MIRA
INFORM REPORT
|
Report Date : |
24.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MADRAS ALUMINIUM
COMPANY LIMITED |
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|
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|
Registered Office : |
Mettur Dam, R. S.
- 636402, Salem District, Tamil Nadu |
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Country : |
India |
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|
Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
31.08.1960 |
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Com. Reg. No.: |
18-372 |
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CIN No.: [Company
Identification No.] |
U13202TZ1960PLC000372 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHET00429C |
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|
Legal Form : |
Public Limited
Liability Company. The company’s
shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturers of
Aluminium Ingots, Properzi Rods and Rolled Products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED
CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 8750000 |
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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 company having fine track.
Financial position is good.
Payments are correct and as per commitments. The company is doing well. The company can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office/ Factory : |
Mettur
Dam, R. S. - 636402, Salem District, Tamil Nadu, India |
|
Tel. No.: |
91-4298-222061-67 |
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Fax No.: |
91-4298-222069/222215 |
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E-Mail : |
mastores@vedanta.co.in |
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Website : |
DIRECTORS
|
Name : |
Mr. Navin
Agarwal |
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Designation : |
Chairman |
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|
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Name : |
Mr. Pravin
Agarwal |
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Designation : |
Whole-time Director |
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|
Name : |
Mr.
Agnivesh Agarwal |
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Designation : |
Whole-time Director |
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|
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|
Name : |
Mr. A.R.
Narayanaswamy |
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Designation : |
Director |
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|
|
|
Name : |
Mr.
Haigreve Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun
Todarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Tarun
Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Suresh
Rathi |
|
Designation : |
Whole-time Director |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Rathi |
|
Designation : |
Chief Executive
Officer |
MAJOR SHAREHOLDERS
|
Names of
Shareholders |
|
No. of Shares |
|
Bodies Corporate |
|
18000000 |
|
Financial
Institutions / Banks |
|
704110 |
|
Foreign
Institutional Investors |
|
1274353 |
|
Non Resident
Indians |
|
5258 |
|
Overseas
Corporate Bodies |
|
1236000 |
|
Clearing Members |
|
4377 |
|
Non – Institutions |
|
|
|
Bodies Corporate |
|
195531 |
|
Individuals
holding nominal share capital up to Rs. 0.100 million |
|
939445 |
|
Individuals
holding nominal share capital in excess of Rs. 0.100 million |
|
101588 |
|
HUF |
|
27488 |
|
Trusts |
|
11850 |
|
TOTAL |
|
22500000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Aluminium
Ingots, Properzi Rods and Rolled Products. |
PRODUCTION
STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Aluminium Ingots |
MT |
12500 |
627 |
|
Properzi Rods |
MT |
36000 |
36201 |
|
Rolled Products |
MT |
3000 |
40 |
|
Power – For Captive consumption and sale – Gross Generation Net Generation |
MU |
657 |
757 692 |
GENERAL
INFORMATION
|
No. of Employees : |
2500 |
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||||||
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Bankers : |
ABN Amro
Bank N.V HDFC Bank ICICI Bank Indian
Bank Standard
Chartered Bank State Bank
Of India |
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Facilities : |
|
|
|
|
|
Banking Relations : |
Satisfactory |
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|
|
|
Auditors : |
Deloitte Haskins
& Sells Chartered
Accountants |
|
|
|
|
Holding Company : |
Twinstar Holdings
Limited |
|
|
|
|
Associates : |
Bharat
Aluminium Company Limited Hindustan
Zinc Limited Sterlite
Industries (India) Limited Sterlite
Opportunities and Ventures Limited India Foils
Limited Vedanta
Alumina Limited Vedanta
Resources Plc Volcan
Investments Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23500000 |
Equity Shares |
Rs. 10/- each |
Rs. 235.000 millions |
|
250000 |
Redeemable
Cumulative Preference Shares |
Rs. 100/- each |
Rs. 25.000 millions |
|
|
TOTAL |
|
Rs. 260.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22500000 |
Equity Shares |
Rs. 10/- each |
Rs. 225.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2006 |
30.06.2005 |
30.06.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
225.000 |
225.000 |
225.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1978.970 |
1354.180 |
1074.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2203.970 |
1579.180 |
1299.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
230.400 |
337.870 |
432.000 |
|
|
2] Unsecured Loans |
0.000 |
693.610 |
888.500 |
|
|
TOTAL BORROWING |
230.400 |
1031.480 |
1320.500 |
|
|
DEFERRED TAX LIABILITIES |
1098.120 |
851.590 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3532.490 |
3462.250 |
2620.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2571.950 |
2701.370 |
2830.100 |
|
|
Capital work-in-progress |
76.040 |
14.200 |
37.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
651.840 |
578.840 |
578.900 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
577.280
|
546.170 |
359.900 |
|
|
Sundry Debtors |
457.720
|
259.410 |
104.500 |
|
|
Cash & Bank Balances |
84.030
|
21.280 |
17.100 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
265.830
|
243.230 |
243.100 |
|
Total Current Assets |
1384.860
|
1070.090 |
724.600 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
850.440
|
709.210 |
1315.800 |
|
|
Provisions |
301.760
|
193.040 |
234.500 |
|
Total Current Liabilities |
1152.200
|
902.250 |
1550.300 |
|
|
Net Current Assets |
232.660
|
167.740 |
[825.700] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3532.490 |
3462.250 |
2620.300 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
30.06.2006 |
30.06.2005 |
30.06.2004 |
|
Sales Turnover [including other income] |
4552.110 |
3718.910 |
3554.900 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
1543.660 |
803.160 |
453.500 |
|
Provision for
Taxation |
712.310 |
381.200 |
81.300 |
|
Profit/(Loss)
After Tax |
831.350 |
421.960 |
372.200 |
|
|
|
|
|
|
Export Value |
31.180 |
6.350 |
N.A. |
|
|
|
|
|
|
Import Value |
1262.560 |
1130.060 |
N.A. |
|
|
|
|
|
|
Total Expenditure |
3008.450 |
2915.750 |
3148.700 |
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
30.09.2006 [1st Qtr.] |
31.12.2006 |
|
Sales Turnover |
|
1397.600 |
1237.8 |
|
Other Income |
|
38.100 |
106.9 |
|
Total Income |
|
1435.700 |
1344.7 |
|
Total Expenditure |
|
895.000 |
752.6 |
|
Operating Profit |
|
540.700 |
592.1 |
|
Interest |
|
[7.600] |
-12.4 |
|
Gross Profit |
|
548.300 |
604.5 |
|
Depreciation |
|
51.600 |
51.7 |
|
Tax |
|
52.600 |
49.9 |
|
Reported PAT |
|
441.000 |
490.7 |
|
|
|
|
|
Notes
2006-09
Quarter 1
Expenditure
Includes (Increase)/Decrease in Stock in Trade Rs 12.800 million Consumption of
Raw Materials Rs 609.100 million Staff Cost Rs 63.500 million Other Expenditure
Rs 190.000 million Tax Includes Provision for Current Tax Rs 52.100 million
Deferred Tax Rs 3.100 million Fringe Benefit Tax Rs 0.500 million EPS is Basic
& Diluted 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 15 Complaints disposed off during the quarter 15 Complaints
unresolved at the end of the quarter Nil 1. The Company is engaged in the
business of primary Aluminium Production. Accordingly there are no separate
reportable segments as per Accounting Standard 17 on Segment Reporting issued
by ICAI. 2. Exceptional item during the current year represents the amount
incurred on VRS expenditure. 3. During the current quarter, Other Expenditure
includes Rs 81.30 million towards annual overhauling of Captive Power Plant and
consequent import of power. 4. The above results were reviewed by the Audit
Committee and taken on record at the Meeting of the Board of Directors held on
October 16, 2006
200612 Quarter 2 --------------- Notes Expenditure Includes
(Increase)/Decrease in Stock in Trade Rs (75.90) million Consumption of Raw
Materials Rs 655.40 million Staff Cost Rs 65.70 million Other Expenditure Rs
107.40 million Tax Includes Provision for Current Tax Rs 49.40 million Deferred
Tax Rs 12.20 million Fringe Benefit Tax Rs 0.50 million EPS is Basic &
Diluted 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 34 Complaints disposed off during the quarter 34 Complaints
unresolved at the end of the quarter Nil 1. The Company is engaged in the
business of primary Aluminium Production. Accordingly there are no separate
reportable segments as per Accounting Standard 17 on Segment Reporting issued
by ICAI. 2. The above results were reviewed by the Audit Committee and taken on
record at the Meeting of the Board of Directors held on January 12, 2007.
KEY RATIOS
|
PARTICULARS |
30.06.2006 |
30.06.2005 |
30.06.2004 |
|
Debt Equity Ratio |
0.34 |
0.84 |
2.50 |
|
Long Term Debt
Equity Ratio |
0.31 |
0.63 |
1.94 |
|
Current Ratio |
0.61 |
0.47 |
0.98 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.18 |
0.97 |
0.83 |
|
Inventory |
9.38 |
9.45 |
9.93 |
|
Debtors |
14.70 |
23.53 |
34.84 |
|
Interest Cover
Ratio |
23.48 |
10.60 |
5.77 |
|
Operating Profit
Margin (%) |
27.84 |
20.22 |
23.80 |
|
Profit Before
Interest and Tax Margin (%) |
23.92 |
15.43 |
18.26 |
|
Cash Profit
Margin (%) |
19.69 |
14.65 |
17.95 |
|
Adjusted Net
Profit Margin (%) |
15.77 |
9.86 |
12.40 |
|
Return on Capital
Employed (%) |
50.91 |
25.72 |
16.16 |
|
Return on Net
Worth (%) |
45.04 |
30.31 |
38.39 |
STOCK PRICES
|
Face Value |
Rs.10/- each |
|
High |
Rs.392.00/- |
|
Low |
Rs.379.00/- |
LOCAL AGENCY
FURTHER INFORMATION
History:
Madras
Aluminum Company (MALCO) was incorporated in 1960 in collaboration with
Montecantini, Italy, to manufacture aluminum ingots and alloys from the bauxite
reserves of Sheveroy Hills of TamilNadu and for rolled products. It
commissioned an imported extrusion plant during 1980. A rolling mill was
commissioned during 1985.
The company which became sick in the early 90's was taken over by Sterlite
Group in Jan 1995 on sanction of company's rehabilitation scheme by the BIFR.
After the takeover, the company has activated the plant facilities
progressively and production of alumina and aluminum stabilized. Later the
company has commissioned a 75 (3 x 25) MW Captive Power Plant (CPP) in July
1999. As a measure of forward integration of its products and facilities, the
company acquired a controlling stake in India Foils Limited (IFL) during FY
1999-2000.
The company has entered into an agreement for transfer of technology with
Techno Car SPA, Italy for modernization of its smelter, which is expected to
result in improvement of the process and environment and effect considerable
reduction in energy consumption. The modernization project could not be
executed as the latter company viz Techno Car SPA could not achieve the
guaranteed parameters specified in the contract. The company is planning a
capacity augmentation programme to achieve higher metal output with matching
alumina production capacity.
Amalgamation of the company with Sterlite Industries (India) Limited is
approved at the EGM. Petition has been filed by the company in the Madras High
Court for confirmation of the Scheme of Amalgamation. During 2002-03 MALCO
issue secured NCD worth about Rs.2,500 million and the money was lent to
Sterlite Opportunities and Venture Limited.
In 2003-04, the company has added 18 new pots to augment the hot metal
capacity, as Planned. The company has taken initiatives for de-bottlenecking in
Alumina Plant to have matching alumina production capacity and also in process
to commission the back pressure turbine to increase power generation by 1 MW.
The company commissioned Back Pressure Turbine at Captive Power Plant with
additional power of 0.8 MW and De-bottlenecking in Alumina Refinery has been
completed with the increasing capacity of Alumina refinery to 80,000 MT per
annum during 2004-05.
In 2006, The Company has embarked on ambitious plans for augmentation of Alumina
capacity by 30,000 MT, hot metal capacity by 15,000 MT and setting up of an
additional Captive Power Plant unit of 37.5 MW in the future.
MODERNISATION
AND EXPANSION PLANS
The company has embarked on ambitious plans for augmentation of Alumina capacity
by 30,000 MT, Hot metal capacity by 15,000 MT and setting up of an additional
Captive Power Plant unit of 37.5 MW in the near future. The enhanced capacity
will enable the company to enhance the top-line by 36% and improve the
bottom-line proportionately.
The company, in its pursuit of environmental excellence / conservation, is
installing a Dry Scrubber unit to reduce the emissions and the flue gases from
the Pot room and also to improve the Cryolite recovery.
OPERATIONAL PERFORMANCE
This
year, the company achieved impressive performance on back of favorable business
environment and better operating efficiencies. The year under report witnessed
an increase in production of Aluminum to 36,868 MT from the previous year's
production of 36,062 MT, registering a growth of about 2.2%. Production of
Alumina Hydrate also saw an increase to 83,149 MT from the previous year's
production of 81,791 MT, registering a growth of 1.7%. Volume growth was
possible mainly on account of consistent efforts to increase productivity,
commissioning of a new pot and the de-bottlenecking initiatives taken up by the
company.
The Net sales turnover of the company aggregated Rs. 4525.72 Million, compared
to previous year's turnover of Rs. 3688.10 Million, registering an increase of
22.7%.
The operational performance of the company's power plant is amongst the best
thermal power plants operating globally. The power plant generated 757 Million
units during the year compared to 748 Million units during the previous year.
The company's strategy and initiatives taken to improve the profitability have
been fairly successful, as the Cash profit before taxation of the company has
gone up to the level of Rs. 1543.66 Million as against Rs. 803.16 Million in
the previous year, registering a remarkable increase of 92.2%. The Net profit
after tax has increased to Rs. 831.35 Million as against Rs. 421.96 Million in
the previous year, registering an unprecedented increase of 97.1%.
Fixed Assets
Freehold Land,
Leasehold Land, Buildings, Railway Sidings, Plant and Machinery, Lab and
Testing Equipments, Furniture & Fittings, Office Equipment and Vehicles.
WEBSITE DETAILS
History:
The Madras Aluminium Company Limited (MALCO) was established in 1965 at Mettur Dam, near the city of Salem, Tamil Nadu in collaboration with Montecatine of Italy. MALCO is the only integrated primary Aluminium Metal complex in the entire South India with its own captive mining, refining, smelting and power generation operations.
MALCO was taken over by the Sterlite group in 1995 and the new management has re-written the success story of MALCO.
MALCO has a state-of-the-art, coal-based Captive Power Plant at the same location. Its captive Bauxite Mines are located within the nearby ranges of Yercaud, Kolli and Palani in Tamil Nadu.
MALCO constantly seeks way to improve efficiency and output.
Highlights :
Unit awarded Certification under ISO 9001:2000, OHSAS 18001:1999 & ISO 14001:1996 in first attempt for Quality, Environment and Safety management systems.
Smelter capacity enhanced to 40,000 TPA through de-bottlenecking & process optimization.
Highest ever production of Aluminium 32226 Mt & Alumina 66698 Mt achieved registering an increase of 4% in Hot Metal production and 10% in Alumina production respectively.
6000 saplings around mines and 1250 saplings in factory planted. 10,000 free saplings given to the forest department.
Assets &
Locations :
Madras Aluminium Company Limited (MALCO) has its own Bauxite mines in the state of Tamil Nadu, at
Yercaud (Salem district) having reserves of 0.8 million tones and Kolli Hills
(Namakkal district) having reserves of 0.9 million tones. The company has an
integrated Aluminium Complex at Mettur comprising 40000 tpa of Aluminium
Smelter, 80000 tpa Alumina Refinery, Captive Power Plant (CPP) of 75MW (3 x 25
MW) and associated metal casting and fabrication facilities.
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 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.43.39 |
|
UK Pound |
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.57.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
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 |
|