MIRA
INFORM REPORT
|
Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
W B ENGINEERS INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Registered Office : |
C 21 /22, Liberty Society, north Main Road, Koregaon Park , Pune – 411 001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
4.12.1980 |
|
|
|
|
Com. Reg. No.: |
11-23521 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29212PN1980PTC023521 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturing processing, repairing and selling of
agricultural machineries and equipments like tractors, earthmoving
machineries and equipments like scrapers, bulldozers, earth drilling
machineries like fork lift trucks, oil, petrol, gas, coal and all kinds of
compressors, hand tools, garage tools, machine tools, etc |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 280680 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Their trade relations are fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
C 21 /22, Liberty Society, north Main Road, Koregaon Park , Pune – 411 001, Maharashtra |
|
Tel. No.: |
91-20-30581800 / 01/41035555 |
|
Fax No.: |
91-20-30581700 |
|
Website : |
|
|
|
|
|
Administrative Office: |
11, White Flint Nest, North Main Road, Koregaon Park, Pune
– 411001, Maharashtra India |
|
Tel. No.: |
91-20-26121800 |
|
Fax No.: |
91-20-2612 1700 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Wilfred Barreto |
|
Designation : |
Director |
|
Address : |
Lote G. No. 6,
Quinta Da Bicuda Torre 2750, Cascais, Portugal |
|
Date of Birth/Age : |
09.04.1920 |
|
Date of Appointment : |
04.12.1980 |
|
|
|
|
Name : |
Ms. Marietta Barreto |
|
Designation : |
Director |
|
Address : |
75, The Quandrangle, South Wick Street, London, W-2,
United Kingdom |
|
Date of Birth/Age : |
13.08.1958 |
|
Date of Appointment : |
01.05.1990 |
|
|
|
|
Name : |
Mrs. Maria Barreto |
|
Designation : |
Director |
|
Address : |
Lote G. No. 6, Quinta Da Bicuda Torre 2750, Cascais,
Portugal |
|
Date of Birth/Age : |
30.06.1930 |
|
Date of Appointment : |
15.02.1996 |
|
|
|
|
Name : |
Mr. Ramchandra
Kuppuswami |
|
Designation : |
Director |
|
Address : |
408, Gera Park, Boat Club Road, Pune – 411001, Maharashtra |
|
Date of Birth/Age : |
11.07.1931 |
|
Date of Appointment : |
08.0701999 |
|
|
|
|
Name : |
Mr.Brian Barreto |
|
Designation : |
Director |
|
Address : |
Lote G. No. 6, Quinta Da Bicuda Torre 2750, Cascais,
Portugal |
|
Date of Birth/Age : |
10.05.1967 |
|
Date of Appointment : |
08.03.02 |
KEY EXECUTIVES
|
Name : |
Mr. C V Kulkarni |
|
Designation : |
Company Secretary |
|
Address: |
Flat No. 2, B Wing, “ Suyash Apartment”, 769/770, Sadashiv Peth,
Barrister Gadgil Street, Pune – 411 030, Maharashtra |
|
E Mail ID: |
|
|
Tel No: |
91-20-24467238 / 24467239 |
|
Mobile No: |
91-9422309448 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Mrs. Maria Barreto |
|
1800 |
|
Mr. Brian Barreto |
|
1300 |
|
Ms. Marietta Barreto |
|
265624 |
|
Mr. Yvetta Barreto |
|
1300 |
|
Ms. Maria Isabel Barreto |
|
1300 |
|
Mr. Karl Barreto |
|
1300 |
|
Mr. Analisa Barreto |
|
1300 |
|
Ms. Jacqueline Barreto |
|
1300 |
|
Mr. Ramchandra Kuppuswami |
|
100 |
|
|
Total
|
275324 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing processing, repairing and selling of
agricultural machineries and equipments like tractors, earthmoving
machineries and equipments like scrapers, bulldozers, earth drilling machineries
like fork lift trucks, oil, petrol, gas, coal and all kinds of compressors,
hand tools, garage tools, machine tools, etc |
GENERAL
INFORMATION
|
Customers : |
v Coal and Cement Companies · Neyveli Lignite Corporation · J.K. Cements · Singareni Collieries Company Limited · Binani Cements · Aditya Cements Following Subsidiaries of Coal India Limited · Vikram Cements · Malabar Cements · Eastern Coalfields Limited · Rajshree Cements · Western Coalfields Limited ·
India Cements
Limited · Northern Coalfields Limited · Vasvadatta Cements · Bharat Coking Coal Limited · Birla Cement Works · Mahanadi Coalfields Limited ·
Madras
Cements Limited · South Eastern Coalfields Limited ·
Larsen and
Toubro Cement Company ·
Associated
Cement Company Limited ·
Century Cements
J.K. Cements · Lakshmi Cements and Ceramics Inc. Limited. · Iron Ore · Government · N.M.D.C. Limited · Govt. of Maharashtra · Kudremukh Iron ore Company Limited · Hindustan Zinc. Limited · Gujarat Mineral Development Corporation. Limited · Hindustan Copper Limited. · Vishakhapatnam Port Trust Following Iron Ore Mining Company in Goa. · Ahmedabad Electricity Company Limited · Gujarat State Electricity Board · Sesa Goa Limited · Andhra Pradesh Agro Industries · Bandekar Bros. · Maharashtra State Electricity Board · Chowgule and Company Limited · Rajasthan State Mines and Minerals Limited · Dempo Mining Corporation. · Gujarat State Land Development Corporation Limited · V.M.Salgascar and Bro Limited · Salgascar Mining Industries · Steel Plants · Private Contractors · Bhillai Steel Plant · E.C.C. Limited · Bokaro Steel Plant · Afcons Limited · Tata Iron and Steel Company. · Plasser India · Rourkela Steel Plant · Delta Construction Company · Steel Authority of India Limited. · Vishakhapatnam Steel Plant |
|
|
|
|
No. of Employees : |
Total 50 |
|
|
|
|
Bankers : |
· Bank of Maharashtra Industrial Finance Branch Pune: 411004 Maharashtra · ICICI Bank · ABN Amro Bank |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Sharad P Joshi and Company Chartered Accountant |
|
Address : |
209, Indulal Commercial Complex, L B Shastri Road, Navi Peth, Pune – 411030 Maharashtra |
|
Tel. No.: |
91-20-24321437 |
|
Fax No.: |
91-20-24331584 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries
: |
Mining And Construction Equipment Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Share |
Rs.10/-each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3920230 |
Equity Share |
Rs. 10/-
each |
Rs. 39.202
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
39.202 |
27.532 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
30.968 |
11.139 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
70.170 |
38.671 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
148.764 |
29.809 |
|
|
2] Unsecured Loans |
|
3.496 |
13.905 |
|
|
TOTAL BORROWING |
|
152.260 |
43.714 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
222.430 |
82.385 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
103.324 |
53.588 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.474 |
0.474 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
64.460 |
6.032 |
|
|
Sundry Debtors |
|
96.065 |
16.769 |
|
|
Cash & Bank Balances |
|
51.036 |
32.003 |
|
|
Other Current Assets |
|
0.632 |
0.220 |
|
|
Loans & Advances |
|
35.767 |
20.250 |
|
Total
Current Assets |
|
247.960 |
75.274 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
116.915 |
44.954 |
|
|
Provisions |
|
12.413 |
1.997 |
|
Total
Current Liabilities |
|
129.328 |
46.951 |
|
|
Net Current Assets |
|
118.632 |
28.323 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
222.430 |
82.385 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
185.982 |
61.839 |
|
|
Other Income |
|
4.687 |
0.000 |
|
|
Total Income |
|
190.669 |
61.839 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
30.245 |
1.949 |
|
|
Provision for Taxation |
|
10.416 |
0.872 |
|
|
Profit/(Loss) After Tax |
|
19.829 |
1.077 |
|
|
|
|
|
|
|
|
Export Value |
|
4.581 |
2.981 |
|
|
|
|
|
|
|
|
Import Value |
|
213.256 |
3.618 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Depreciation & Amortization |
|
12.013 |
0.000 |
|
|
Other Expenditures |
|
148.411 |
59.890 |
|
Total Expenditure |
|
160.424 |
59.890 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
10.39 |
1.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
16.26 |
3.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
8.60 |
1.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.43 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.01 |
2.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.91 |
1.60 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the
company |
W.
B. Engineers International Private Limited |
|
Presented
By |
W. B. Engineers International Private Limited |
|
1) Date and
description of instrument creating the change |
18.03.2005 Composite Deed of Hypothecation for all
facilities. |
|
2) Amount secured by
the charge/amount owing on the securities of charge |
Rs.17.600 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 and exclusive charge and security by way of hypothecation
security charge in favour of the bank
over the company’s present and future movable plants, machineries, goods
stocks of raw materials, item, inventories, stocks, in process, semi-finished
and finished goods, stores and spares, not relating to plant and machinery
(consumable stores and spares), stock in trade, goods, in process movable in
transit, bills receivables and book debts and all of the company’s other
movable assets and properties, both present and future situated or located at
any place and now lying, being affixed or installed at any, being affixed or
installed at any place at any time and the 90 company’s goodwill and all
outstanding monies, claim, receivables, book, debt due on become due to the
company any time or from time to time and all of the company’s rights, title
or interest therein. First and exclusive charge and security by way of hypothecation charge
over the company’s present and future movable plants and machineries such as
computers furniture and fixture, air conditioners fax machines, office
equipments, tolls plant and machinery |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Repayable on demand Details of facilities granted are as under: Project loan for Rs.15.000 Millions Working Capital (Sub limit within project Loan: ) Import/Inland LC Rs.11.400
Millions Bank Guarantee Rs.2.600 Millions Interest/Commission : Project Loan 3% over PLR minimum 14.25% p.a. present monthly rests Import/Inland LC and Bank
Guarantee: Comm: As per C.O.Guidelines Project Loan repayable by 31.05.2005 |
|
5) Name and
Address and description of the person entitled to the charge. |
Bank of Maharashtra Industrial Finance Branch, 1183/A, F.C. Road, Pune 411 005 |
|
Corporate
identity number of the company |
U29212PN1980PTC023521 |
|
Name of the
company |
W B Engineers
International Private Limited |
|
Address of the
registered office or of the principal place of business in India of the company |
C 21/22 Liberty
Society North Main Road koregaon Park, Pune:411001 Maharashtra India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Hypothecation |
|
Nature of
instrument creating charge |
Composite Deed of
Hypothecation for all facilities |
|
Date of
instrument Creating the charge |
03/08/2006 |
|
Amount secured by
the charge |
Rs.73.000Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Term Loan Rs.17.400
Millions ROI 11.25% or as determined by the bank from time to time import
Letter of Credit Rs. 55.7 Millions, ROI 13.25% TL Repayment
within 4 Years |
|
Description of
the property charged |
· Plant and machinery · Book debts · Stock in trade |
|
Particulars of
the property charged |
First and
Exclusive charge and security over company’s presents and future movable
plants machineries, goods, Stock of raw materials, items, inventories, stock
in process, semi finished and finished goods, store and spares( consumable
stores and spares) stock in trade, goods in process, movable in transit and
tangible and intangible assets, vehicles, goodwill trade mark, copyright
patent and all outstanding monies, claim bills receivable book debts to
company. |
COMPANY PROFILE
The Founder and Chairman of WBEI, Mr.
Wilfred Barreto, a Mechanical Engineer with a Doctorate in Business Management,
has over forty years of experience in the field of agricultural, construction
and earthmoving equipment. He played an important role in bringing Caterpillar,
Poclain and John Deere (Agricultural) to India during his tenure with Larsen
and Toubro, Mumbai.
Message from the
Chairman
"Our guiding philosophy for over two decades has been our insistence
on excellence, based on total integrity in our dealings with our suppliers,
colleagues and clients. This we have demonstrated by the consistently high
quality of products supplied, efficient after-sales service rendered,
reliability of spare parts and our complete dedication to customer care. As the
world-wide operations of our group continue to expand, our aim is to maintain
our traditional emphasis on excellence".
-Mr. W. Barreto
Company Profile
Subject is a well-established Indian Company primarily engaged in
providing product support services to the mining and construction industry in
India.
The Company presents the Indian market with an exclusive range of
quality equipment and components, the challenges of impeccable levels of
product quality and service, firm commitment to customer satisfaction and
maximum focus on users needs, laying the foundations for long lasting business
partnerships.
Subjects are well represented throughout the country with a network of
branch offices as well as local agents for marketing of their products. A
mobile team of highly qualified and skilled engineers is available at a short
notice to repair and service clients' equipment. They also train clients'
personnel on preventive maintenance both to reduce downtime as well as for
basic maintenance operations.
Over the years, subject has developed extensive contacts across the
broad spectrum of the Indian mining and construction industry with special
emphasis on product support, commitment to quality and prompt deliveries.
Major Achievements
Mr. W. Barreto was personally responsible for sale of almost four
thousand agricultural machines (Tractors, Combine Harvesters etc.) valued at
approximately US $ 160 million, in the Middle East.
Sale and service of earthmoving and construction equipment including
crawler dozers, loaders, pipe layers and heavy duty trucks valued at over US $
100 million in the Middle East and in India.
Achieving a major share of the undercarriage market in India.
NEWS
AND RELEASES:
12.01.2008
W.B.Engineers will be participating in the
“International Mining Exhibition” Being held at Netaji Indoor Stadium, Kolkata
from Jan. 17-20, 2008.
All the Mine Owners and Contractors are
invited to visit us at stall 14,15 to get a first-hand appraisal of the most
comprehensive range of the state-of-art crushing, screening and washing plants
manufactured by Terex- Finlay of U.K.
W.B.Engineers are offering tailor- made
solutions for all your requirements of crushing, screening and washing equipment :
- Outright purchases at most competitive prices.
- Lease rental on long-term lease.
- Operation and Maintenance of equipment.
- Annual Maintenance Contract.
Product Specialists form W.B.Engineers are
available at the stall to assist you in selecting the exact match for your
specific application in order to maximize efficiency and increase
profitability.
10.11.2007
W.B.Engineers will be
Participating in the Excon 2007 fair to be held in Bangalore from
Nov.14-18, 2007. Latest State-of-the-art
Finlay equipment will be on display at their stall 26,26A at outer 1.
Terex Finlay experts will be at the stall to offer complete solutions
for crushing, screening and washing requirements of contracting and mining
companies.
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.44.37 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.63.41 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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/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 |
|