MIRA
INFORM REPORT
|
Report Date : |
23.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
ASIAN PPG INDUSTRIES LIMITED |
|
|
|
|
Registered Office : |
6 A, Shanti Nagar Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
19.02.1997 |
|
|
|
|
Com. Reg. No.: |
11-105961 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24200MH1997PLC105961 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA11672D |
|
|
|
|
Legal Form : |
A closely held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturing and Marketing of paints,
varnishes, enamels or lacquers. |
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 6600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
6 A, Shanti Nagar Estate,
Vakola Pipeline Road, Santacruz (East), Mumbai – 400 055, Maharashtra, India |
|
Tel. No.: |
91-22-56958000 / 39818000 / 67538700 |
|
Fax No.: |
91-22-56958888 / 26528044 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative Office : |
158, Vidyanagri Marg, Dani Wooltex Compound, Kalina, Santacruz (East),
Mumbai – 400 098, Maharashtra, India. |
|
Tel. No.: |
91-22-26526387 / 26528001 / 67538700 / 26528044 |
|
Fax No.: |
91-22-26528044 |
|
Email : |
|
|
|
|
|
Factory: |
· APPG – Ankleshwar, 2602, GIDC Industrial Estate, Ankleshwar – 393 002, Gujarat, India · APPG – LBS Marg, Post Box No. 7318, Bhandup, Mumbai – 400 078, Maharashtra · APPG _ A -1, UPSIDC Industrial Area, Kasna II Village, greater Noida , District G Budh Nagar Noida – 203 207, Uttar Pradesh, India · APPG , P I Nos. 50-55, industrial Development Area, Phase –II, Patancheru , district Medaka, Andhra Pradesh, India
Located at · Chakan in Pune, · Maharashtra (under construction) |
|
|
|
|
Promoters Company : |
|
|
|
|
|
Branches : |
Located in all Capital Cities of India |
DIRECTORS
|
Name : |
Mr. John R. Alexander |
|
Designation : |
Director |
|
Address : |
403, Alpen Court, Wexford, USA - 15090 |
|
Date of Birth/Age : |
31.08.1955 |
|
Date of Appointment : |
02.11.2004 |
|
|
|
|
Name : |
Mr. Michael Ludlow |
|
Designation : |
Director |
|
Address : |
306, Golf Side Drive, Waxford, PA 15990, USA |
|
Date of Appointment : |
01.04.1999 |
|
|
|
|
Name : |
Mr Ashwin C Choksi |
|
Designation : |
Director |
|
Address : |
11-A, Jeevan Asha, 60 A, Peddar Road, Mumbai – 400 026, Maharashtra,
India |
|
Date of Birth/Age : |
01.06.1943 |
|
Date of Appointment : |
01.08.1997 |
|
|
|
|
Name : |
Mr Ashwin S. Dani |
|
Designation : |
Director |
|
Address : |
Home Villa Co-operative Society Limited, 48, Krishna Sanghi Path,
Mumbai – 400 007, India. |
|
Date of Birth/Age : |
24.10.1942 |
|
Date of Appointment : |
01.08.1997 |
|
|
|
|
Name : |
Mr. Dennis A Kovalsky |
|
Designation : |
Director |
|
Address : |
1444 Fairfax, Birmingham - 48009, USA |
|
Date of Birth/Age : |
09.05.1951 |
|
Date of Appointment : |
01.03.2003 |
|
|
|
|
Name : |
Mr. Rich Alexander |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vincent Robin |
|
Designation : |
Alternate Director |
|
|
|
|
Name : |
Mr. Viktor Sekmakas |
|
Designation : |
Alternate Director |
|
|
|
|
Name : |
Mr. Manish Mahendra Choksi |
|
Designation : |
Director |
|
Address : |
402, Shiv Thirth, B Desai Road, Mumbai – 400 026, Maharashtra, India |
|
Date of Birth/Age : |
12.09.1967 |
|
Date of Appointment : |
08.08.2007 |
|
|
|
|
Name : |
Mr. Sagar Khade |
|
Designation : |
Director |
|
Address : |
B 14, Golden Rock, CHS Sunder Nagar, Kalina, Mumbai – 400 098,
Maharashtra, India |
|
Date of Birth/Age : |
06.05.1979 |
|
Date of Appointment : |
03.02.2006 |
KEY EXECUTIVES
|
Name : |
Mr. V. S. Ram |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Yogesh R. Shroff |
|
Designation : |
Company Secretary |
|
Address : |
701-A, Poonam Residency I, Holy Cross
Road, Extn. I. C. Colony, Borivali (West), Mumbai – 400 103 |
|
Date of Appointment : |
14.08.2002 |
|
|
|
|
Name : |
Mr. Sagar S. Khade |
|
Designation : |
Secretary |
|
Address : |
C-9, Royal Diamond Park Housing Cooperative Society Ltd., Vakola,
Mumbai – 400055, Maharashtra |
MAJOR SHAREHOLDERS
(As on 04.06.2008)
|
Names of Shareholders |
No. of Shares |
|
Asian Paints (India) Limited (Mumbai) |
14625000 |
|
PPG Industries Securities (USA) |
14625000 |
|
|
|
|
Total |
29250000 |
Equity shares Breakup (percentage of total equity)
(As on 04.09.2008)
|
Category |
Percentage |
|
Foreign Holding
(Foreign Institutional Investor, Foreign Companies Foreign Financial
Institution, Non-Resident Indian Or Overseas Corporate Bodies. |
50.00 |
|
Bodies corporate
|
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of paints,
varnishes, enamels or lacquers. |
|
|
|
|
Products : |
Item Code No (ITC Code) Products Description |
|
|
32089003 Synthetic Enamel, Other
Colours |
|
Imports : |
|
|
Products : |
Raw materials |
|
Countries : |
·
USA ·
BASF ·
Germany against L/C terms. |
GENERAL INFORMATION
|
Customers : |
· Auto Giants · Bajaj Auto Limited · Bajaj Tempo Lmited · Fiat India Lmited · Ford India Lmited · General Motors India Limited · Hero Honda Motors Limited · Honda Siel Cars (India) Limited · Hyundai Motor India Limited · Kinetic motors company Limited · Mahindra and Mahindra limited · New Holland Tractor India private limited · Steel Strips Wheels Limited |
||||||||||||||
|
|
|
||||||||||||||
|
No. of Employees : |
Around 450 (50 persons in office and 400 persons in factory.) |
||||||||||||||
|
|
|
||||||||||||||
|
Bankers : |
· State Bank of India, Killick House, Fort, Mumbai – 400 001 · State Bank of India Madame Cama Road, Nariman Point , Mumbai – 400 001, Maharashtra,
India ·
State
Bank of India Corporate accounts group, central office,
express Towers, 20th Floor, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
||||||||||||||
|
|
|
||||||||||||||
|
Facilities : |
Note Secured by first charge on movable assets and book debts |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
·
C. C. Chokshi
and Company Chartered Accountants Address 1: Mafatlal House,
Backbay Reclamation, Mumbai – 400 020, Maharashtra, India Address 2: 12, Dr. Annie Besant
Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra, India Tel
No.: 91-22-22854330 ·
Deloitte Haskins and Sells Chartered Accountants Address:
12,
Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Worli, Mumbai – 400 018,
Maharashtra, India |
|
|
|
|
Associates/Subsidiaries
: |
Faaber Paints Private limited CIN : U24222TN1986PTC012894 |
CAPITAL STRUCTURE
(As on 04.09.2008)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Share |
Rs.10/- Each |
Rs.400.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29250000 |
Equity Share |
Rs.10/- Each |
Rs.292.500
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
292.500 |
292.500 |
292.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1020.840 |
739.400 |
601.170 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1313.340 |
1031.900 |
893.670 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
515.800 |
229.440 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
5.270 |
|
|
TOTAL BORROWING |
515.800 |
229.440 |
5.270 |
|
|
DEFERRED TAX LIABILITIES |
17.370 |
16.040 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1846.510 |
1277.380 |
898.940 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
518.100 |
464.740 |
45.060 |
|
|
Capital work-in-progress |
30.430 |
1.100 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
50.120 |
40.100 |
263.700 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
852.310
|
806.300
|
530.770
|
|
|
Sundry Debtors |
757.680
|
550.530
|
435.360
|
|
|
Cash & Bank Balances |
52.110
|
50.880
|
45.340
|
|
|
Other Current Assets |
0.000 |
0.000
|
0.000
|
|
|
Loans & Advances |
389.800
|
130.690
|
42.670
|
|
Total
Current Assets |
2051.900
|
1538.400
|
1054.140 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
735.530
|
686.450
|
463.750
|
|
|
Provisions |
68.510
|
80.510
|
0.210
|
|
Total
Current Liabilities |
804.040
|
766.960
|
463.960 |
|
|
Net Current Assets |
1247.860
|
771.440
|
590.180 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1846.510 |
1277.380 |
898.940 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
|
|
|
|
|
|
Sales Turnover |
3823.320 |
2936.630 |
2399.960 |
|
|
Other Income |
22.560 |
24.300 |
17.860 |
|
|
Total Income |
3845.880 |
2960.930 |
2417.820 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
511.190 |
284.120 |
319.430 |
|
|
Provision for Taxation |
181.840 |
95.500 |
111.050 |
|
|
Profit/(Loss) After Tax |
329.350 |
188.620 |
208.380 |
|
|
|
|
|
|
|
|
Export Value |
1.370 |
1.860 |
3.180 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
1663.310 |
1561.110 |
1273.580 |
|
|
Purchases made for re-sale |
561.530 |
409.320 |
205.600 |
|
|
Consumption of stores and spares parts |
141.660 |
143.170 |
120.180 |
|
|
Increase/(Decrease) in Finished Goods |
(1.610) |
(147.830) |
(47.110) |
|
|
Salaries, Wages, Bonus, etc. |
199.450 |
120.940 |
101.900 |
|
|
Payment to Auditors |
1.410 |
1.160 |
0.860 |
|
|
Interest |
22.030 |
9.040 |
2.800 |
|
|
Insurance Expenses |
6.290 |
5.780 |
3.890 |
|
|
Depreciation & Amortization |
43.090 |
5.570 |
3.740 |
|
|
Other Expenditure |
697.530 |
568.550 |
432.950 |
|
Total Expenditure |
3334.690 |
2676.810 |
2098.390 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
8.56
|
6.37
|
8.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.11
|
9.68
|
13.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.89
|
14.18
|
29.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.28
|
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.00
|
0.97
|
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.55
|
2.01
|
2.27 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:-
|
Name of the company |
ASIAN PPG INDUSTRIES
LIMITED |
|
Presented By |
V.S. Ram |
|
1) Date and description of instrument creating the change |
Agreement of
hypothecation of goods and assets for working capital loan, executed on 10th
august 1999 with State Bank of India |
|
2) Amount secured by the charge/amount owing on the securities of charge |
RS.300.000
millions |
|
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 |
First Charge on
moveable assets and Book Debts 1) RM/Finished
Goods – 24% 2) Stock in
Process – 33 1/3% 3) Book Debts –
50% 4) Stores &
Spares – 60 % |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As Mentioned in
the Agreement |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Corporate
accounts group, central office, express Towers, 20th Floor,
Nariman Point, Mumbai – 400 021, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Charge has been
modified by reducing the working capital limit from RS.370.000 millions to
Rs. 300.000 millions on 27th march 2001 |
|
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. |
Working capital
limits have been revised to Rs.300.00 millions with effect from 27th
march 2001. |
|
Name of the
company |
ASIAN PPG INDUSTRIES LIMITED |
|
Presented By |
Mr. V S Ram |
|
1) Date and
description of instrument creating the change |
Agreement of
hypothecation of goods and assets for working capital loan, executed on 10th
august 1999 with State Bank of India |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 370.000
millions |
|
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 |
First Charge on
moveable assets and Book Debts 1) RM/Finished
Goods – 24% 2) Stock in
Process – 33% 3) Book Debts –
50% 4) Stores &
Spares – 60 % |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
As mentioned in the agreement |
|
5) Name and
Address and description of the person entitled to the charge. |
State Bank Of India Madame Cama Road, Nariman Point , Mumbai –
400 001, Maharashtra |
|
6) Date and brief description of instrument
modifying the charge |
Original Document
|
FIXED ASSTES
· Leasehold land
· Factory Building
· Plant and machinery
· Computers
· Furniture and fixtures
· Office Equipments
· Vehicles.
Web Details
Business lines
OEM
Original Equipment (OE) broadly
consists of two sections:
·
Auto OE - (e.g.: Passenger car and MUV
manufacturers)
·
General Industrial - (e.g.: 2 wheelers,
3 wheelers, commercial vehicle auto ancillary manufacturers etc)
The Original Equipment (OE)
division of Subject has earned the distinction of being the first Indian paint
manufacturing company to be certified with TS 16949. The role of this
certification is to fulfill the requirements of s
subject's automotive customers
through superior products and services. The objective of this certification is
to have efficient business processes that provide
·
continuous improvement in quality and
productivity
·
emphasis on defect prevention and
·
reduction of variation and wastage in
the supply chain
The OE business can be broadly
classified into two categories viz:
·
Automotive that deals with passenger
cars and Multi-Utility Vehicles (MUVs)
·
General Industrial that deals with
two-wheelers, three-wheelers, tractors, commercial vehicles, etc.
The prime benefits which
we offer to the automotive customers are:
·
Proven global technology which has
world-wide acceptance and consumer satisfaction.
·
Excellent service support, executed
through in-house state-of-the-art R and D centre and PPG's International Colour
Development and Application centres.
·
The ever evolving and rapidly growing
market trends and changing customer tastes can be fulfilled with extensive
research carried out at our laboratory in Mumbai . The services in India are on
par with international standards. Product quality and productivity programmes
are carried out jointly with customers.
The vast technological
capabilities and excellent service support system enables the OE business to
emerge as a leading player in the automotive market.
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.49.29 |
|
UK Pound |
1 |
Rs.80.40 |
|
Euro |
1 |
Rs.63.35 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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 |
|