MIRA
INFORM REPORT
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Report Date : |
02.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
VISHNU
CHEMICALS LIMITED |
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Formerly Known As : |
KEYSTONE
INDUSTRIES LIMITED |
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Registered Office : |
6-3-6562/B/A, Flat No. 1, Suvarna House, Sangeet Nagar Colony,
Somajiguda, Hyderabad-500082, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.03.1989 |
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Com. Reg. No.: |
01-9786 / 46359 |
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CIN No.: [Company
Identification No.] |
U24110AP1989PTC009786
/ L85200AP1993PLC046359 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDV00354E |
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PAN No.: [Permanent
Account No.] |
AAACU7238Q |
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Legal Form : |
A Public Limited
Liability Company. The Company’s shares are listed on the stock
exchanges |
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Line of Business : |
Manufacturer of
Sodium Chromate, Basic Chrome Sulphate, Yellow Sodium and Chronic Acid. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1195280 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair. Profit
margin is under pressure. Payments are reported as slow but correct. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
6-3-6562/B/A, Flat No. 1, Suvarna House, Sangeet Nagar Colony,
Somajiguda, Hyderabad-500082, Andhra Pradesh, India |
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Tel. No.: |
91-40-23396817 / 55626680, 81, 82, 83 |
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Fax No.: |
91-40-23314158 /55622225 |
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E-Mail : |
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Website : |
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Factory 1 : |
No.15,
Gaddapotharam, Zinnaram Mandal Medak District, Andhra Pradesh, India |
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Factory 2 : |
No. 18-26, Industrial Estate, Nandini Road Bhilai,
Chattisgarh |
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Tel. No.: |
91-788-2381840 /
2382839 |
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E-Mail : |
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Regional offices : |
North South West |
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API Division : |
No. 57, Phase
III, IDA Jeedimetla, Hyderabad, Andhra Pradesh,
India |
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E-Mail : |
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Barium
Division : |
No. 27/1,Urandur
Village, Sri Kalahasthi Mandal, Chittoor District, Andhra Pradesh, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Krishna Murthy
Cherukuri |
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Designation : |
Chairman and
Managing Director |
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Address : |
Pushpam ,
8-2-293/82/a/919/1, Road, No. 47, Jubli Hills, Hyderabad – 500033, Andhra
Pradesh, India |
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Date of Birth/Age : |
02.07.1957 |
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Date of Appointment : |
02.01.2006 |
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Name : |
Mrs. Manjula
Cherukuri |
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Designation : |
Director |
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Address : |
Pushpam ,
8-2-293/82/a/919/1, Road, No. 47, Jubli Hills, Hyderabad – 500033, Andhra
Pradesh, India |
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Date of Birth/Age : |
17.05.1965 |
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Date of Appointment : |
02.01.2006 |
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Name : |
Mr. Suddarth
Cherukuri |
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Designation : |
Director |
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Address : |
Pushpam ,
8-2-293/82/a/919/1, Road, No. 47, Jubli Hills, Hyderabad – 500033, Andhra
Pradesh, India |
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Date of Birth/Age : |
12.05.1985 |
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Date of Appointment : |
02.01.2006 |
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Name : |
Mr. Appa Rao
Jampani |
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Designation : |
Director |
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Address : |
Flat No : 701,
Alpine Heights Block No 1, Gulmohar Avenue, Somajiguda, Hyderabad – 500082,
Andhra Pradesh, India |
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Date of Birth/Age : |
01.06.1955 |
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Date of Appointment : |
02.01.2006 |
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Name : |
Mr. Sitaram Raju
Vuppalapati |
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Designation : |
Direcror |
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Address : |
106, Sanunjaya
Towers, Road No : 1, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India |
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Date of Birth/Age : |
05.07.1941 |
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Date of Appointment : |
02.01.2006 |
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Name : |
Mr. Chandra
Swkhar Srivari |
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Designation : |
Director |
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Address : |
C – 27, Aprtment No.
105, Shantamma Apartment, Durgabhai Deshmukh Colony, Amberpet, Hyderabad –
500013, Andhra Pradesh, India |
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Date of
Birth/Age : |
09.03.1964 |
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Date of
Appointment : |
02.01.2006 |
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Name : |
Venkateswara Rao
Madala |
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Designation : |
Director |
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Address : |
Plot No : 35,
Vivekananda Colony, Shantinagar, Supela, Durg, Bhilai, Durg- 490023,
Chattisgarh |
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Date of
Birth/Age : |
15.06.1955 |
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Date of
Casing : |
02.01.2006 |
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Name : |
Lava Kumara
Rajendra Vara Prasad Rao Devineni |
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Designation : |
Director |
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Address : |
Flat No : 404,
Mahesh Apartments Engineers Colony, Yellareddy Guda, Hyderabad – 500073,
Andhra Pradesh, India |
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Date of
Birth/Age : |
01.07.1938 |
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Date of
Casing : |
02.01.2006 |
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Name : |
Yeramasu Venkat Rao
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Designation : |
Director |
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Address : |
512, Maheshwari
Complex, Masab Tank, Hyderabad – 500028, Andhra Pradesh, India |
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Date of
Birth/Age : |
01.08.1965 |
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Date of
Casing : |
02.01.2006 |
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Name : |
Tirthankar Mitra |
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Designation : |
Director |
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Address : |
Flat No : 501, Harsha Arcade, 1-8-506/2,
Prakasam Nagar, Hyderabad – 500011, Andhra Pradesh, India |
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Date of
Birth/Age : |
18.10.1955 |
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Date of
Casing : |
02.01.2006 |
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Name : |
Mr. Vinay
Dhirajlal Mehta |
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Designation : |
Chairman |
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Address : |
403, Amarapali,
Telipark Road, Andheri E, Mumbai – 400069, Maharashtra, India |
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Date of
Birth/Age : |
17.12.1953 |
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Name : |
Darda Gadde |
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Designation : |
Director |
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Address : |
7-1-414/35/a/2, Sanjeeva
Reddy Nagar, Hyderabad, Andhra Pradesh, India |
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Date of
Birth/Age : |
23.12.1945 |
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Date of
Casing : |
02.01.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of
Shareholders |
No. of Shares |
Percentage of Holding |
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Promoters
Holding |
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Indian Promoters |
10731290 |
89.57 |
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Non Promoters Holding |
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Mutual Funds and
UTI |
-- |
-- |
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Banks, Financial
Institutions and Insurance Companies |
-- |
-- |
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Others |
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Private Corporate
Bodies |
17600 |
0.15 |
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Indian Public |
1188495 |
9.92 |
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NRIs / OCBs |
43065 |
0.36 |
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Total |
11980450 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sodium
Chromate, Basic Chrome Sulphate, Yellow Sodium and Chronic Acid. |
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Products : |
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Export : |
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Countries : |
China, Europe, Middle East and other South East Asian
Countries |
GENERAL
INFORMATION
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Suppliers : |
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No. of Employees : |
150 |
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Bankers : |
v
State Bank
of Hyderabad Punjagutta Branch Rose Made 6-3-545/2 P O Box 1526, Punjagutta Hyderabad – 500082, Andhra Pradesh India Email : Hyd2_sbhpjt@sancharnet,in v
Andhra Bank v
Indian
Overseas Bank v
State Bank
of Saurasthra |
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Financial Institutions |
A P State
Financial Corporation |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C K S Associates Chartered Accountants |
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Address : |
87, Nagarjuna, Road # 3, Gagan Mahal Colony, Hyderabad – 500 029 |
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Associates : |
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CAPITAL STRUCTURE
As on: 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11980450 |
Equity Shares |
Rs.10/- each |
Rs.119.804
millions |
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Less: Calls unpaid from shareholders |
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Rs.0.256
million |
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Total |
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Rs.119.546 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
119.546 |
119.546 |
119.546 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
179.274 |
85.169 |
23.128 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
298.820 |
204.715 |
142.674 |
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LOAN FUNDS |
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1] Secured Loans |
538.703 |
158.213 |
140.501 |
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2] Unsecured Loans |
151.364 |
77.513 |
35.452 |
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TOTAL BORROWING |
690.067 |
235.726 |
175.953 |
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DEFERRED TAX LIABILITIES |
51.380 |
29.635 |
24.290 |
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TOTAL |
1040.267 |
470.076 |
342.917 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
698.593 |
282.564 |
197.223 |
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Capital work-in-progress |
43.560 |
49.239 |
6.829 |
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INVESTMENT |
1.191 |
0.650 |
0.650 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
196.570
|
118.051 |
129.297 |
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Sundry Debtors |
220.069
|
162.387 |
111.871 |
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Cash & Bank Balances |
14.806
|
17.607 |
11.319 |
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Other Current Assets |
0.166
|
0.380 |
0.067 |
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Loans & Advances |
195.981
|
26.897 |
20.743 |
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Total
Current Assets |
627.592
|
325.322 |
273.297 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
307.881
|
183.109 |
146.395 |
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Provisions |
30.576
|
15.345 |
2.577 |
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Total
Current Liabilities |
338.457
|
198.454 |
148.972 |
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Net Current Assets |
289.135
|
126.868 |
124.325 |
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MISCELLANEOUS EXPENSES |
7.787 |
10.755 |
13.890 |
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TOTAL |
1040.267 |
470.076 |
342.917 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
1189.053 |
835.453 |
645.604 |
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Other Income |
10.895 |
6.221 |
0.000 |
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Total Income |
1199.948 |
841.673 |
645.604 |
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Profit/(Loss) Before Tax |
151.210 |
82.730 |
35.823 |
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Provision for Taxation |
43.166 |
13.878 |
11.886 |
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Profit/(Loss) After Tax |
108.044 |
68.852 |
23.937 |
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Earnings in Foreign Currency : |
115.312 |
70.597 |
21.683 |
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Imports : |
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Raw Materials |
57.901 |
20.625 |
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Capital Goods |
56.387 |
0.000 |
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Others |
14.957 |
5.186 |
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Total Imports |
129.245 |
25.811 |
31.643 |
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Expenditures : |
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Manufacturing, Administrative and Selling
Expenses |
402.645 |
317.381 |
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Raw Material Consumed |
621.756 |
402.534 |
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Increase/(Decrease) in Finished Goods |
(45.768) |
(15.336) |
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Salaries, Wages, Bonus, etc. |
13.056 |
9.078 |
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Depreciation & Amortization |
30.039 |
24.031 |
609.780 |
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Other Expenditure |
2.970 |
3.135 |
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Total Expenditure |
1024.698 |
771.495 |
609.780 |
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QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2007 1st
Quarter |
30.09.2007 2nd
Quarter |
31.12.2006 3rsd Qaurter |
|
Sales Turnover |
264.600 |
332.500 |
285.800 |
|
Other Income |
0.900 |
0.700 |
0.130 |
|
Total Income |
265.500 |
333.200 |
287.100 |
|
Total Expediture |
224.500 |
277.200 |
226.000 |
|
Operating Profit |
41.000 |
56.000 |
61.100 |
|
Interest |
6.300 |
6.700 |
9.900 |
|
Gross Profit |
34.700 |
49.300 |
51.200 |
|
Depreciation |
7.500 |
8.000 |
7.600 |
|
Tax |
3.200 |
4.900 |
9.900 |
|
Reported PAT |
24.000 |
36.400 |
33.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
|
1.84 |
1.19 |
1.06 |
|
Long Term Debt-Equity Ratio |
|
1.33 |
0.69 |
0.90 |
|
Current Ratio |
|
1.09 |
0.93 |
0.93 |
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TURNOVER
R |
|
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|
Fixed Assets |
|
2.20 |
2.88 |
4.45 |
|
Inventory |
|
8.51 |
7.70 |
11.42 |
|
Debtors |
|
7.00 |
6.94 |
13.20 |
|
Interest Cover Ratio |
|
6.04 |
4.83 |
2.47 |
|
Operating Profit Margin(%) |
|
15.78 |
13.47 |
11.09 |
|
Profit Before Interest And Tax
Margin(%) |
|
13.54 |
10.95 |
8.10 |
|
Cash Profit Margin(%) |
|
10.31 |
9.75 |
6.23 |
|
Adjusted Net Profit Margin(%) |
|
8.07 |
7.23 |
3.24 |
|
Return On Capital Employed(%) |
|
25.69 |
28.41 |
33.99 |
|
Return On Net Worth(%) |
|
42.90
|
55.03 |
51.96 |
LOCAL AGENCY
FURTHER INFORMATION
History:
The company was originally
incorporated in Maharashtra on 27.03.1989 having Company Registration No.
9786.
The Registered Office of the company has been shifted from
Maharashtra to Andhra Pradesh with
effect from 15.01.1993 and a new Company Registration Number 46359 of Hyderabad
ROC was obtained.
Fixed
Assets
v
Land and
Building
v
Plant and
Machinery
v
Lab Equipments
v
Data
Processing Equipments
v
Office
Equipments
v
Furniture and
Fixture
v
Vehicles
v
Computer
Software
v
Goodwill
Directors Report:
OPERATIONS:
The current year has been a remarkable year in the history of Company in terms
of overall growth backed by good product demand and effective price realization
during entire year. As the figures indicate, the company was able to achieve a
substantial spurt in its top and bottom line performance.
The
expansion at Vizag is at advanced stage and we have already commenced BCS
production with drum drier and the production of spray dried BCS and SB will be
commissioned before 30th September, 2007.
The company has spent about Rs. 40.000 millions on R & D activities
and production at the kilo labs facilities were also stabilized and enhanced.
The
Company also started an additional line of laboratory services at its
development center. With a view to enhance its operation further in the ensuing
years, the company recruited good number of Doctorates and Qualified Scientists
for R & D Center.
FUTURE PLANS:
This
year the Company will focus on stabilizing operations at Vizag and reach
various new export markets with new products. On API front, the company will
focus on contract research and kilo lab production as we are having regular
orders from reputed companies. The Directors are pleased to inform that The
Bombay Stock Exchange Ltd has permitted to trade theirshares. As per the
stipulation of Bombay Stock Exchange to reduce the promoters holding to 75 per
cent, the company intends to raise additional equity by way of placements with
Private Equities, Private Equity Funds, Strategic Investors and Qualified
Institutional Buyers as against the IPO, which was originally planned. The
additional capital will be used to fund the growth plans and to meet the
working capital needs of the enhanced capacities generated by the Vizag plant.
With the above plans, the Directors are confident of ensuring a good
growth in the Company's performance in the ensuing years.
MANAGEMENT
DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION:
Overview:
The financial statements have been prepared as per the requirements
of the Companies Act, 1956. There are no material departures from the
prescribed accounting standards in the adoption of the accounting standards.
The management of the company accepts responsibility for the integrity and
objectivity of these financial statements, as well as for various estimates and
judgments used therein. The estimates and judgments relating to the financial
statements have been made on a prudent and reasonable basis, in order that the
financial statements reflects in a true and fair manner, the form and substance
of transactions, and reasonably present the Company's state of affairs and
profits for the year.
As per Web Details:
Company Profile:
Delivering quality that meets ever increasing global demands
for excellence is a Himalayan Task and especially so, in Chemical Technology.
Meet an Indian company that is doing it for the past 17 years and serving
markets as diverse as South East Asia, Africa and Europe apart from the
Domestic Market in India.
As boundaries disappear and curtain goes up on the global village, Subject is surging ahead crossing boundaries, as it competes against itself to reach forever higher peaks.
Mr. Ch.Krishna Murthy, the founder established Subject in the year 1990 near Hyderabad in Andhra Pradesh. In a span of 17 years Vishnu Chemicals pioneered in manufacturing Chrome Chemicals like Sodium Dichromate, Potassium Dichromate, Basic Chromium Sulphate and Yellow Sodium Sulphate at its Plants in Medak District in Andhra Pradesh and Bhilai Chattisgarh State.
It has expanded its product line to a point where it can
supply over 10 high quality compounds that are used in various industries which
are include Chromic Acid, White Sodium Sulphate, Saccharin and Sodium
Saccharin.
The Company also a world class manufacturer of animal feed
ingredients like Menadione Sodium
Bisulfite, Menadione Nicotinamide Bisulfite, Menadione Dimethylpyrimidinol
Bisulfite and supplying to various global destinations. Its growth and success
is attributed to high standards of quality and diligence in handling Customers
requirements.
The Company has established a world class state of the art
Research Laboratory with most modern equipment to handle gram level to scale-up
operations in single site. The R & D Lab is also supported by quality
control laboratory which has various sophisticated equipment like HPLCs,
DSC and 300 MHz NMR among other
sensitive equipments. Talented personnel
handles the R & D and Quality Control Operations. This facility is already catering
to various clients for customs research and synthesis, technology transfer,
scale-up and analytical services.
The company is always conscious of its responsibility to the
public in large and produce the material with utmost care and in environmental
friendly manner. From selection of raw material to finished product, every care
is being taken to adhere to the norms of safety, health and environment.
Creating congenial work atmosphere is one of the hallmarks of the company.
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.42.59 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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. |
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 |
|