, Kawasaki |
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Date of Birth/Age : |
68 Years |
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Qualification : |
Graduate |
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Experience : |
40 Years |
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Name : |
Mr. C. P. Dusad |
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Designation : |
Director |
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Address : |
602, Avdhutlane, Rasnl Nagar, Ahmedabad |
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Date of Birth/Age : |
68 Years |
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Qualification : |
MBA, B. Tech |
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Experience : |
40 Years |
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Name : |
Mr. G. N. Mani |
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Designation : |
Director |
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Address : |
9, 21st Cross Street, Indira Nagar, Chennai |
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Date of Birth/Age : |
75 Years |
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Qualification : |
M. Tech |
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Experience : |
45 Years |
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Name : |
Mr. T. Igarashi |
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Designation : |
Director |
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Address : |
3, Kanya Machi, Kawasaki |
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Date of Birth/Age : |
64 Years |
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Qualification : |
Technical Graduate |
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Experience : |
35 Years |
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Name : |
Mr. Keiichi Igarashi |
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Designation : |
Director |
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Address : |
3, Kanya Machi, Kawasaki |
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Date of Birth/Age : |
40 Years |
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Qualification : |
Technical Graduate |
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Experience : |
22 Years |
KEY EXECUTIVES
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Name : |
Mr. P. Dinakara Babu |
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Designation : |
Company Secretary |
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Name : |
Mr. R. Chandrasekaran |
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Designation : |
Head - Finance |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters |
8323675 |
59.99 |
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Mutual Funds |
165450 |
1.19 |
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Foreign Institutional Investors (FIIs) |
2155414 |
15.54 |
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Bodies Corporate |
274472 |
1.98 |
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Indian Public
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272924 2682447 |
1.97 19.33 |
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Total |
13874382 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Electrical equipments. |
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Product: |
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Exports to : |
USA, Europe,
China |
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Imports from : |
Korea, Singapore
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Terms : |
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Selling : |
Credit (90 days) |
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Purchasing : |
L/C |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Electric Micro Motor |
Nos. |
NA |
7000000 |
3379653 |
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Rotor Assembly |
Nos. |
NA |
18000000 |
17472851 |
GENERAL
INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
v ABN Amro Bank NV v ICICI Bank Limited v Indian Bank v The Bank of Tokyo Mitsubishi (UFJ) Limited v State Bank of India v Mizuho Corporate Bank Limited |
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Facilities : |
Secured Loans :
Unsecured Loans : From Banks – Rs.94.630 millions |
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Banking Relations
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Normal |
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Auditors : |
Sharp & Tannan Chartered Accountants Parsn Manere, A-Wing, 3rd Floor, 602, Anna Salai, Chennai-600006 |
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Holding Company |
w Igarashi Electric Works Limited, Japan w Cromption Greaves Limited |
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Associates |
w Yat Yue Industrial Company (H.K.) Limited w CG Capital Investments Limited w Igarashi Electric Works (H.K.) Limited w Igarashi Motor Sales LLC, USA w Igarshi Motoren GmbH w Igarashi Electric India Private Limited w CG Newage Electrical Limited w CG-PPI Adhesive Products Limited w International Components India Limited w CG CoreEl Logic Systems Limited w Kale Consultants Limited w Grow Talent Company Limited w Final Quadrant Solutions Limited w Maini Materials Movement Private Limited w Maini Precision Products Private Limited w CG Smith Software Private Limited w CG CoreEL Programmable Solutions Private Limited w CG Maersk Information Technologies Private Limited w Paxonet Communications (India) Private Limited w Technova India Private Limited w Fontus Limited w Igarashi Technologies Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs. 10 Each |
Rs. 200.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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13874382 |
Equity Shares |
Rs.10/- each |
Rs.138.744 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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138.744 |
119.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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582.356 |
220.958 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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5] Fully Convertible Warrants |
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15.388 |
0.000 |
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NETWORTH
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736.488 |
339.958 |
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LOAN FUNDS |
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1] Secured Loans |
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521.069 |
357.405 |
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2] Unsecured Loans |
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94.630 |
0.000 |
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TOTAL BORROWING
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615.699 |
357.405 |
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DEFERRED TAX LIABILITIES |
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65.845 |
61.782 |
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TOTAL
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1418.032 |
759.145 |
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APPLICATION OF
FUNDS
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FIXED ASSETS [Net
Block]
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691.022 |
454.007 |
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Capital
work-in-progress
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125.309 |
55.950 |
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INTANGIBLE ASSETS
(Net Block)
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18.105 |
0.000 |
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Capital
work-in-progress
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11.797 |
0.000 |
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INVESTMENT
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45.300 |
47.800 |
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DEFERREX TAX ASSETS
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0.221 |
0.000 |
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CURRENT ASSETS,
LOANS & ADVANCES
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Inventories
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290.111 |
182.138 |
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Sundry Debtors
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465.935 |
286.380 |
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Cash & Bank
Balances
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160.327 |
21.916 |
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Other Current
Assets
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0.000 |
0.000 |
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Loans &
Advances
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68.590 |
21.909 |
Total Current
Assets
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984.963 |
512.343 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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433.013 |
286.388 |
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Provisions
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25.672 |
24.566 |
Total
Current Liabilities
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458.685 |
310.954 |
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Net Current Assets
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526.278 |
201.389 |
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MISCELLANEOUS
EXPENSES
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0.000 |
0.000 |
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TOTAL
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1418.032 |
759.145 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
Sales Turnover
[including other income]
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1824.130 |
1106.599 |
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Profit/(Loss)
Before Tax
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16.361 |
38.167 |
Provision for
Taxation
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5.128 |
6.547 |
Profit/(Loss) After
Tax
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11.233 |
31.620 |
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Expenditure
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1807.769 |
1068.432 |
QUARTERLY /
SUMMARISED RESULTS
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PARTICULARS |
30.06.2006 (1st
Quarter) |
30.09.2006 (2nd
Quarter) |
31.12.2006 (3rd
Quarter) |
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Sales Turnover
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570.600 |
643.900 |
617.300 |
Other Income
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0.500 |
8.000 |
19.900 |
Total Income
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571.100 |
651.900 |
637.200 |
Total Expenditure
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526.900 |
581.900 |
587.300 |
Operating Profit
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44.200 |
70.000 |
49.900 |
Interest
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14.400 |
18.600 |
22.500 |
Gross Profit
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29.800 |
51.400 |
27.400 |
Tax
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0.300 |
2.500 |
2.700 |
Reported PAT
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9.300 |
25.600 |
3.000 |
200606 Quarter 1
Notes
Expenditure Includes (Increase) / Decrease in Stock in Trade Rs (0.138) million Consumption of Raw Materials Rs 431.951 million Other Expenditure Rs 62.152 million General Administrative & Selling Expenses Rs 32.989 million Status of Investor Complaints for the quarter ended June 30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 03 Complaints disposed off during the quarter 03 Complaints unresolved at the end of the quarter Nil 1. The above results are based on same set of accounting policies as of the previous period and have been subjected to review by statutory auditors and recommended by the Audit committee. These have been taken on record by the Board of Director in their meeting held on July 26, 2006. 2. The Company is operating primarily in Automotive Component Segment as such no segment reporting is made. 3. The Company is covered by the provisions of the Special Economic Zones Act, 2006 and accordingly no provision for Current Tax made. Provision for Tax represents Fringe Benefit Tax of Rs 0.265 million and Deferred Tax Liability of Rs 1.416 million.
200609 Quarter 2
Notes
Expenditure Includes (Increase)/Decrease in stock in Trade Rs (1.681) million Consumption of Raw Materials Rs 463.678 million Other expenditure Rs 75.105 million General Administrative & Selling Expenses Rs 44.933 million Tax indicates Provision for taxation (including Deferred Tax) EPS is Basic Status of Investor Complaints for the quarter ended September 30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 01 Complaints disposed off during the quarter 01 Complaints unresolved at the end of the quarter Nil 1. The above results are based on same set of accounting policies as of the previous period and have been subjected to review by statutory auditors and recommended by the Audit committee. These have been taken on record by the Board of Director in their meeting held on October 26, 2006. 2. The Company is operating primarily in Automotive Component Segment as such no segment reporting is made. 3. The Company is covered by the provisions of the Special Economic Zones Act, 2006 and accordingly no provision for Minimum Alternate Tax made. Provision for Tax represents Fringe Benefit Tax of Rs 0.65 million and Deferred Tax Liability of Rs 3.804 million. 4. Acness Evolution Portfolio Ltd has not exercised the option of fully Convertible Warrants of 854900 by October 11, 2006. 5. The Company has so far invested Rs 41.70 million (64.52% shareholding) in WT Plastics & Tools Private Limited - a subsidiary Company.
200612 Quarter 3
Notes
Expenditure Includes (Increase)/Decrease in stock in Trade Rs (13.923) million Consumption of Raw Materials Rs 480.097 million Other expenditure Rs 70.551 million General Administrative & Selling Expenses Rs 50.574 million Tax indicates Provision for taxation (including Deferred Tax) EPS is Basic Status of Investor Complaints for the quarter ended December 31, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 02 Complaints disposed off during the quarter 02 Complaints unresolved at the end of the quarter Nil 1. The above results are based on same set of accounting policies as of the previous period and have been subjected to review by statutory auditors and recommended by the Audit committee. These have been taken on record by the Board of Director in their meeting held on January 30, 2007. 2. The Company does not have taxable Income under the provision of the income Tax Act, 1961 and hence no provision for Current tax has been made. Provision for Tax represents Fringe Benefit Tax of Rs 1.192 million and Deferred Tax Liability of Rs 5.654 million. 3. Other Income includes Rs 15.388 million representing forfeiture of Share Warrant Money received from Aeneas Evolution Portfolio Limited.
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
Debt-Equity Ratio
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0.92 |
1.03 |
Long Term
Debt-Equity Ratio
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0.58 |
0.62 |
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Current Ratio |
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1.17 |
0.97 |
TURNOVER RATIO
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Fixed Assets |
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2.16 |
1.75 |
Inventory
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7.44 |
7.42 |
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Debtors |
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4.67 |
4.99 |
Interest Cover
Ratio
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0.12 |
0.54 |
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Operating Profit Margin (%) |
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3.83 |
5.80 |
Profit
Before Interest And Tax Margin (%)
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0.39 |
1.74 |
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Cash Profit Margin (%) |
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0.58 |
2.58 |
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Adjusted Net Profit Margin (%) |
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(2.86) |
(1.48) |
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Return On Capital Employed (%) |
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0.68 |
2.70 |
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Return On Net Worth (%) |
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(9.48) |
(4.63) |
STOCK PRICES
|
Face Value |
Rs. 10/- |
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High |
Rs. (0.01)/- |
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Low |
Rs. (0.01)/- |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS
During the year
under review, the cost of steel and copper wires increased substantially. These
are basic raw materials used by the Company. The Company has taken various
measures to address these competitive challenges by way of in sourcing,
improving productivity, re-organizing operations and talking to customers.
The Company has so
far been offering fixed price contracts to its customers as desired by them.
Steep rise in the price of Steel and Copper during last year was not
anticipated while booking these orders. This has resulted in significant
increase in cost of production and consequent lower operating margins.
The Company has
taken various measures to address these issues. These include in sourcing of
components and where possible, renegotiating the contracts with the customers.
The Profitability
was also adversely affected due to increase in supply chain cost to meet the
increased off take of their customers. These costs are now under control.
The weakening of
Euro also affected their Profitability. They have taken steps to hedge against
currency fluctuation to minimize such effects.
The steps as
mentioned above along with focus on further improving productivity,
streamlining operations and other cost out measures will result in improved
operating margins.
The Board is
confident of sustaining the growth momentum as the Company has already embarked
on additional business programs required by their customers.
TRANSFER TO RESERVES
The Company proposes
to transfer Rs 40.607 millions to the Reserves and the Reserves after the
transfer at the end of the year 31st March, 2006 is Rs 582.356 millions as
against the Total Reserves of Rs. 220.959 millions as at 31.03.2005.
QUALITY AND ENVIRONMENT
The Directors are
pleased to inform you that during the year the Company continued to work on
live APQP (Advanced Product Quality Planning) processes for different Programs
in the automotive industry. This ensures an effective advance failure mode
analysis to ensure that Quality gets built into the Design as well as Process.
AWARDS / RECOGNITION
The Company has
been awarded TS-16949 Certification; the new process based Quality System which
will translate the Quality Model from Design of Product and Process to all
elements of the Organization. During the year, the Company has been awarded ISO
14001 Certification for compliance of Environmental Management System
requirements.
IGARASHI TECHNOLOGIES PRIVATE LIMITED -
SUBSIDIARY COMPANY
The Company is
engaged in the business of designing Product and Process Technology of motor
sub assemblies, motors and motor systems The first indigenously designed Motor
for an Engine application is likely to capture a significant Global market
share. Many new motors for Domestic applications have been designed and they
are being launched progressively. The Company in its first full year of
operation recorded Net f les of Rs. 11.689 millions and Net Profit of Rs. 2.643
millions. The Company has worked on various products and process development
mainly for Igarashi Group and will soon commence Engineering and Technological
work for clients other than Igarashi Group.
As required by
Accounting Standards, the financial statements of the Company reflecting the
Consolidation of Accounts of for Company along with Igarashi Technologies
Private Limited (Subsidiary Company) are annexed to this report.
DELPHI
The Company's
Customer Delphi, USA along with its U.S Subsidiaries had filed voluntary
petition on 08.10.2005 for re-organization relief under Chapter 11 of title 11
of the United States Code, 11 U.S.C before Bankruptcy Court at New York, USA.
Since, the Company is a key supplier, all dues outstanding on petition date
have been paid and after petition date the supplies to Delphi, USA and payments
continue smoothly.
BIODATA
CG Igarashi Motors (CIM), incorporated in Jan.'92 was
promoted by Crompton Greaves (CGL), Igarashi Electric Works (IEW), Japan, and
International Components Corporation (ICC), US.
CIM manufactures permanent magnet micrometers. The company
has technical collaborations with IEW and ICC for technology transfer and
sourcing of all critical plant and equipment. CIM also has a marketing
arrangement with ICC under which ICC will purchase five million micrometers pa
from CIM. CIM plans to venture into high-volume subcontracting for end-user
multinational companies.
The company came out with an Rs 27.70-millions public issue in Jan.'94 to
part-finance a 100% EOU to manufacture permanent magnet DC micro motors. Total
project cost was at Rs 100 millions.
During 1997-98, the company has expanded capacity of Rotors by 1.5 million nos
there by taking the capacity to 3.5 million nos and then to 6 million nos in
1998-99. The company was certified QS 9000 in November 1998 and the Quality
System has been upgraded to conform to the latest edition of QS 9000 with
effect from January 2000.
During 2002-03 Crompton Greaves Limited have divested their holding in favour
of Igarashi Electric Works. Since Igarashi Electric Works (HK) ltd have
acquired 3099993 equity shares of CG Capital & Investments Ltd, the Board
has decided to change the name of the company and the Registrar have approved
'Igarashi Motors India Limited' as the new name.
The company is examining the possibility of spinning off its non motor business
into a focused JV with Igarshi Electric Works, Japan.
FIXED ASSETS
The company’s fixed assets of important value include building, plant & equipment, furniture & fixtures and vehicles.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.15 |
|
UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|