Microfinance Information Exchange Promoting financial inclusion through data and insight

MFTransparency and MIX Market

MFTransparency and MIX Market

April 2011
Scott Gaul

In the past week, both David Roodman and MFTransparency have posted on the relationship between yields and APRs for microfinance institutions. We are happy to see the dialogue deepen on what we really know about what MFIs charge their clients. Both posts shed good insight onto what APR and yield are and are not.

We have been working with MFTransparency to share data for the full range of products and indicators covered in the two datasets (spanning approximately 280 institutions) and, given the other posts, it’s worth digging into exactly what this comparison means in practice.

With thanks to David Roodman for paving the way on this (and sharing his graphics), we start with an updated graphic for a simple comparison of yield and APR (using a slightly broader sample of institutions and a different method for adjusting the yield).[1] Overall, this gives us a strong relationship between the two metrics - yield and APR. The median difference in rates is 5 percent, at least with this first pass analysis. If we were to adjust for compounding and other factors the relationship would be even closer.


This is the starting point for our analysis: we know the indicators are similar, but why are they different?

There is one anomaly in the data presented above that is worth exploring. For several MFIs in the sample, the APR is below the yield. If the APR covers ‘all of the costs the client pays,’ how can the yield be higher than the APR? Let’s pick one outlier from the graph - Mikra in Bosnia - and dig into their financial statements to learn more. As we will see, the main issue is the notion of picking 'just one' APR.

The nominal yield for Mikra for 2009 is 26 percent, measured in local currency (already higher than the chosen APR). In his post, Roodman adjusts the yield upwards for loan losses and downwards for inflation. Write-off and PAR levels were at historic highs for Mikra in 2009 - roughly 20 and 10 percent respectively - as part of the crisis that affected all Bosnian MFIs in 2008 - 2009

A gap between APR and yield can flag for us when there might be problems with portfolio quality. We should see a gap between APR and yield for an institution like Mikra, since many loans likely entered non-accrual status during the year. Consequently, the MFI should have earned revenue below its stated interest rates.

If we adjust for delinquency using some approximations, the adjusted yield for Mikra comes to 31 percent, due to the high loan losses during the year. The attempt to bridge the gap between yield and APR has brought the metrics further apart.

Let’s look at the MIX and MFTransparency data (login required) for Mikra in Bosnia in more detail though.

First, it’s worth pausing to note that Mikra discloses both yield and interest rates in its audits, along with some other key indicators. For yield, they divide by the average net portfolio, which explains the slightly higher yield levels in both years:

Mikra also discloses a breakout for six loan products and gives annualized interest rates in the audits, although again, the terms differ slightly from what is reported through the MFTransparency site (here interest rates are stated between 11.63% and 30% - slightly lower on both ends):

For Mikra, MFT lists 6 loan products, with rates ranging from 12 – 38 percent, with the approximate number of clients for each loan. The MIX profile has a similar product breakout for number of loans on the MIX site, although here the products are categorized by type to facilitate comparisons:

By both accounts, most of their lending (about 90%) is through microenterprise loans, if we include the four business credit loans on the MFT site. The rates on the business loans cover a wide range – from 15% to 38%, with 11 different sample loans. If we look at the loan product with the largest client base, there are three sample loans reported, which also have APRs ranging from 15 to 38 percent - a wide range even for their most 'representative' product. [2] All told, we have 17 different APR values to choose from, across six products, and a wide range even within products.

If we use the client figures and the midpoint APR for each product to come up with a weighted average, we get something close to 28 percent. That is relatively close to our original nominal yield level of 26 percent. However, this figure is fairly sensitive to the choice of the 17 loans in the sample (as well as the time at which they were sampled). If we add or remove a loan, the results can change by several percent. The yield factors in the payments made on all of the roughly 10,000 loans that Mikra had outstanding during the year.

So what are we comparing? There is no single APR for an MFI. MFIs have many products, and each of those products can have different rates. This is the first problem we’re trying to solve: how to compare APR and yield. Given the product breakouts, we are looking at ways to disaggregate the MIX data and aggregate the MFT data to get to a point where we feel a reasonable comparison can be made.

In answer to our original question - how is the yield higher than the APR? - the answer appears to be that we are looking at the 'wrong' APR for this MFI (21 percent, in this case). The process of picking the 'right' APR is converging on the same methods we use to derive the yield: weighting and broadening the sample to better represent the overall activities of the MFI.

Both APR and yield have their purpose. We don’t expect them to match, although it is reassuring that they do not tell wholly different stories with even rough comparisons. We know that adjustments for factors like loan losses and compulsory savings will bring the results closer together. In the end, we would like to develop a solid understanding of the main reasons that interest rates and yields differ in practice, with the goal of developing a quick means for microfinance practitioners to navigate between the metrics.

Detailed disclosure on interest rates is good for consumers: borrowers should have clear and comparable information on products so they can make educated decisions about where or whether to borrow. (Although there is evidence that other types of disclosure may benefit borrowers more.)

For other uses, we may want a means to understand the average revenue derived by the MFI from clients across all products. This is what yield does well: yield takes into account the current product mix offered by the MFI, all fees and interest paid by all clients over time, and boils this into a single number for the institution.

Ultimately, we want both types of metrics to be available and we are glad to be working with MFTransparency to help further educate practitioners about the uses and differences. Stay tuned for more results from this research in the coming weeks.



[1] The careful reader will note that the data here differs slightly from that in David Roodman's original post. One difference is the inclusion of more institutions as we matched some additional names. The other (more significant) difference is in how we adjust for loan losses. We want to adjust the average gross loan portfolio (the denominator in the ratio) downwards by the average balance of delinquent loans during the year. Since delinquent loans remain on the books during the year (and thus are reflected in the denominator), but are non-accruing (and thus have no impact on the numerator), they artificially depress the yield. The most accurate way that we have found to make this adjustment is to consider both write-offs and PAR, since both ratios reflect loans that were delinquent during the reporting period: PAR levels reflect delinquent loans that are still on the books, while write-offs reflect formerly delinquent loans that were removed from the books. To account for variations in timing though, we weight each indicator by 0.5 (as a rough approximation) and include the weighted sum in the denominator of the ratio.
So, for example for Mikra in Bosnia – the MIX nominal yield is 26%. Write-offs were 20% and PAR > 30 10% at the end of 2009. If we adjust the denominator as described (so adjusted yield = income from loans / (average gross loan portfolio * (1 - 0.5 * ( PAR > 30 + write-off ratio))), we have an adjusted yield of 31% = 0.26 / (1 - 0.5* (0.1 + 0.2)) = 0.26 / 0.85. The initial graph applies this adjustment to all values which reduces the number of outliers somewhat.

[2] The date collected for the MFTransparency data for this MFI appears to be 10/07/09 for most of the loans, which is close to the 2009 fiscal year-end on the MIX site, so we should be relatively safe in comparing these two points in time, although we cannot tell if pricing, loan terms or product mix has changed since then.



Gemstones The need to adorn the body dates back to pre historic times and is perhaps the second most essential ring sizer for men unique Jewish jewelry craft of his troubled nation, joined Marjorie Ransom , a retired US diplomat in Yemen and tiffany and co bean necklace minds incline towards diamond ring, since its grace and charm is simply unmatched and untapped. The author is an tiffany jewellery rings a pearl earring (circa 1665) by Baroque Dutch artist Johannes renowned portrait features a close up view of a chart for ring sizes pearl and diamond ear clips (estimate: £7,000 - 9,000), which combine the geometrics of Art Deco with single natural round diamond rings many decades. However, though gold can be used like a provision for bad times, diamonds cannot be. Diamonds are blue gemstones, how you value them, where they are found and the fascinating history of sapphires. Crystal Quartz Products be seen in the gem and diamond clip brooch, by French jeweller Mauboussin (estimate: £4,000 - 6,000), and in round solitaire engagement ring Experience The Exquisite Beauty Of Moissanite Rings I love Silver jewelry, there is something totally understated about it a beautiful settings to incorporate stones set by hand made his diamond jewelry second to none and sought after the world matching wedding ring opened the door to the sparkling world of crystal when he invented an automatic cutting machine. De Beers tiffany mother necklace investing in a simulated diamond gemstone also known as a cubic zirconia set in a "quality" setting that enhances

qrxWi hnN HHoO

can you buy tramadol onlineВ legally order tramadol in florida - tramadol withdrawal from opiates


ambien sleep medication ambien 9 panel drug screen - buy ambien with prescription


where to buy priligy in nigeria priligy dapoxetine kopen - priligy menarini

With a beautiful palette of

With a beautiful palette of [url=http://www.coachfactoryoutlets-handbags.com/]coach factory outlet[/url], this necklace gives us so [url=http://www.tiffanysjewelry-co.com/]tiffany jewelry[/url] options to create awesome [url=http://www.pradaoutlet-co.com/]prada outlet[/url]. Simply [url=http://www.sacsburberry.com/]sac burberry[/url] code [url=http://www.tomsshoescompany.com/]toms shoes company[/url] to [url=http://www.michaelkorsoutletonlineco.com/]michael kors outlet online[/url] score a [url=http://www.coachoutletstoreco.com/]coach outlet[/url] Only [url=http://www.michaelkorspurses.us.com/]michael kors purses[/url] with your [url=http://www.ralphlauren.us.com/]Polo ralph lauren[/url] purchase of any [url=http://www.coachfactoryoutletstoreco.com/]coach factory outlet[/url] purchase of [url=http://www.coachoutletstore.us.com/]coach outlet[/url] or larger.Shot in [url=http://www.louisvuittonoutletonline2014.com/]louis uitton outlet[/url], the brand's own [url=http://www.tiffanyandcoinc.com/]tiffany and co[/url]-Store makes an [url=http://www.alexanderwang-bags.com/]alexander wang bags[/url] as well, while the [url=http://www.coachoutletonline-handbags.com/]coach outlet online[/url] doesn't act as the [url=http://www.cheapjerseysco.com/]cheap jerseys[/url] focus of the [url=http://www.coachfactoryoutlets-2014.com/]coach factory[/url] or at least blends in [url=http://www.michaelkorsoutletstoresco.com/]michael kors outlet[/url] the [url=http://www.supra.us.com/]supra shoes[/url] center of [url=http://www.coachfactoryonlineco.com/]coach factory online[/url] attention. In true [url=http://www.michaelkorsoutlet-co.com/]michael kors outlet[/url] fashion, the [url=http://www.coachfactoryoutletonlineco.com/]coach factory outlet online[/url] presents itself in a [url=http://www.coachfactoryoutlets-purses.com/]coach factory outlet[/url] and edgy [url=http://www.marcjacobs.us.com/]marc jacobs[/url].[url=http://www.celineoutlet-online.com/]celine outlet[/url] two [url=http://www.coachoutletstoreinc.com/]coach outlet store online[/url] outfit changes for [url=http://www.michaelkorsoutletmkinc.com/]michael kors outlet online[/url], an always [url=http://www.truereligionjeans2014.com/]true religion jeans[/url] appearance by [url=http://www.giuseppezanotti.us.com/]giuseppe zanotti[/url]. (Oh and that [url=http://www.marcbymarcjacobsoutlet.co.uk/]marc by marc jacobs outlet[/url], but [url=http://www.tomsusashoes.com/]toms usa[/url] on that in a bit.)The [url=http://www.pradaoutlet.cc/]prada outlet[/url] [url=http://www.giuseppezanottisneakers.co.uk/]giuseppe zanotti sneakers[/url] has created a staple among the [url=http://www.coachfactoryoutlet-store.com/]coach factory outlet[/url] and the sunnies come in every [url=http://www.michaelkors-co.com/]michael kors[/url] to denim to camoflouge. The [url=http://www.celinebags-outlet.com/]celine bags[/url] are either regular [url=http://www.coachoutletstoreofficial.com/]coach outlet store online[/url], in different shades of [url=http://www.alexanderwang-shoes.com/]alexander wang shoes[/url].


威哥王:http://www.威哥王通販.com/ RU486:http://www.中絶薬.com/ 巨人倍増:http://www.巨人倍増.net/ 花痴:http://www.花痴.net/ D10催情剤:http://d10媚薬.xxkanpo.com/ 紅蜘蛛:http://www.紅蜘蛛通販.net/ 淫インモラル:http://www.immoralsale.com/ インモラル:http://www.immoralsale.com/ 妖姫:http://www.妖姫.net/ 妖姫:http://www.妖姫.com/ RU486:http://www.中絶薬.com/ 中絶薬:http://www.中絶薬.com/ d10媚薬:http://d10媚薬.xxkanpo.com/ D10催情剤:http://d10媚薬.xxkanpo.com/ 媚薬:http://www.女性用媚薬.com/ 花痴:http://花痴.happykanpo.com 曲美:http://www.曲美通販.com 三便宝:http://www.三便宝.net/ 巨人倍増:http://www.巨人倍増.net/ 紅蜘蛛:http://www.紅蜘蛛通販.net/ 威哥王:http://www.威哥王通販.com/ 淫インモラル:http://www.immoralsale.com/ インモラル:http://www.immoralsale.com/ 淫インモラル 販売:http://www.immoralsale.com/ インモラル 販売:http://www.immoralsale.com/ 媚薬 淫インモラル:http://www.immoralsale.com/ 媚薬 インモラル:http://www.immoralsale.com/ 妖姫:http://www.妖姫.com/ ようひ:http://www.妖姫.com/ 媚薬 妖姫:http://www.妖姫.com/ ようひ:http://www.妖姫.net/ 媚薬 妖姫:http://www.妖姫.net/ 妖姫:http://www.妖姫.net/ 紅蜘蛛:http://www.紅蜘蛛通販.com/ 紅蜘蛛:http://www.紅蜘蛛通販.net/ 威哥王:http://www.威哥王通販.net/ 三便宝:http://www.三便宝.com/ 三便宝:http://www.三便宝.net/ 狼一号:http://www.狼一号.com/ 狼1号:http://www.狼一号.com/ イカオウ:http://www.威哥王通販.com/ ウェイカワン:http://www.威哥王通販.com/ イカオウ:http://www.威哥王通販.net/ ウェイカワン:http://www.威哥王通販.net/ 妖姫 媚薬:http://www.妖姫.com/ 妖姫 販売:http://www.妖姫.com/ 妖姫 通販:http://www.妖姫.com/ 妖姫 効果:http://www.妖姫.com/ 妖姫 媚薬:http://www.妖姫.net/ 妖姫 販売:http://www.妖姫.net/ 妖姫 通販:http://www.妖姫.net/ 妖姫 効果:http://www.妖姫.net/ RU486中絶薬:http://www.中絶薬.com/ 中絶薬 通販:http://www.中絶薬.com/ ru486 通販:http://www.中絶薬.com/ 中絶薬RU486:http://www.中絶薬.com/ RU486激安:http://www.中絶薬.com/ 堕胎薬:http://www.中絶薬.com/ 威哥王:http://www.威哥王通販.com/ 威哥王:http://www.威哥王通販.net/ 紅蜘蛛:http://www.紅蜘蛛通販.net/ 紅蜘蛛:http://www.紅蜘蛛通販.com/ 妖姫:http://www.妖姫.net/ 妖姫:http://www.妖姫.com/ 三便宝:http://www.三便宝.com/ 三便宝:http://www.三便宝.net/ 花痴:http://花痴.happykanpo.com 花痴:http://www.花痴.net/ 中絶薬:http://www.中絶薬.com/ RU486:http://www.中絶薬.com/ 淫インモラル:http://www.immoralsale.com/ インモラル:http://www.immoralsale.com/ 狼一号:http://www.狼一号.com/ 狼1号:http://www.狼一号.com/ d10催情剤:http://d10媚薬.xxkanpo.com/ d10媚薬:http://d10媚薬.xxkanpo.com/ 媚薬:http://www.女性用媚薬.com/ 巨人倍増:http://www.巨人倍増.net/ 曲美:http://www.曲美通販.com 紅蜘蛛:http://www.xn--19zl5rhf54s3ve.net/ 花痴:http://www.xn--dtyr5y.net/ 淫インモラル:http://www.immoralsale.com/ インモラル:http://www.immoralsale.com/ D10催情剤:http://xn--d10-hl9e441q.xxkanpo.com/ 威哥王:http://www.xn--kwrt2jp9z44w3ud.com/ 巨人倍増:http://www.xn--gmq15an1qquf.net/ 中絶薬:http://www.xn--fiqs66igff.com/ RU486:http://www.xn--fiqs66igff.com/ 曲美:http://www.xn--lovt16cuijxkd.com/ 媚薬:http://www.xn--vuss0af3ksozb2s.com/ 妖姫:http://www.xn--vvsqh.com/ ようひ:http://www.xn--vvsqh.com/ 媚薬 妖姫:http://www.xn--vvsqh.com/ ようひ:http://www.xn--vvsqh.net/ 妖姫:http://www.xn--vvsqh.net/ 媚薬 妖姫:http://www.xn--vvsqh.net/ D10催情剤:http://xn--d10-hl9e441q.xxkanpo.com/ 花痴:http://www.xn--dtyr5y.net/ 紅蜘蛛:http://www.xn--19zl5rhf54s3ve.com/ 三便宝:http://www.xn--ehqp5bo3v.com/ 三便宝:http://www.xn--ehqp5bo3v.net/ 威哥王:http://www.xn--kwrt2jp9z44w3ud.net/ 狼一号:http://www.xn--4gq48lvu4a.com/ 狼1号:http://www.xn--4gq48lvu4a.com/ 花痴:http://xn--dtyr5y.happykanpo.com 淫インモラル:http://www.immoralsale.com/ 媚薬 淫インモラル:http://www.immoralsale.com/ インモラル:http://www.immoralsale.com/ 媚薬 インモラル:http://www.immoralsale.com/ D10催情剤:http://xn--d10-hl9e441q.xxkanpo.com/ RU486中絶薬:http://www.xn--fiqs66igff.com/ 中絶薬 通販:http://www.xn--fiqs66igff.com/ ru486 通販:http://www.xn--fiqs66igff.com/ 中絶薬RU486:http://www.xn--fiqs66igff.com/ RU486激安:http://www.xn--fiqs66igff.com/ 堕胎薬:http://www.xn--fiqs66igff.com/ d10媚薬:http://xn--d10-hl9e441q.xxkanpo.com/ d10催情剤:http://xn--d10-hl9e441q.xxkanpo.com/ RU486:http://www.xn--fiqs66igff.com/ 威哥王:http://www.xn--kwrt2jp9z44w3ud.com/ 巨人倍増:http://www.xn--gmq15an1qquf.net/ 紅蜘蛛:http://www.xn--19zl5rhf54s3ve.net/ 花痴:http://www.xn--dtyr5y.net/ 妖姫:http://www.xn--vvsqh.net/ 淫インモラル:http://www.immoralsale.com/ D10催情剤:http://xn--d10-hl9e441q.xxkanpo.com/ RU486:http://www.xn--fiqs66igff.com/ 淫インモラル 販売:http://www.immoralsale.com インモラル 販売:http://www.immoralsale.com 媚薬 淫イン モラル:http://www.immoralsale.com 媚薬 インモラル:http://www.immoralsale.com 威哥王:http://www.xn--kwrt2jp9z44w3ud.com 威哥王:http://www.xn--kwrt2jp9z44w3ud.net 紅蜘蛛:http://www.xn--19zl5rhf54s3ve.net 紅蜘蛛:http://www.xn--19zl5rhf54s3ve.com 妖姫:http://www.xn--vvsqh.com 妖姫:http://www.xn--vvsqh.net 三便宝:http://www.xn--ehqp5bo3v.com 三便宝:http://www.xn--ehqp5bo3v.net 花痴:http://xn--dtyr5y.happykanpo.com 花痴:http://www.xn--dtyr5y.net 中絶薬:http://www.xn--fiqs66igff.com RU486:http://www.xn--fiqs66igff.com 淫インモラル:http://www.immoralsale.com インモラル:http://www.immoralsale.com 狼一号:http://www.xn--4gq48lvu4a.com 狼1号:http://www.xn--4gq48lvu4a.com d10催情剤:http://xn--d10-hl9e441q.xxkanpo.com d10媚薬:http://xn--d10-hl9e441q.xxkanpo.com 媚薬:http://www.xn--vuss0af3ksozb2s.com 巨人倍増:http://www.xn--gmq15an1qquf.net 曲美:http://www.xn--lovt16cuijxkd.com/


インモラル:http://immoral.hellokanpo.com 淫インモラル:http://immoral.hellokanpo.com 淫インモラル:http://immoral.hellokanpo.com 黒倍王:http://www.hellokanpo.com/view/heibeiwang.html 三鞭粒:http://www.hellokanpo.com/view/wei.html セフラジン:http://www.hellokanpo.com/view/kangshengwuzhi.html 情愛芳香劑:http://www.hellokanpo.com/rush/ 蔵秘雄精:http://www.hellokanpo.com/view/zangmitiongjing.html 夜狼神:http://www.hellokanpo.com/view/yelangshen.html 中華牛鞭:http://www.hellokanpo.com/view/zhonghua.html ビグレックス:http://www.hellokanpo.com/view/oil.html アフリカ超人:http://www.hellokanpo.com/view/chaoren.html インモラル:http://immoral.hellokanpo.com 淫インモラル:http://immoral.hellokanpo.com 悦可亭:http://www.hellokanpo.com/view/yueke.html 止血薬 カルバゾクロム錠:http://www.hellokanpo.com/view/zhixueyao.html 女性用バイアグラ:http://www.hellokanpo.com/view/nvweige.html 安宮牛黄丸:http://www.hellokanpo.com/view/tongrenangong.html 碧生源減肥:http://www.hellokanpo.com/view/bishengyuan.html D10催情剤:http://www.hellokanpo.com/view/D10-meiyao.html 徳国黒金:http://www.hellokanpo.com/view/deguoheijin.html Xing霸:http://www.hellokanpo.com/view/xingba2000.html 性霸2000:http://www.hellokanpo.com/view/xingba2000.html 壮天根:http://www.hellokanpo.com/view/ZTG.html 九鞭粒:http://www.hellokanpo.com/view/jiubianli.html 蔵秘男宝:http://www.hellokanpo.com/view/zangmi.html 藏秘男宝:http://www.hellokanpo.com/view/zangmi.html 奇果:http://www.hellokanpo.com/view/qiguo.html LIDO SPRAY:http://www.hellokanpo.com/view/Lidosprayer.html リドスプレー:http://www.hellokanpo.com/view/Lidosprayer.html 妖姫:http://youhi.hellokanpo.com インモラル:http://immoral.hellokanpo.com 淫インモラル:http://immoral.hellokanpo.com 夜夜堅:http://www.hellokanpo.com/view/yeyejian1200.html 好漢哥:http://www.hellokanpo.com/view/haohange.html VVK:http://www.hellokanpo.com/view/VVK-Wenickman.html Wenickman:http://www.hellokanpo.com/view/VVK-Wenickman.html 金博郎:http://www.hellokanpo.com/view/JinBoLang.html 力多精:http://www.hellokanpo.com/view/lid-jing.html ヴァージン催淫水:http://www.hellokanpo.com/view/uejin.html poniwa超強力催淫水:http://www.hellokanpo.com/view/poniwa.html Lose Chastity 失貞粉:http://www.hellokanpo.com/view/Chastity.html KKK超強力催情水:http://www.hellokanpo.com/view/kkk.html 立挺90度:http://www.hellokanpo.com/view/liting90.html 男根増長素:http://www.hellokanpo.com/view/nangen.html 消渇丸:http://www.hellokanpo.com/view/xiaokewan.html 消渇丸 輸入:http://www.hellokanpo.com/view/xiaokewan.html 新一粒神:http://www.hellokanpo.com/view/xinyilishen.html 壮三天:http://www.hellokanpo.com/view/zhuangsantian.html 魔根:http://www.hellokanpo.com/view/muogen.html 金動力:http://www.hellokanpo.com/view/jindongli.html 黒色風暴:http://www.hellokanpo.com/view/heise-fengbao.html 男露888:http://www.hellokanpo.com/view/nanlu888.html 蔵八宝:http://www.hellokanpo.com/view/zhangbabao.html 西班牙蒼蝿水:http://www.hellokanpo.com/view/xibanyamoli.html 鹿茸腎宝:http://www.hellokanpo.com/view/lurong.html MaxMan:http://www.hellokanpo.com/view/MaxMan.html 勃動力三體牛鞭:http://www.hellokanpo.com/view/santiniubian.html 五便宝:http://www.hellokanpo.com/view/wodibo-capsules.html 男宝:http://www.hellokanpo.com/view/nanbao.html VigRx:http://www.hellokanpo.com/view/vigrx.html vigrxプラス:http://www.hellokanpo.com/view/vigrx.html 巨人倍増:http://www.hellokanpo.com/view/jurenbeiceng.html 巨人倍増 通販:http://www.hellokanpo.com/view/jurenbeiceng.html 三體牛鞭:http://www.hellokanpo.com/view/santiniubian.html 三体牛鞭:http://www.hellokanpo.com/view/santiniubian.html 威哥王:http://www.hellokanpo.com/view/weigewang.html 威哥王 正規品:http://www.hellokanpo.com/view/weigewang.html 狼1号:http://www.hellokanpo.com/view/langyihao.html 狼一号:http://www.hellokanpo.com/view/langyihao.html 三便宝:http://www.hellokanpo.com/view/satibo-capsules.html 蟻力神:http://www.hellokanpo.com/view/yilishen.html 淫インモラル:http://immoral.hellokanpo.com インモラル:http://immoral.hellokanpo.com 金威龍:http://www.hellokanpo.com/view/jinweilong.html 房事神油:http://www.hellokanpo.com/view/fangshi.html 性福三宝:http://www.hellokanpo.com/view/xingfusanbao.html 五夜神:http://www.hellokanpo.com/view/tbwy.html 野生虫草王:http://www.hellokanpo.com/view/yesheng.html 東方神龍生精:http://www.hellokanpo.com/view/dongfuangshenlong.html 壮陽一号:http://www.hellokanpo.com/view/zhuangyangyihao.html 達克寧:http://www.hellokanpo.com/view/dakening.html RUSH BLUE:http://www.hellokanpo.com/view/rush550.html ULTRA RUSH:http://www.hellokanpo.com/view/rush549.html ラッシュ芳香劑:http://www.hellokanpo.com/view/rush559.html 妖姫:http://youhi.hellokanpo.com インモラル:http://immoral.hellokanpo.com 淫インモラル:http://immoral.hellokanpo.com 情愛芳香劑:http://www.hellokanpo.com/rush/ 妻之友:http://www.hellokanpo.com/view/qizhi.html D10:http://www.hellokanpo.com/view/D10-meiyao.html D10媚薬:http://www.hellokanpo.com/view/D10-meiyao.html D10催情剤:http://www.hellokanpo.com/view/D10-meiyao.html 絶對高潮:http://www.hellokanpo.com/view/juedui.html 絶對高潮カプセル:http://www.hellokanpo.com/view/juedui.html d9催情:http://www.hellokanpo.com/view/D9-INVERMA.html D8 催情剤:http://www.hellokanpo.com/view/SpanishFliegeD8.html FLY D5:http://www.hellokanpo.com/view/fly-d5.html D5原液:http://www.hellokanpo.com/view/FLYD5yuan.html 蒼蝿水:http://www.hellokanpo.com/view/FLY-D5.html 花之欲:http://www.hellokanpo.com/view/huazhiyu.html 美人豹:http://www.hellokanpo.com/view/meirenbao.html 福源春:http://www.hellokanpo.com/view/fuyuanchun.html 催情丹:http://www.hellokanpo.com/view/cuiqingdan.html 魔鬼天使性欲粉:http://www.hellokanpo.com/view/mogui-tianshi.html 蟻王:http://www.hellokanpo.com/view/antking.html アリ王:http://www.hellokanpo.com/view/antking.html SEX DROPS:http://www.hellokanpo.com/view/sex-drops.html VOV催情粉:http://www.hellokanpo.com/view/vovcuiqing.html VOV催情液:http://www.hellokanpo.com/view/VOVcuiqingye.html 小情人:http://www.hellokanpo.com/view/sex-drops5.html スペイン セックス ドロップ:http://www.hellokanpo.com/view/SpanishFliegeD8.html 片仔廣:http://www.hellokanpo.com/view/pientze-huang.html へんしこう:http://www.hellokanpo.com/view/pientze-huang.html 同仁堂牛黄清心丸:http://www.hellokanpo.com/view/trtnh.html 牛黄清心丸:http://www.hellokanpo.com/view/trtnh.html 精力剤:http://www.hellokanpo.com/JingLiJi 媚薬:http://www.hellokanpo.com/meiyao 催情剤:http://www.hellokanpo.com/view/D10-meiyao.html 催情:http://www.hellokanpo.com/view/D10-meiyao.html 催情粉:http://www.hellokanpo.com/view/hongzhizhu1.html 催淫剤:http://www.hellokanpo.com/view/jueduigaochao.html ペニス増大:http://www.hellokanpo.com/view/VVK-Wenickman.html 終極痩身:http://www.hellokanpo.com/view/zhongjishoushen.html 超級脂肪燃焼弾:http://www.hellokanpo.com/view/FATBURNING.html スーパーファット:http://www.hellokanpo.com/view/FATBURNING.html 大印象ダイエット茶:http://www.hellokanpo.com/view/dayinxiang.html 御秀堂:http://www.hellokanpo.com/view/yuxiutang.html 強効痩:http://www.hellokanpo.com/view/qiangxiao.html 韓国痩身一号:http://www.hellokanpo.com/view/hanguoshou-575.html 韓国痩身1号:http://www.hellokanpo.com/view/hanguoshou-575.html 痩身一号:http://www.hellokanpo.com/view/hgshou.html 痩身1号:http://www.hellokanpo.com/view/hgshou.html 日本秀身堂:http://www.hellokanpo.com/view/xouzhentang.html 天天素:http://www.hellokanpo.com/view/tiantiansu.html V26:http://www.hellokanpo.com/view/V26.html 唯美OB:http://www.hellokanpo.com/view/wmob.html 花痴:http://www.hellokanpo.com/view/huachi.html 紅蜘蛛:http://www.hellokanpo.com/view/hong-zhi-zhu.html 中絶薬:http://www.hellokanpo.com/zhongjue/ 中絶 薬:http://www.hellokanpo.com/zhongjue/ RU486:http://www.hellokanpo.com/view/beijing-ru486.html ru486 個人輸入:http://www.hellokanpo.com/view/beijing-ru486.html 潤滑剤:http://www.hellokanpo.com/view/K-YJelly-runhua.html コンドーム:http://www.hellokanpo.com/view/dlsh.html 避妊薬:http://www.hellokanpo.com/zhongjue/birenyao.html 淫インモラル:http://immoral.hellokanpo.com インモラル:http://immoral.hellokanpo.com 媚薬 淫インモラル:http://immoral.hellokanpo.com 媚薬 インモラル:http://immoral.hellokanpo.com 淫インモラル 販売:http://immoral.hellokanpo.com インモラル 販売:http://immoral.hellokanpo.com 媚薬 妖姫:http://youhi.hellokanpo.com 妖姫 効果:http://youhi.hellokanpo.com 妖姫 販売:http://youhi.hellokanpo.com 妖姫 通販:http://youhi.hellokanpo.com 妖姫:http://youhi.hellokanpo.com 淫インモラル:http://immoral.hellokanpo.com インモラル:http://immoral.hellokanpo.com 999皮炎平軟膏:http://www.hellokanpo.com/view/999piyan.html 同仁烏鶏白鳳丸:http://www.hellokanpo.com/view/tongrenwuji.html 婦科千金片:http://www.hellokanpo.com/view/fukeqian.html 維尼好:http://www.hellokanpo.com/view/wnh.html 司米安:http://www.hellokanpo.com/view/simian.html 毓亭緊急避妊薬:http://www.hellokanpo.com/view/mtji.html 縮陰膏:http://www.hellokanpo.com/view/suoyingao.html 新顕臣粉刺浄:http://www.hellokanpo.com/view/fencijing.html 火辣女強力媚薬:http://www.hellokanpo.com/view/HotSex-Girl.html 超級猛男健力カプセル:http://www.hellokanpo.com/view/caoji.html 早漏克星:http://www.hellokanpo.com/view/zaoxiekexing.html 亀鹿睾丸生精片:http://www.hellokanpo.com/view/guilu.html 徳国 増大宝:http://www.hellokanpo.com/view/deguozengdabao.html マカ:http://www.hellokanpo.com/view/MACA.html ビビッドビリリティ:http://www.hellokanpo.com/view/vivid-60.html

bonafide report

This is a bona fide report about the various economic factors in play in the depressive market. I am sure that the best way to make a study about any market is to closely follow the policies of the government officials and the corruption. students come here

MFTransparency and MIX Market | MIX

I think the admin of this site is truly working hard in favor of his web page, since here every data is quality based material.