MIRA
INFORM REPORT
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Report Date : |
16.07.2007 |
IDENTIFICATION DETAILS
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Name : |
BRAWN LABORATORIES LIMITED |
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Registered Office : |
C-64, Lajpat Nagar, New Delhi-110024 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.03.1990 |
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Com. Reg. No.: |
55-39653 |
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CIN No.: [Company
Identification No.] |
U73200DL1990PLC039653 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELB06336B |
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PAN No.: [Permanent
Account No.] |
AAACB7151N |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturers of Allopathic Pharmaceutical Preparations. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
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 320000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. The company can be regarded as a promising partner in a medium to
long-run. |
LOCATIONS
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Registered Office : |
C-64, Lajpat Nagar, New Delhi-110024, |
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Tel. No.: |
91-11- 29810424, 29811044/ 32911528 |
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Fax No.: |
91-11-29810424/ 23275208 |
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E-Mail : |
legal@brawnpharma.com,
export@brawnpharma.com, |
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Corporate Office : |
4/4B, Asaf Ali Road, |
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Tel. No.: |
91-11-32911528 , 32911529 |
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Fax No.: |
91-11-23275208 |
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E-Mail : |
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Factory 1 : |
13, NIT Industrial Area, Faridabad-121001,
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Tel. No.: |
91-129- 3290659, 3290738, 4027514 |
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Fax No.: |
91-129 - 4028514 |
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E-Mail : |
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Overseas Offices : |
Located
at : v v |
DIRECTORS
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Name : |
Mr. Adarsh Kumar Gupta |
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Designation : |
Director |
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Address : |
A -4/167, Paschim Vihar, New Delhi-110063 |
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Date of Birth/Age : |
24.11.1947 |
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Date of Appointment : |
23.04.2001 |
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Name : |
Mrs. Shashi Bala Gupta |
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Designation : |
Director |
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Name : |
Mrs. Brij Bala Gupta |
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Designation : |
Director |
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Address : |
A -4/167, Paschim Vihar, New Delhi-110063 |
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Date of Birth/Age : |
06.07.1947 |
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Date of Appointment : |
03.10.2003 |
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Name : |
Mr. Nitin Gupta |
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Designation : |
Director |
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Name : |
Mr. Brij Raj Gupta |
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Designation : |
Director |
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Address : |
7676/2, |
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Date of Birth/Age : |
15.04.1952 |
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Date of Appointment : |
23.04.2003 |
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Name : |
Mr. Sri Ram Gupta |
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Designation : |
Director |
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Name : |
Mr. Rajeev Kumar Gupta |
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Designation : |
Director |
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Address : |
F – 17/16, Laxmi Nagar, Delhi-110092 |
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Date of Ceasing : |
27.01.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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A B Pharma Private Limited |
10000 |
1.00 |
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Mr. Sri Ram Gupta |
22260 |
2.24 |
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Dr. Atul Gupta |
75310 |
7.57 |
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Mrs. Shashi Bala Gupta |
353010 |
35.48 |
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Mrs. Brij Bala Gupta |
21875 |
2.19 |
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Ms. Mamta Gupta |
810 |
0.08 |
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Ms. Bhawna Gupta |
17610 |
1.77 |
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Mr. Mahesh K Nanchal |
10 |
0.00 |
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Brawn Pharmaceuticals Limited |
30000 |
3.01 |
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Mr. Adarsh Gupta |
55000 |
5.57 |
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Mr. Brij Raj Gupta |
75500 |
7.59 |
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Mr. Ashok Sharma |
6000 |
0.60 |
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Mrs. Pushpa Rani |
6000 |
0.60 |
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Mrs. Suman Lata |
5000 |
0.50 |
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Mr. Keshav Kumar |
5000 |
0.50 |
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Mrs. Madhu Bala |
5000 |
0.50 |
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Mrs. Anita Rani |
2600 |
0.26 |
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Mr. Sanjeev Gupta |
2700 |
0.27 |
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Mr. Mukesh Kumar |
2800 |
0.28 |
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Mrs. Shakuntala |
2500 |
0.25 |
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Mr. Narinder Jain |
2700 |
0.27 |
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Ms. Anisha |
2600 |
0.26 |
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Visa Traders and Financer Private Limited |
10500 |
1.05 |
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Kasunia Enterprises Private Limited |
10000 |
1.00 |
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Mr. Sudarshan Jain |
2800 |
0.28 |
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Mr. Fakir Chand |
2700 |
0.27 |
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Mr. Anand Jain |
2800 |
0.28 |
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Mr. Hari Om Gupta |
2800 |
0.28 |
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Mrs. Manju Gupta |
2500 |
0.25 |
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Mr. Vinod Sehgal |
25000 |
2.51 |
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Mr. Dinesh Chand |
9000 |
0.90 |
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Mr. A S Singh |
2500 |
0.25 |
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Mrs. Shashi Aggarwal |
7000 |
0.70 |
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Mr. Divya Kumar |
3000 |
0.30 |
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Mrs. Rita Sharma |
30000 |
3.01 |
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Mr. Subhash Aggarwal |
45000 |
4.52 |
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Mr. Ved Aggarwal |
5000 |
0.50 |
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Mrs. Madhu Bansal |
6000 |
0.60 |
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Mr. A K Jain |
1300 |
0.13 |
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Ms. Kavita Gupta |
14300 |
1.44 |
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Balmukund Gupta & Company |
16000 |
1.61 |
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Mr. Nitin Gupta |
92525 |
9.30 |
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Total |
995020 |
100.00 |
As on 31.03.2006
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Bodies Corporate |
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7.68 |
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Directors or their relatives |
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92.32 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Allopathic Pharmaceutical Preparations. |
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Products : |
v
Injections v
Tablets v
Capsules
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GENERAL INFORMATION
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No. of Employees : |
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Bankers : |
Punjab
National Bank, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Rajiv Jain Chartered Accountants |
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Address : |
117, Triveni Complex, E-10-12, |
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Associates/Subsidiaries : |
v
Brawn Pharmaceuticals Limited v
Visa Traders and Financer Private Limited v
Balmukund Gupta & Company v
Kasunia Enterprises Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
995020 |
Equity Shares |
Rs.10/- each |
Rs.9.950
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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9.950 |
9.950 |
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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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71.203 |
64.733 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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81.153 |
74.683 |
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LOAN FUNDS |
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1] Secured Loans |
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92.791 |
77.232 |
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2] Unsecured Loans |
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5.348 |
4.288 |
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TOTAL BORROWING |
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98.139 |
81.520 |
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DEFERRED TAX LIABILITIES |
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1.037 |
0.000 |
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TOTAL |
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180.329 |
156.203 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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51.731 |
49.383 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.327 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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102.153 |
87.727 |
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Sundry Debtors |
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51.033 |
42.633 |
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Cash & Bank Balances |
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5.786 |
3.207 |
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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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7.444 |
3.613 |
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Total
Current Assets |
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166.416 |
137.180 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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37.818 |
30.687 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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37.818 |
30.687 |
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Net Current Assets |
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128.598 |
106.493 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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180.329 |
156.203 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
441.426 |
330.749 |
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Other Income |
|
9.160 |
1.995 |
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Total Income |
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450.586 |
332.744 |
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Profit/(Loss) Before Tax |
|
8.640 |
4.840 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
8.640 |
4.840 |
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Expenditures : |
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Raw Material Consumed |
|
308.724 |
242.959 |
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Purchases made for re-sale |
|
15.588 |
9.881 |
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Consumption of stores and spares parts |
|
2.337 |
2.125 |
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Increase/(Decrease) in Finished Goods |
|
14.626 |
(14.288) |
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Salaries, Wages, Bonus, etc. |
|
28.201 |
24.747 |
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Payment to Auditors |
|
0.137 |
0.137 |
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Interest |
|
17.589 |
12.081 |
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Insurance Expenses |
|
0.478 |
0.384 |
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Power & Fuel |
|
6.903 |
6.186 |
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Depreciation & Amortization |
|
2.677 |
1.878 |
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Other Expenditure |
|
44.686 |
41.814 |
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Total Expenditure |
|
441.946 |
327.904 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
|
1.92 |
1.45 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
1.92 |
1.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.96 |
2.59 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.11 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.67 |
1.50 |
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Current Ratio (Current Asset/Current Liability) |
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|
4.40 |
4.47 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
BRAWN
LABORATORIES LIMITED |
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Presented By |
DIRECTOR |
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1) Date and description of instrument creating the change |
21.04.2005 Letter sanctioning the loan for purchase of car model TATA INDICA DIESEL, DLS V2 BHARAT Stage III |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.321 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Car model TATA INDICA DIESEL, DLS V2 BHARAT STAGE III |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge operates as security for the due repayment by the company to PNB of its above sanctioned loan. |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank, |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
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Corporation identity number or foreign company registrations number of the company |
U73200DL1990PLC039653 |
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Name of the company |
BRAWN LABORATORIES LIMITED |
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Address |
C-64, Lajpat Nagar, New Delhi-110024, |
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This Form is for |
Creation of charge |
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Type of Charges |
Immovable property Book debts Movable property Temporary/ Adhoc limit |
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Particular of the charge holder |
Punjab National Bank, |
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Nature or description of the instrument creating charge |
Hypothecation of goods and book debts to secure cash credit facility,
Hypothecation of current assets, fixed movable block assets, packing credit
agreement (Hypothecation), General indemnity, Letter of continuity. |
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Date of the instrument creating charge |
10.03.2007 |
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Amount Secure by the charge |
Rs.30.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest Cash Credit @ 14.25% p.a. Packing Credit @ 11% p.a. Subject to change from time to time. Terms of repayment On demand Margin CC Stock 25%, Book debts 40% PC 30% Extent and operation of the charge Full charge 100% Others Total limit Rs.30.000 millions CC (Hypothecation) : Rs.8.000 millions CC (Bad Debts) : Rs.7.500 millions PC : Rs.7.500 millions FOBP/ FOUBP/FOBNLC/ FOUBNLC : Rs.7.000 millions |
|
Particulars of the Property charged |
All types of stocks, book debts, current assets, fixed movable block
assets, immovable property at 13 NIT |
Website Details :
Company Profile
Subject with its inception barely 18 years
back(1988) has today evolved into a fully integrated, healthcare group, marking
its presence in
Their Pharmaceutical Formulations cover all major product segments like
Antibacterials, Cardiovasculars, Antidiabetics, Analgesics, Gastrointestinals,
Antifungals, Skin Care, Antipsychotics, Antiasthmatics, Antacids,
Antimalarials, and Nutritionals.
Besides a professional and competent team that looks into production,
administration, sales, marketing, maintenance, etc., Brawn is supported by a
team of highly qualified and experienced consultants to gain an edge over the
others in the market.
Human Resource development has always been a concern at BRAWN. The aim is to
build a high performing work force, ready to face opportunities and challenges
thrown up by the forces of globalization and technological advancement. Regular
meetings, conferences, training programs are held to make the field force apt
to the technical knowledge, market scenario and existing market trends.
Continuous training to sharpen the skills and upgrading of manpower has over a
time built a work culture very much inherent to BRAWN family.
Manufacturing
Their Manufacturing Plant located
at
Business
Alliances
They are all poised to maintain an exponential growth which is secure in
careful hands. Soon they would be venturing into high profile segments like
anticancer, antivirals, vaccines and other high profile products in the field
of cardiology, diabetology and psychiatry. They are in the process of expanding
their international business operations from other parts of Europe,
They have well planned charted out course for the future, of entering into
joint ventures, on technology transfer and business exploration.
The future as they see it, has more than the world in store for them,
for they have well planned courses to combat the challenges thrown up by the
forces of globalization and technological advancement. In other words BRAWN
seeks a vision beyond the existing horizons. Their commitment to mankind goes
beyond their commercial objective, their commitment for a healthier society for
better life.
Products
Their Pharmaceutical Formulations
cover all major product segments like Antibacterials, Cardiovasculars,
Antidiabetics, Analgesics, Gastrointestinals, Antifungals, Skin Care
Antiasthmatics, Antacids, Antimalarials, and Nutritionals. Besides
manufacturing Pharmaceutical Formulations, Cosmetic and Animal Health Care
Range, they have spread their wings into marketing of Natural Products, Bulk
Drugs Diagnostics and Medical Equipments. Their exhaustive range of
Pharmaceutical Formulations enables them to cater to the demands of a wide
majority of customer segments.
While keeping in line with the modern medical advancements they also
preseve the age old traditional medicinal system. Sustained efforts in this
direction has provided them with unique and popular health care products. Such
products include antidiabetics, antioxidants, antistress, immunomodulators,
anticold, laxatives, products for menstrual disorders, antiarthritics,
antiobesity, antiasthmatics, digestives and antiinflammatories etc.
Domestic
Market
Pharmaceutical
Domestic Operations
Determined to capture a major market share of the Indian pharmaceutical
market their quest of establishing a strong marketing network continues. An
extensive market network with customers that is the Doctors (30,000),
Distributors, Wholesellers and Chemists have made their brands familiar in the
market. Their extensive product range covering wide majority of speciality
segments enables them to reach to the doctors from various specialities of
medical practices like Physicians, Gynaecologists, Orthopaedicians,
Paediatricians, Surgeons, Cardiologists, General Practitioners etc.
The importance of well-trained field force to communicate properly and
effectively has been well recognized at subject. A relatively large (250)
dedicated and aggressive marketing field force is well trained to react to the
market music. The marketing divisions at Brawn comprise of the Product
Management Team (PMT) and the field staff. The field staff is headed by GM
(Marketing) and consists of a team of Zonal Managers, Regional Sales Managers,
Area Sales Managers and Medical Representatives. Extensive training programs
for the field force backed by the dynamic policies and strategies are
continuously reaping benefits in terms of customer satisfaction and broadening
the customers base.
With the unwavering efforts of the sales and marketing staff and an equivalent
support from the production staff, Brawn has already marked its presence in the
urb and suburb areas of Maharashtra, Bihar, Jharkhand, Uttar Pradesh, West
Bengal, Delhi, Haryana, Assam, Andhra Pradesh, Tamil Nadu, and more. Needless
to say, they are constantly moving ahead with the vision for a stronger and
wider network throughout
Starting with only a few institutions in hand, today they are proud to
posses product registratcion with many premier health institutions like the All
India Institute of Medical Sciences (AIIMS), LHMC, KEM
Hospital Mumbai,
International
Market
Pharmaceutical International Operations
Frontiers have never been a limitation to their vision. They are
constantly exploring the potential of international markets with dynamic and
aggressive marketing strategies. The participation of BRAWN in various
international pharma exhibitions has enabled them enabling them to penetrate
into areas far and near. The sequential adaptation of improved technology with
price competitiveness has always been their main focus which has paid them rich
dividends, without compromising on quality at any cost.
Their In-house Regulatory Affairs Department is capable of producing
technical dossiers for Product Registration of any format. They also can boast
of having an In-house Package Development Department that is constantly
improvising and improving packaging, which perhaps plays a rather important
role in the commodity markets of today. They are proud of claiming to hold
Product Registrations in many countries and the work is still in progress in
some of the countries.
The company has grown several folds in the last decade, every time
adding newer credentials. Subject has participated in MEDI PHARM EXPO 2005 in
Their strategic alliances extend to manufacturing for reputed companies
in Europe- Germany, Belgium, Netherlands, France, UK and Ireland, in the
African continent - Ghana, Kenya, Nigeria, Tanzania, Angola, Mozambique and
Niger, within Latin American region for Venezuela, Chile, Dominican Republic,
Nicaragua, Peru and Costa Rica and in Asia for SriLanka, Vietnam, Cambodia, and
the Gulf countries. The company is proud to announce the recent opening of its
offices in South East Asia and in
Under their expansion plans very soon they propose to penetrate into the
markets of
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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.40.37 |
|
|
1 |
Rs.82.18 |
|
Euro |
1 |
Rs.55.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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 |
|