MIRA
INFORM REPORT
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Report Date : |
29.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED |
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Registered Office : |
ITC Centre, 3rd Floor, 760 Anna Salai, Chennai - 600 002,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.01.1997 |
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Com. Reg. No.: |
37415 |
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CIN No.: [Company
Identification No.] |
L65191TN1997PLC037415 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI02143B |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
the Stock Exchange. |
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Line of Business : |
Providing of Infrastructure Finance and Financial Services. |
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 120000000 |
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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 financial institution.
Available information indicates high financial responsibility of the
company. Their trade relations are
fair. Financial position is good. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms. Fundamentals are strong. |
LOCATIONS
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Registered Office : |
ITC Centre, 3rd Floor, 760 Anna Salai, Chennai - 600 002,
Tamilnadu, INDIA. |
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Tel. No.: |
91 - 44 – 28559440 / 28559448 / 28559456 |
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Fax No.: |
91 - 44 – 28547597 |
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E-Mail : |
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Website : |
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Branch Office : |
Ramon House, 2nd Floor, 169, Backbay Reclamation, Mumbai -
400 020, Maharashtra, India |
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Tel. No.: |
91 - 22 –66339100 |
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Fax No.: |
91 - 22 – 22029711 |
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Branch Office : |
301, World Trade Tower, New Barakhamba Lane, New Delhi - 110 001,
INDIA |
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Tel. No.: |
91 - 11 - 3352934 / 3352935 / 3352936 |
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Fax No.: |
91 - 11 - 3352938 |
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Branch Office : |
The Capital Court, 6th Floor, Olof Patme Marg, Munirka, New
Delhi 110 067 |
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Tel. No.: |
91-11-46006100 |
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Fax No.: |
91-11-26713359 |
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Branch Office : |
No. 39, 5th Cross, 8th Main, RMV Extension,
Sadashivnagar, Bangalore 560 080 |
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Tel. No.: |
91-80-23613014/15 |
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Fax No.: |
91-80-23613016 |
DIRECTORS
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Name : |
Mr. Deepak Parekh |
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Designation : |
Chairman |
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Name : |
Mr. Vinod Rai |
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Designation : |
Director |
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Name : |
Mr. S.S. Kohli |
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Designation : |
Director - Nominee of GoI |
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Name : |
Mr. V. P. Shetty |
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Designation : |
Director - Nominee of Domestic and Foreign Institutions |
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Name : |
Mr. Donald Peck |
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Designation : |
Director - Nominee of Domestic and Foreign Institutions |
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Name : |
Mr. S.H. Khan |
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Designation : |
Independent Director |
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Name : |
Mr. Gautam Kaji |
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Designation : |
Independent Director |
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Name : |
Mr. Dimitris Tsitsiragos |
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Designation : |
Nominee of Domestic and Foreign Institutions |
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Name : |
Mr. Shardul Shroff |
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Designation : |
Director |
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Name : |
Dr. Omkar Goswami |
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Designation : |
Independent Director |
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Name : |
Dr. Rajiv B. Lall |
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Designation : |
Managing Director and CEO |
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Name : |
Mr. Vikram Limaye |
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Designation : |
Executive Director – Corporate Finance New Products and New
Business |
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Name : |
Mr. M. K. Sinha |
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Designation : |
Executive Director – Business Development and Corporate Advisory |
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Name : |
Mr. Cherian Thomas |
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Designation : |
Senior Director – Advisory |
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Name : |
Mr. Arun Ramanathan |
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Designation : |
Nominee of GoI |
KEY EXECUTIVES
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Name : |
Mr. Mahendra N. Shah |
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Designation : |
Company Secretary |
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Name : |
Mr. A. K. T. Chari |
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Designation : |
Senior Advisor |
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Name : |
Mr. L. K. Narayan |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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NON-PROMOTERS HOLDING |
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President of
India |
261400000 |
23.22 % |
|
Banks, Financial
Institutions, Insurance Companies (Central / State Government Institutions /
Non-government Institutions) |
138838002 |
12.33 % |
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Foreign
Institutional Investors (Flls) |
369675734 |
32.83 % |
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Foreign Direct
Investment (FDD |
171475465 |
15.23 % |
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Mutual Funds |
51524862 |
4.58 % |
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Private
Corporate Bodies |
30961912 |
2.75 % |
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Indian Public |
98394405 |
8.74 % |
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NRIs/OCBs |
3071198 |
0.27 % |
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Clearing Member |
398344 |
0.04 % |
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Trusts |
188128 |
0.01 % |
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Total |
1125928050 |
100.00 % |
BUSINESS DETAILS
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Line of Business : |
Providing of Infrastructure Finance and Financial Services. |
GENERAL
INFORMATION
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No. of Employees : |
175 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S.B. Billimoria and Company Chartered Accountants |
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Address : |
Mumbai |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 40000.000
millions |
|
100000000 |
Preference Shares |
Rs. 100/- each |
Rs. 10000.000
millions |
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Total |
|
Rs. 50000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1125928050 |
Equity Shares |
Rs. 10/-
each |
Rs. 11259.280 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 |
11259.280 |
11224.540 |
10000.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17561.030 |
14217.360 |
8888.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28820.310 |
25441.900 |
18888.700 |
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LOAN FUNDS |
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|
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1] Secured Loans |
4980.350 |
0.000 |
0.000 |
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2] Unsecured Loans |
143909.490 |
93665.470 |
65451.400 |
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TOTAL BORROWING |
148889.840 |
93665.470 |
65451.400 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
177710.150 |
119107.370 |
84340.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
477.740 |
497.750 |
504.600 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
24976.090 |
12948.660 |
7687.900 |
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Infrastructure Loans |
139155.210 |
100795.050 |
0.000 |
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DEFERREX TAX ASSETS |
854.300 |
792.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Income accrued
on Investments |
351.280
|
|
|
|
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Interest accrued
on Infrastructure Loans |
846.210
|
590.020 |
|
|
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Sundry Debtors |
150.830
|
77.430 |
79142.200 |
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Cash and Bank
Balances |
9717.270
|
3349.010 |
|
|
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Loans and
Advances |
6216.630
|
3369.070 |
|
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Total
Current Assets |
17282.220
|
7486.440 |
79142.200 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
3696.780
|
2111.610 |
2994.600 |
|
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Provisions |
1338.630
|
1300.920 |
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Total
Current Liabilities |
5035.410
|
3412.530 |
2994.600 |
|
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Net Current Assets |
12246.810
|
4073.910 |
76147.600 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
177710.150 |
119107.370 |
84340.100 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Operating and
Other Income |
15057.430 |
10028.560 |
7276.400 |
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|
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Profit/(Loss) Before Tax |
5715.280 |
4192.910 |
3229.700 |
|
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Provision for Taxation |
1086.590 |
436.500 |
189.500 |
|
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Profit/(Loss) After Tax |
4628.690 |
3756.410 |
3040.200 |
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Expenditures : |
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|
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|
|
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Interest &
Other Charges |
8554.560 |
5008.370 |
3119.100 |
|
|
Staff Expenses |
361.130 |
262.490 |
0.000 |
|
|
Establishment
Expenses |
30.240 |
20.930 |
0.000 |
|
|
Other Expenses |
181.530 |
122.060 |
0.000 |
|
|
Provisions and.
Contingencies |
173.860 |
387.360 |
0.000 |
|
|
Operating & Administrative Expenses |
0.000 |
0.000 |
891.400 |
|
|
Depreciation
& Amortisation |
40.830 |
34.440 |
36.200 |
|
Total Expenditure |
9342.150 |
5835.650 |
4046.700 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
5567.900 |
6027.700 |
6888.200 |
|
Other Income |
0.100 |
16.600 |
31.000 |
|
Total Income |
5568.000 |
6044.300 |
6919.200 |
|
Total Expenditure |
288.100 |
394.300 |
323.300 |
|
Operating Profit |
5279.900 |
5650.000 |
6595.900 |
|
Interest |
3106.100 |
3297.600 |
3952.500 |
|
Gross Profit |
2173.800 |
2352.400 |
2643.400 |
|
Depreciation |
9.600 |
10.100 |
10.700 |
|
Tax |
461.000 |
548.000 |
631.000 |
|
Reported PAT |
1678.100 |
1794.400 |
1986.700 |
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity
Ratio |
4.47 |
3.59 |
2.93 |
|
Long
Term Debt-Equity Ratio |
3.88 |
3.22 |
2.61 |
|
Current
Ratio |
6.61 |
8.30 |
7.36 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
20.31 |
13.72 |
9.86 |
|
Inventory |
0.00 |
0.00 |
0.00 |
|
Debtors |
135.04 |
149.03 |
59.96 |
|
Interest
Cover Ratio |
1.67 |
1.84 |
2.04 |
|
Operating
Profit Margin(%) |
92.87 |
91.27 |
87.75 |
|
Profit
Before Interest And Tax Margin(%) |
92.61 |
90.93 |
87.25 |
|
Cash
Profit Margin(%) |
30.30 |
37.46 |
42.28 |
|
Adjusted
Net Profit Margin(%) |
30.04 |
37.12 |
41.78 |
|
Return
On Capital Employed(%) |
9.62 |
9.05 |
9.00 |
|
Return
On Net Worth(%) |
17.06 |
16.95 |
16.95 |
LOCAL AGENCY
FURTHER INFORMATION
Financial
Results:
Total Income increased by 50 per cent from Rs.10028 million
in 2005-06 to Rs.15057 million in 2006-07. Total Expenses increased by 60 per
cent from Rs.5835 million in 2005-06 to Rs.9342 million in 2006-07.
Profit Before Tax increased by 36 per cent from Rs.4193 million in 2005-06 to
Rs.5715 million in 2006-07. Profit After Tax increased by 23 per cent from
Rs.3756 million in 2005-06 to Rs.4629 million in 2006-07.
IDFC's quality of assets continued to be good with zero Net NPAs as on March
31, 2007.
Operations
Review:
The Company continues to see a healthy growth in its lending activities. Gross
Approvals increased by 23 per cent from Rs.106310 million in 2005-06 to
Rs.130530 million in 2006-07. Gross disbursements increased by 19 per cent from
Rs.60450 million in 2005-06 to Rs.72070 million in 2006-07.
As on March 31, 2007, IDFC's total exposure to infrastructure projects was
Rs.220 billion of which Energy was the highest (39 per cent), followed by
Transportation (27 per cent) and Telecommunication & IT (17 per cent).
Although on a smaller base, IDFC's exposure to the Industrial and Commercial
infrastructure sector showed the highest growth of 50 per cent - its total
share increased to 14 per cent.
In private equity, IDFC along with Citigroup, the India Infrastructure Finance
Company Limited (IIFCL) and Blackstone, launched a landmark US$ 5 billion
initiative, including an equity fund of US$ 2 billion, for financing
infrastructure projects in India. This would go a long way in funding many
critical infrastructure projects in India.
The investment strategy for treasury operations continues to ensure adequate
levels of liquidity to support core business requirements, and optimize levels
of return while maintaining a high degree of safety. During the year, the
various advisory assignments being handled across the various sector groups
were brought together under a common advisory services team constituted for
this purpose. The assignments are concentrated in 3 broad client groups - state
& local Government, Central Government and multilateral, and corporate
advisory services. The advisory assignments are largely in the areas of Urban
Services and Urban Renewal projects (parking lots & area development),
Transportation (Roads and Ports), Telecom Infrastructure, and Energy. The
Policy Advisory Group continued to contribute to IDFC's mandate of leading
private capital to infrastructure projects, by providing impetus to
rationalization of policy and regulatory frameworks through various advisory
services.
Subsidiary Companies:
IDFC has five subsidiary companies - IDFC Private Equity Company Limited, IDFC
Trustee Company Limited, Feedback First Urban Infrastructure Development
Company Limited, IDFC Investment Advisors Limited and IDFC Project Equity
Company Limited.
IDFC Private Equity Company Limited manages infrastructure private equity funds
like the India Development Fund and the IDFC Private Equity Fund II. IDFC
Trustee Company Limited acts as trustee to new private equity funds managed by
IDFC. IDFC Investment Advisors Limited acts as investment adviser to the Listed
Equity Fund for infrastructure. IDFC Project Equity Company Limited would be the
asset manager to the US$ 2 billion Fund launched to make equity investments
into infrastructure assets.
Joint Ventures:
IDFC has two joint ventures - Infrastructure Development Corporation
(Karnataka) Limited (iDeCK) in the state of Karnataka and Uttaranchal
Infrastructure Development Company Limited (UDeC) in the state of Uttaranchal.
These joint venture companies are engaged in advisory and project development
work in the area of infrastructure at respective state levels.
FIXED ASSETS
Tangible
-
Buildings
-
Leasehold Improvements
-
Computers Hardware
-
Furniture, Fittings and Office Equipments
-
Vehicles
Intangible
-
Computer Software
FOR IMMEDIATE
RELEASE
STANDARD CHARTERED
TO DISPOSE OF INDIAN ASSET MANAGEMENT BUSINESS TO IDFC
FOR USD205 MILLION
Mumbai, 7 March,
2008: Standard Chartered PLC announces that it has agreed to sell Standard
Chartered Trustee Company Private Limited and Standard Chartered Asset
Management Company Private Limited, including minorities, to Infrastructure
Development Finance Company Limited (IDFC) for a total cash consideration of
approximately USD205 million. The consideration is before deductions for local
taxes and deal expenses.
The companies
mentioned above represent the mutual fund manufacturing business of Standard
Chartered in India. The transaction does not include Standard Chartered’s
mutual fund distribution business which Standard Chartered will continue to
pursue.
Jaspal Bindra,
Chief Executive Officer, Asia, said: “IDFC is a well respected financial
services company and we are delighted to have reached an agreement with them
for the sale of this business. Standard Chartered will remain a distributor of
asset management products in India. India is a key market and delivered record
results in 2007.”
Dr. Rajiv Lall,
Managing Director and Chief Executive Officer of IDFC said: “We are pleased to
acquire a quality asset management platform. This is in line with our wider
strategy of broadening our footprint in the asset management business and
diversifying our fee-based revenue streams.” This transaction is subject to
certain regulatory approvals and other closing conditions, and is expected to
complete in the second quarter of 2008.
For further information, contact:
Standard Chartered PLC
Arijit De
Head of Media Relations
+44 (0)20 7280 7163
Arijit.De@standardchartered.com
Infrastructure Development Finance Company Limited
Mr Bimal Giri Mr
Aman Ullah
Investor Relations Perfect
Relations
+91 22 66339100 +91
22 24367155
bimal@idfc.com ahashmat@perfectrelations.com
Note to Editors:
Standard Chartered PLC
Standard Chartered
PLC, listed on both the London Stock Exchange and the Hong Kong Stock Exchange,
ranks among the top 25 companies in the FTSE-100 by market capitalisation. The
Londonheadquartered group has operated for over 150 years in some of the
world’s most dynamic markets, leading the way in Asia, Africa and the Middle
East. Its income and the number of employees have more than doubled over the
last five years primarily as a result of organic growth and supplemented by
acquisitions.
Standard Chartered
aspires to be the best international bank in its markets through leading by example
to be the right partner for its stakeholders. The group now employs 73,000
people, representing 115 nationalities, in more than 1,700 branches and outlets
located in over 70 countries. The bank derives more than 90 per cent of its perating income and profits from Asia,
Africa and the Middle East, with balanced income derived from both Wholesale
and Consumer Banking.
The group is
committed to building a sustainable business over the long term and is trusted
worldwide for upholding high standards of corporate governance, social
responsibility, environmental protection and employee diversity. For more
information, please visit: www.standardchartered.com
Infrastructure
Development Finance Company Limited
Infrastructure
Development Finance Company Limited (“IDFC”) was incorporated in 1997 as a
public limited company under the Companies Act, 1956. IDFC listed its equity
shares in India pursuant to an initial public offering in August 2005. As at 31
December 2007, IDFC’s shareholders included the Government of India 20%,
foreign investors (including Government of Singapore, Khazanah Nasional Berhad,
IFC, AIG amongst others) - 49% and public / others 31%. As of 5 March 2008,
IDFC’s market capitalisation was approximately USD5.8 billion.
IDFC’s existing
businesses, directly and through its subsidiaries, include project finance,
principal investments, asset management (for third party funds), investment
banking, institutional broking (through IDFC-SSKI), and advisory services.
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.40.10 |
|
UK Pound |
1 |
Rs.80.40 |
|
Euro |
1 |
Rs.63.31 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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. |
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 |
|