Whereas the promoters’ average cost of acquisition is just 33 paise or less, they want a valuation of Rs 730 from the public.
The company’s long standing track, brand popularity, impressive current working, healthy financials notwithstanding, post-demonetization slowdown, weakening rupee, low margin business, rebounding petrochemical prices, etc., may cause some discomfort in the near term. Will the promoters, who have closely held their business for 45 long years and now going public for the first time to sell their own stake, care to reward investors on such steep valuation? If the 85-year-old three-term Lok Sabha Member-promoter can do that, she will stand apart from other politician-businessmen.
|
OFFER AT A GLANCE |
|
|
Name |
Sheela Foam Ltd |
|
Public Offer |
Offer for Sale of 69.86 lakh to 75 lakh shares |
|
Offer % on Total Equity |
14.32% to 15.37% |
|
Post-IPO Promoter Stake |
84.63% to 85.68% |
|
Offer Price (FV 5) |
Rs 680-730 |
|
Offer Amount |
Rs 510 cr |
|
Application Quantity |
20 & Multiples of 20 |
|
Bid/Offer Opens |
November 29, 2016 |
|
Bid/Offer Closes |
December 1, 2016 |
|
Share Allotment |
December 6, 2016 |
|
Refund Process |
December 7, 2016 |
|
Demat Credit |
December 8, 2016 |
|
Share Trading |
December 9, 2016 |
|
Listing at |
BSE and NSE |
|
IPO Rating |
Nil |
|
Book Running Lead Managers |
Edelweiss Financial, ICICI Securities |
|
Registrars |
Link Intime |
The IPO
The present IPO is an `offer for sale’ of Rs 510 cr from promoter company, Polyflex Marketing Private Ltd. On the price band of Rs 680-730, the quantum of the offer works out to 69.86 lakh to 75 lakh shares Rs 5 each. Investors should apply for a minimum of 20 shares and multiples of 20 thereafter. The IPO would constitute 14.32 to 15.37% of the paid up capital of the company (Rs 24.39 cr). Post-offer, the promoters and their associates would hold between 84.63% and 85.68% of the equity. Edelweiss Financial and ICICI Securities are acting as book running lead managers to the offer.
IPO Object
The main object of the present offer is to facilitate the promoters to encash a part of their holdings and also to list the shares on the stock exchanges.
Pedigree
The New Delhi-registered Sheela Foam Ltd (SFL), though new to the investing public, is having a long standing record of four and a half decades. SFL is marshaled by the mother-son duo Sheela Gautam (85) and Rahul Gautam (64) who has transformed the company from a small foam producing unit to the position of a leading manufacturer of mattresses and technical PU Foam in India. Whereas the mother directly holds 36% equity in the company, the son is having 20.41%.
Sheela Gautam, currently designated as Chairperson Emeritus of the company holds a bachelor’s degree in arts from Lucknow University. She was reportedly a member of the Lok Sabha from 1991 to 2004. Rahul Gautam, who has been associated with the company since 1971 and designated as Managing Director since April 1996, holds a bachelor’s degree in technology (chemical engineering) from the Indian Institute of Technology, Kanpur and a master’s degree in science (chemical engineering) from the Polytechnic Institute of New York. He is currently Chairman Emeritus of the Indian Polyurethane Association.
The second largest shareholder of SFL is Polyflex Marketing Private Ltd (27.75% or 13,537,674 shares). This `promoter-company’ is currently offering about 14-15% (70-75 lakh shares to public. Interestingly, though designated as one of the promoters of SFL and also the entire equity is held by Rahul Gautam’s family, Polyplex is not considered as a group company of the promoters! Polyflex is enabled under its memorandum of association to acquire, create, develop, promote, hire, lease, sell brand names monograms, logos trademarks by way of advertisements and promotional activities relating to all kinds of foam, rubber, synthetic, rexine, plastic and textile products and to carry on business of buying, selling, importing, exporting, packaging marketing and dealing in items of polyurethane foam, latex foam, rubberized coir, etc. However, as per the offer document, Polyflex is currently engaged in trading of mattresses and foam.
SFL has attained its present enviable size (Rs 1700 cr consolidated revenue) through both organic and inorganic routes. Incorporated in 1971, SFL commenced production in its Sahibabad facility in 1972 and launched the `Feather Foam’ brand. In 1994 the company introduced the `Sleepwell’ brand. During 1996-97 it set up manufacturing facilities at Silvassa and Hyderabad. The company started rubberized coir production in Pondicherry and Sahibabad in the year1997-98. The company’s Greater Noida facility was set up in 2001. In 2003 SFL acquired/amalgamated Auora Foams P Ltd, Feather Foam Enterprises P Ltd, Soft Foam Industries P Ltd and Pallavi Foam Industries P Ltd besides setting up its facility in Sikkim.
In 2005 SFL incorporated a wholly owned subsidiary, Joyce, in Australia to acquire the business of Joyce Corporation ltd, Joyce Indpac Ltd and Marfoam Pty Ltd. In 2010 it introduced variable pressure foaming technology in Joyce. In 2011 SFL set up its Erode facility and also amalgamated Serta India P Ltd. Four more companies viz. SNB Bedding International P Ltd, Starlite India P Ltd, RG Pillow (India) P Ltd and Auora Foams P Ltd merged with SFL in the year 2013.
Operational Track
Having commenced operations in 1972, SFL currently owns and operates 11 manufacturing facilities in India for manufacturing home comfort products. Five of these facilities also manufacture PU Foam. The facilities located in Greater Noida, Talwada and Hyderabad are reportedly ISO:9001 certified. The company’s domestic installed capacity of foam currently stands at 123,000 TPA. In addition to SFL’s local production, Joyce operates five units in Australia manufacturing PU Foam primarily through variable pressure foaming technology with an aggregate capacity of 10,500 TPA.
Over the last two decades, SFL has developed Sleepwell as an overarching brand associated with comprehensive and quality home-comfort solutions. The recall of the brand has been established by an extensive suite of products that range from baseline bedding and furniture cushioning material to ergonomically tailored offerings. As on September 30, 2016, SFL’s pan-India distribution network consists of over 100 exclusive distributors, over 2,000 exclusive retail dealers and over 2,500 multi-brand outlets. In addition, the company sells technical foams in India directly to manufacturers in the industries and also exports technical foams to countries in the Middle East, South Asia and Europe and Australia, the United States, Brazil and Argentina.
As regards SFL’s financial performance, between fiscals 2012 and 2016, the company’s consolidated net revenue grew from Rs 1,045 cr to Rs 1,550 cr, representing a CAGR of 10.4%, EBITDA surged from Rs 67 cr to Rs 210 cr at a CAGR of 32.8% and profit after tax leapt from Rs 8 cr to Rs 105 cr, registering a CAGR of 91.3%. This indeed looks attractive against an equity base of less than Rs 25 cr and a net block of about Rs 300 cr. The company’s profitability has remarkably improved in last two years thanks to the ease in petrochemical prices. While sales registered a steady growth, material cost dropped from 60% to 51% during this period as the cost of main raw materials Polyol and TDI declined from Rs 149 and Rs 164 to Rs 106 and Rs 110 respectively.
|
SHEELA FOAM’S CONSOLIDATED PERFORMANCE |
||||||
|
(Amt in Lakh) |
Sep-16 |
Mar-16 |
Mar-15 |
Mar-14 |
Mar-13 |
Mar-12 |
|
REVENUE |
79550 |
154,999 |
141,767 |
127,109 |
114,902 |
104,490 |
|
EBIDTA |
12,230 |
20,977 |
11,223 |
8,586 |
10,664 |
6,737 |
|
OPER MARGIN% |
14.3 |
12.4 |
7.2 |
6.7 |
8.2 |
5.9 |
|
OTHER INCOME |
825 |
1,681 |
1,058 |
56 |
1,244 |
591 |
|
INTEREST |
550 |
1,167 |
1,619 |
1,916 |
2,312 |
2,427 |
|
DEPRECIATION |
1,438 |
2,927 |
2,795 |
3,000 |
3,145 |
2,520 |
|
PRE-TAX PROFIT |
9,417 |
15,202 |
5,751 |
3,614 |
3,963 |
1,200 |
|
TAX |
3117 |
4,749 |
1,365 |
743 |
630 |
104 |
|
NET PROFIT |
6,595 |
10,479 |
4,267 |
2,784 |
3,085 |
782 |
|
EQUITY |
2,439 |
1,626 |
1,626 |
1,626 |
1,626 |
1,620 |
|
RESERVES |
38,025 |
32,217 |
22,878 |
18,030 |
15,326 |
12,156 |
|
RAW MAT. COST |
41,478 |
80,888 |
85,501 |
76,932 |
||
|
POLYOL COST |
17,365 |
37,130 |
40,741 |
34,561 |
||
|
TDI COST |
10,154 |
17,434 |
21,105 |
20,988 |
||
|
POLYOL PRICE/KG |
106 |
126 |
149 |
137 |
||
|
TDI PRICE/KG |
139 |
111 |
150 |
164 |
||
Valuation
SFL has fixed the IPO price band at Rs 680-730 for a share of Rs 5 paid up. At the higher end (Rs 730), the company’s fiscal 2016 earnings are discounted about 27 times and net worth about 8 times. Compared to the valuation of some of the recent IPOs, SFL’s P/E does not look very steep but, will it sustain and yield adequate returns is a moot point. How does SFL compare with industry peers? “None of the listed companies in India are engaged in our line of business”, claims SFL’s offer document. This truly exposes the knowledge and understanding of the merchant bankers!
Though may be smaller in scale of operation, a couple of mattress manufacturers are already listed on the stock exchanges. South-based more than five-decade-old MM Rubber (maker of the brand `MM Foam’), despite coming from the stable of the most valued stock in the country today (MRF), had only about Rs 20 cr revenue last year and its market cap is just Rs 8 cr discounting its recent earnings 17 times. Gujarat-based 29-year-old Tirupati Foam, maker of “Sweet Dream” brand of mattresses, logged a turnover of Rs 87 cr last year against which its market cap amounts to only Rs 18 cr discounting its earnings a little more than 11 times. Tirupati’s current price (around Rs 40) carries an attractive dividend yield of 5%. Considering these, SFL’s valuation certainly looks very steep.
|
COMPANY |
M-CAP |
EQ |
SALES |
P/FV |
P/E |
P/BV |
OPM |
YLD |
PRICE |
|
|
(Rs Cr) |
(x) |
(%) |
(Rs) |
|||||
|
Tirupati Foam |
18 |
4 |
74 |
4.0 |
11.3 |
0.9 |
11.6 |
5.0 |
40 |
|
MM Rubber |
8 |
1 |
20 |
7.6 |
17.1 |
13.4 |
5.2 |
0 |
15 |
|
Sheela Foam-Hi |
3561 |
24 |
1550 |
146 |
27.0 |
8.8 |
14.3 |
0 |
730 |
|
-Low |
3317 |
24 |
1550 |
136 |
25.1 |
8.2 |
14.3 |
0 |
680 |
Concern
- Promoters are new to investors and their distribution policy is yet to be gauged. Related party transactions raise doubts about their future commitment towards public shareholders.
- Entire public issue proceeds are going to the promoters’ kitty and the company would not get anything other than the listing benefits.
- Low operating margin – profitability seems to have peaked out from the down turn of the oil prices. Any further rise in crude prices will impact the margin.
- Since nearly a half of the raw material is imported, the weakening of Rupee is bound to curtail the margin cushion enjoyed last couple of years.
- Public company has spent more than Rs 200 cr on brand promotion in last five years but, the trade mark is owned by a private company of the promoters.
- Though in operation for more than four decades, the company has not paid any dividend in last five years.
- Cost of holding of the promoters is too negligible as compared to the public offer price. Hence, post lock-in-period, one may not rule out the possibility of selling pressure from the promoter group.
Lead Manager’s Track
SFL’s IPO is handled by two investment bankers whose track record is none too impressive. In the case of Edelweiss, current year has proved to be relatively better though the longtime record is far from satisfactory. Of the 35 IPOs handled by Edelweiss in last 10 years as many as 21 are currently quoting below the offer value. Overall Edelweiss helped to tap Rs 33245 cr whose current market value is only Rs 28371 cr that is a loss of 15%. Of the six IPOs managed by the investment banker in 2015, as many as four are languishing below the offer price after one year. Incidentally the last IPO handled by the investment banker this year too is currently going at a discount of 14%!
|
EDELWEISS-ASSOCIATED PUBLIC ISSUES IN TEN YEARS |
||||||||
|
|
ISSUER |
IPO |
IPO |
IPO |
CURNT |
GAIN |
||
|
|
(AMT in Cr) |
DATE |
PRICE |
VALUE |
PRICE |
VALUE |
AMT |
% |
|
1 |
ICICI Prudential |
19-Sep-16 |
334 |
6057 |
289 |
5238 |
-819 |
-14 |
|
2 |
Thyrocare Tech |
27-Apr-16 |
446 |
479 |
626 |
672 |
193 |
40 |
|
3 |
Equitas Holdings |
5-Apr-16 |
110 |
2177 |
149 |
2952 |
776 |
36 |
|
4 |
Healthcare Global |
16-Mar-16 |
218 |
650 |
258 |
770 |
121 |
19 |
|
5 |
Alkem Labs |
8-Dec-15 |
1050 |
1350 |
1674 |
2151 |
802 |
59 |
|
6 |
Coffee Day Enter |
14-Oct-15 |
328 |
1150 |
200 |
702 |
-448 |
-39 |
|
7 |
Sadbhav Infra |
31-Aug-15 |
103 |
492 |
84 |
402 |
-89 |
-18 |
|
8 |
Prabhat Dairy |
28-Aug-15 |
115 |
365 |
101 |
321 |
-44 |
-12 |
|
9 |
Navkar Corp |
24-Aug-15 |
155 |
600 |
170 |
657 |
57 |
10 |
|
10 |
Inox Wind |
18-Mar-15 |
325 |
1037 |
178 |
568 |
-469 |
-45 |
|
11 |
Monte Carlo |
3-Dec-14 |
645 |
350 |
395 |
215 |
-136 |
-39 |
|
12 |
Sharda Cropchem |
5-Sep-14 |
156 |
352 |
372 |
840 |
488 |
139 |
|
13 |
Wonderla Holidays |
21-Apr-14 |
125 |
181 |
323 |
469 |
288 |
159 |
|
14 |
MCX |
22-Feb-12 |
1032 |
663 |
1238 |
795 |
132 |
20 |
|
15 |
Future Consumer |
25-Apr-11 |
10 |
750 |
20 |
1489 |
739 |
99 |
|
16 |
MOIL |
26-Nov-10 |
375 |
1260 |
302 |
1015 |
-245 |
-19 |
|
17 |
Claris Lifesciences |
24-Nov-10 |
228 |
288 |
239 |
302 |
14 |
5 |
|
18 |
Commercial Eng |
30-Sep-10 |
127 |
172 |
13 |
17 |
-155 |
-90 |
|
19 |
Electrosteel Steel |
21-Sep-10 |
11 |
248 |
3 |
63 |
-185 |
-75 |
|
20 |
Hindustan Media |
5-Jul-10 |
166 |
270 |
269 |
437 |
167 |
62 |
|
21 |
Mandhana Ind |
27-Apr-10 |
130 |
108 |
23 |
19 |
-89 |
-82 |
|
22 |
NMDC |
10-Mar-10 |
300 |
9967 |
114 |
3786 |
-6181 |
-62 |
|
23 |
United Bank |
23-Feb-10 |
66 |
330 |
21 |
106 |
-224 |
-68 |
|
24 |
Man Infra |
18-Feb-10 |
50 |
142 |
36 |
102 |
-39 |
-28 |
|
25 |
Ksk Energy |
23-Jun-08 |
240 |
831 |
21 |
74 |
-757 |
-91 |
|
26 |
GSS Infotech |
11-Feb-08 |
400 |
140 |
24 |
9 |
-131 |
-94 |
|
27 |
eClerx Services |
4-Dec-07 |
158 |
101 |
1458 |
935 |
834 |
826 |
|
28 |
Kolte-Patil Develop |
19-Nov-07 |
145 |
276 |
89 |
169 |
-107 |
-39 |
|
29 |
Renaissance Jewel |
19-Nov-07 |
150 |
80 |
127 |
68 |
-12 |
-15 |
|
30 |
Take Solutions |
1-Aug-07 |
73 |
1533 |
124 |
2594 |
1061 |
69 |
|
31 |
Meghmani Organics |
4-Jun-07 |
19 |
102 |
36 |
192 |
90 |
88 |
|
32 |
MIC Electronics |
30-Apr-07 |
30 |
383 |
13 |
171 |
-212 |
-55 |
|
33 |
Orbit Corporation |
20-Mar-07 |
55 |
100 |
4 |
8 |
-92 |
-92 |
|
34 |
C & C Constructions |
5-Feb-07 |
291 |
124 |
15 |
6 |
-118 |
-95 |
|
35 |
Cineline India |
18-Jan-07 |
155 |
138 |
65 |
58 |
-81 |
-58 |
|
|
35 IPO COMPOSITE |
|
|
33245 |
|
28371 |
-4874 |
-15 |
The track record of ICICI Securities is a shade better than Edelweiss. The 57 IPOs with whom ICICI Sec had associated in last 10 years raised an aggregate amount of Rs 97,858 cr whose market value is nearly 5% less today. As many as thirty two IPOs managed by ICICI Sec are currently quoting below the offer price. Of the eleven IPOs of 2016, four including the last two are languishing below the offer value.
|
ICICI SECURITIES-ASSOCIATED PUBLIC ISSUES IN TEN YEARS |
||||||||
|
|
(Amt in Cr) |
IPO |
IPO |
IPO |
CURNT |
GAIN |
||
|
|
ISSUER NAME |
DATE |
PRICE |
VALUE |
PRICE |
VALUE |
AMT |
% |
|
1 |
HPL Electric |
22-Sep-16 |
202 |
361 |
82 |
146 |
-215 |
-60 |
|
2 |
ICICI Prudential Life |
19-Sep-16 |
334 |
6057 |
289 |
5238 |
-819 |
-14 |
|
3 |
RBL Bank |
19-Aug-16 |
225 |
1213 |
344 |
1854 |
641 |
53 |
|
4 |
Advanced Enzyme |
20-Jul-16 |
896 |
412 |
1834 |
843 |
431 |
105 |
|
5 |
Larsen & Toubro Info |
11-Jul-16 |
710 |
1243 |
599 |
1048 |
-195 |
-16 |
|
6 |
Quess Corp |
29-Jun-16 |
317 |
400 |
596 |
751 |
351 |
88 |
|
7 |
Ujjivan Financial Ser |
28-Apr-16 |
210 |
883 |
324 |
1363 |
480 |
54 |
|
8 |
Thyrocare Tech |
27-Apr-16 |
446 |
479 |
626 |
672 |
193 |
40 |
|
9 |
Equitas Holdings |
5-Apr-16 |
110 |
2177 |
149 |
2952 |
776 |
36 |
|
10 |
Quick Heal Tech |
8-Feb-16 |
321 |
451 |
226 |
318 |
-134 |
-30 |
|
11 |
Teamlease Services |
2-Feb-16 |
850 |
424 |
850 |
424 |
0 |
0 |
|
12 |
Sadbhav Infra |
31-Aug-15 |
103 |
492 |
84 |
402 |
-89 |
-18 |
|
13 |
Manpasand Bever |
24-Jun-15 |
320 |
400 |
611 |
764 |
364 |
91 |
|
14 |
PNC Infratech |
8-May-15 |
76 |
488 |
111 |
720 |
231 |
47 |
|
15 |
VRL Logistics |
15-Apr-15 |
205 |
468 |
261 |
596 |
128 |
27 |
|
16 |
Shemaroo Entertain |
16-Sep-14 |
170 |
120 |
326 |
230 |
110 |
92 |
|
17 |
Wonderla Holidays |
21-Apr-14 |
125 |
181 |
323 |
469 |
288 |
159 |
|
18 |
Bharti Infratel |
11-Dec-12 |
220 |
4156 |
359 |
6786 |
2630 |
63 |
|
19 |
Power Finance Corp |
10-May-11 |
102 |
4660 |
124 |
5704 |
1044 |
22 |
|
20 |
Future Consumer |
25-Apr-11 |
10 |
750 |
20 |
1489 |
739 |
99 |
|
21 |
Muthoot Finance |
18-Apr-11 |
175 |
901 |
296 |
1526 |
625 |
69 |
|
22 |
PTC India Financial |
16-Mar-11 |
28 |
439 |
36 |
561 |
122 |
28 |
|
23 |
Punjab & Sind Bank |
13-Dec-10 |
120 |
480 |
49 |
195 |
-285 |
-59 |
|
24 |
A2Z Infra Engg |
8-Dec-10 |
400 |
776 |
38 |
74 |
-703 |
-91 |
|
25 |
Shipping Corp |
30-Nov-10 |
140 |
1186 |
57 |
483 |
-703 |
-59 |
|
26 |
Claris Lifesciences |
24-Nov-10 |
228 |
288 |
239 |
302 |
14 |
5 |
|
27 |
Power Grid Corporat |
9-Nov-10 |
90 |
7576 |
184 |
15497 |
7921 |
105 |
|
28 |
Commercial Eng |
30-Sep-10 |
127 |
172 |
13 |
17 |
-155 |
-90 |
|
29 |
Engineers India |
27-Jul-10 |
290 |
977 |
275 |
926 |
-51 |
-5 |
|
30 |
Parabolic Drugs |
14-Jun-10 |
75 |
200 |
7 |
19 |
-181 |
-91 |
|
31 |
Jaypee Infra |
29-Apr-10 |
102 |
2274 |
7 |
156 |
-2118 |
-93 |
|
32 |
Nitesh Estates |
23-Apr-10 |
54 |
405 |
10 |
74 |
-331 |
-82 |
|
33 |
Shree Ganesh Jewel |
19-Mar-10 |
260 |
371 |
5 |
7 |
-364 |
-98 |
|
34 |
Rural Electrificat |
19-Feb-10 |
102 |
3486 |
129 |
4438 |
951 |
27 |
|
35 |
NTPC |
3-Feb-10 |
201 |
8287 |
154 |
6357 |
-1929 |
-23 |
|
36 |
Godrej Properties |
9-Dec-09 |
245 |
462 |
300 |
565 |
103 |
22 |
|
37 |
JSW Energy |
7-Dec-09 |
100 |
2698 |
54 |
1466 |
-1232 |
-46 |
|
38 |
Shriram EPC |
29-Jan-08 |
330 |
165 |
31 |
16 |
-149 |
-91 |
|
39 |
Onmobile Global |
24-Jan-08 |
225 |
491 |
79 |
173 |
-318 |
-65 |
|
40 |
Reliance Power |
15-Jan-08 |
281 |
11700 |
39 |
1639 |
-10061 |
-86 |
|
41 |
Manaksia |
17-Dec-07 |
160 |
248 |
49 |
76 |
-172 |
-69 |
|
42 |
Brigade Enterprises |
10-Dec-07 |
390 |
704 |
166 |
299 |
-405 |
-58 |
|
43 |
Adani Port |
1-Nov-07 |
88 |
1771 |
261 |
5243 |
3472 |
196 |
|
44 |
K.P.R.Mill |
2-Aug-07 |
225 |
133 |
1083 |
640 |
507 |
381 |
|
45 |
Central Bank Of Indi |
24-Jul-07 |
102 |
816 |
79 |
633 |
-183 |
-23 |
|
46 |
Omaxe |
17-Jul-07 |
247 |
552 |
155 |
347 |
-204 |
-37 |
|
47 |
HDIL |
28-Jun-07 |
389 |
1485 |
56 |
215 |
-1270 |
-86 |
|
48 |
BEML |
27-Jun-07 |
1075 |
527 |
785 |
384 |
-142 |
-27 |
|
49 |
ICICI Bank |
19-Jun-07 |
188 |
8898 |
263 |
12465 |
3566 |
40 |
|
50 |
DLF |
11-Jun-07 |
525 |
9188 |
111 |
1943 |
-7245 |
-79 |
|
51 |
Binani Cement |
7-May-07 |
75 |
154 |
91 |
186 |
32 |
21 |
|
52 |
Indian Bank |
5-Feb-07 |
91 |
782 |
246 |
2117 |
1335 |
171 |
|
53 |
Firstsource Solution |
29-Jan-07 |
64 |
444 |
35 |
244 |
-200 |
-45 |
|
54 |
TV18 Broadcast |
15-Jan-07 |
50 |
525 |
36 |
373 |
-152 |
-29 |
|
55 |
Tanla Solutions |
11-Dec-06 |
133 |
842 |
38 |
241 |
-601 |
-71 |
|
56 |
Sobha |
23-Nov-06 |
640 |
576 |
256 |
230 |
-345 |
-60 |
|
57 |
Lanco Infratech |
6-Nov-06 |
24 |
1067 |
4 |
157 |
-910 |
-85 |
|
|
57 IPO COMPOSITE |
|
|
97858 |
|
93051 |
-4807 |
-4.9 |