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Archive for October, 2012

Advanced Packaging : 3D Silicon and Glass Interposers

Reort On  3D Silicon and Glass Interposers

Why and how 2.5D integration will impact more than 15% of the IC substrate business by 2017

After meeting with swift commercial success on a few initial applications, including MEMS, sensors and power amplifiers, 3D integration has been on everyone’s mind for the past five years. However, once the initial euphoria faded, and despite technical developments which assured most observers that mass adoption of 3D was not out of reach, some unanticipated technical and supply chain hurdles were revealed that were higher than anticipated. It was then that 2.5D integration by means of 3D glass or silicon interposers was revealed by experts as a necessary stepping-stone to full 3D integration. Our first report on 3D interposers and 2.5D integration was in 2010; at that time, we listed the various applications of this technology trend and its drivers, and we showed that glass and silicon interposers were expected to become high-volume necessities, rather than just high-performance solutions for a few niche applications.

In this 2012 edition of that report, we provide more evidence of our findings from two years ago: after refining the applications and drivers of 3D interposers and 2.5D integration with the use of detailed forecasts, Yole Développement estimates that far from being a stepping-stone technology to full 3D integration, 3D interposers and 2.5D integration is emerging as a mass volume, long-lasting trend in the semiconductor industry. Silicon and Glass Interposers

Glass & silicon 2.5D interposers are already a commercial reality in MEMS, Analog, RF & LED applications on 150mm / 200mm, supported by the relatively ‘exotic’ infrastructures of MEMS players such as IMT-MEMS, Silex Microsystems, DNP, and DALSA / Teledyne, and structured glass substrate suppliers like HOYA, PlanOptik, NEC / Schott, and tecnisco. On 300mm, the infrastructure and market for 2.5D/3D interposers has hardly emerged as of 2012, but nevertheless we expect that in 2017, over 2 million 300mm wafers will be produced in that year alone. We also expect that the silicon or glass type of 2.5D interposer substrate will impact more than 16% of the traditionally ‘organic-made’ IC package substrate business by 2017, with almost $1.6B revenues generated by then.

As technology developments progress, the industry will discover clear advantages to using 2.5D interposers for new applications and supply chain possibilities. Throughout this 2012 report, we detail these new lead applications, as well as the relevant needs and challenges.

Also, we show evidence that this emerging infrastructure, which was initially focused on MEMS and sensors, is shifting paradigms to logic modules driven by stringent electrical and thermal performance requirements. As a result, the demand for interposers is shifting to fine-pitch 300mm diameter silicon wafers and high-accuracy flip chip micro-bumping and assembly.

Graphical Processor Units for gaming and computing and high-performance ASICs and FPGAs are paving the way, with high volumes first expected in 2013. As these drivers increasingly appear as must-haves to serve the ever-increasing need for larger electrical bandwidths imposed by graphical sophistication, cloud computing and many more end uses, leading companies are busy creating the appropriate infrastructure.

The semiconductor supply chain is adapting to these significant in substrate technologies.

Wafer foundries appear to be the most able entities to offer manufacturing solutions on the open market, both technically and in terms of capex investment capabilities. But their ambition extends far beyond the manufacturing of wafers, and into assembly and test services as well.

Concurrently, some of the major IDMs are preparing to exploit their wide capabilities and to enter the open foundry and assembly services side for 2.5D and 3D integration based on such new type of IC package substrate technologies.

Significant investments began in 2012, with more than $150M capex expected and driven by both wafer foundries (TSMC, Global Foundries) and OSATs (Amkor, ASE). No one, especially in Taiwan, wants to be left behind in this high-growth story, as it clearly appears to be a central piece of the increasing middle-end business and infrastructure, halfway between the front-end silicon foundries and the back-end assembly & test facilities.

The question now is: “can anyone build a profitable business case to support the growth of 2.5D/3D interposers”? In other words, how long will it take for investing companies to be paid back, while offering affordable prices to their customers? Yole expects the expansion model of this new technology trend to follow a traditional path: first, high-value modules are expected to use the technology to offer unprecedented high performance, followed by higher volume applications.

The nice thing about 2.5D interposers is that they do not only allow for unprecedented performance: they can do so for a much lower cost than any competing technology. Through a few cost cases in this report, we demonstrate that cost can be a strong adoption driver too. No, silicon and glass interposers are not “additional dead pieces of hardware in the package” — on the contrary, they are among the top five key elements of the semiconductor roadmap for the decade 2010-2020.

Detailed view, by product and device type, of the key applications driving the commercialization of 2.5D interposer substrates
Detailed 2011 – 2017 market forecast in both unit and wafer shipments, including a revenues analysis of Middle-end to Back-end assembly & test-related activities
Overview of the positioning of different key players, and an understanding of supply chain challenges happening between the different business models in place
Technology trends & roadmaps, including the topic of glass interposers and the possible move to large PANEL area processing, leveraging LCD or PCB infrastructures
Detailed cost structure of several different 2.5D interposer packages: system-level evaluation of several different case scenarios, analyzing the expected cost decrease trend over five years
Analysis of the required investment in terms of capex between 2011 – 2017

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MEMS : Gyroscopes and IMUs for Defense, Aerospace & Industrial

Reort On  Defense Aerspaces & Industrial

Inertial Measurements Units (IMUs) is a large industry traditionally dominated by defense and aerospace applications. 2011 was a stable year for IMUs with a market size of $1.75B.

We expect more dynamic growth in this market near term because of two factors:

In the defense and aerospace sectors: though the markets in the U.S. and Europe are best described as conservative and mature, many new programs are being launched in Asia, Brazil, and the Middle East.
Many new applications are fueling the growth of the IMU market, benefiting from significant technology evolutions, such as the continuous improvement of MEMS IMUs.

The IMU market is very concentrated; only a few big companies are dominant. Honeywell, Northrop Grumman and Sagem are the clear leaders, but many newcomers are coming in to play, looking to enter the market with low-cost MEMS-based products and a different approach to how things are done.

High-performance inertial sensors and systems is a dynamic market segment, as an ever-increasing number of platforms require stabilization, guidance or navigation functions. The 2011 market for high-performance gyroscopes was estimated at $1.29B, growing at a 4.3% annual rate, and is expected to reach $1.66B in 2017. Defense Industrial

However, this growth will not be global. Indeed, the most attractive opportunities will be concentrated in a select few applications, geographies or technologies:

Defense applications still account for half of the market and most players expect this to remain about the same, as budget cuts made in the U.S. and Europe will be partially compensated by strong demand in Asia.
Commercial aerospace represents close to 25% of the market. After a period of stability, an increasing number of business jet, helicopter and civil aircraft orders will drive renewed inertial systems growth, starting in 2013.
The remainder of the market (composed primarily of industrial, naval and offshore applications) will be the most dynamic area. While it will take time to adopt new technol-ogies in the more conservative areas, new industrial applications are appearing with each passing day, benefiting from the increasing availability of low-cost inertial solutions.

This report describes in detail each application in terms of market size, competitive analysis, technical requirements, technology trends and business drivers.

Currently, optical gyroscope technologies still dominate the market by a wide margin. In particular, Ring Laser Gyroscopes (RLGs) are largely used in navigation systems and tactical guidance; one example is the Honeywell HG1700 IMU.

Although RLGs will be robust for high-performance, Yole Developpement expects two other technologies to make a large contribution to 2011-2017 growth: Fiber Optic Gyroscopes (FOGs), which are currently very popular for stabilization applications, and should rapidly progress to eventually replace other navigation technologies; and MEMS technology, which will have the largest impact on the industry.

New applications are enabled by low-cost MEMS sensors, and when it comes to tactical grade applications, a lot of progress has been achieved in just the past few years in terms of reliability. MEMS are now accepted in high-reliability environments, and are even starting to replace FOGs and other technologies in tactical applications. Of course, other technologies must be considered as well: Hemispheric Resonant Gyroscopes (HRGs) are making progress and are now designed for navigation; Coriolis vibrating piezo gyroscopes are finding increasing success in a large variety of end-markets while new disruptive gyro technologies are still in lab-phase; and finally, DTG and other mechanical gyro technologies are still used in some retrofit systems for 2-axis stabilization systems or for gyrocompass, but this trend points to a decline.

Many factors are shaping tomorrow’s competitive landscape: technology capabilities, products’ maturity level, geography, value chain, and others. As such, competition trends are carefully analyzed in this report. Honeywell is still the global leader by far, with great success in RLG-based systems and successful deployment of MEMS technology. Northrop Grumman, Sagem and other market leaders are next on the list with a variety of technologies and new product lines that should have big market impact. Newcomers will play a role as well, from startup companies developing disruptive sensors, to MEMS manufacturers, IMU integrators and large end-users willing to pursue internal inertial technologies.

This report highlights market share analysis by application field and technology, as well as global company shipments and technology breakdown.

Topic: Gyroscopes, Accelerometers, IMUs
Gyroscope technologies: Si/Quartz MEMS, FOG, RLG, DTG, other mechanical/vibrating gyros, HRG & emerging high-perf technologies
Accelerometer technologies: MEMS, Electromechanical, piezo & others
26 applications analyzed:
8 Industrial / Medical / Commercial Naval / Offshore segments
6 Commercial Aerospace segments
12 Defense segments
Historic data and forecasts – worldwide market metrics: 2010 – 2017 ($M, M units, ASP)
2011 market share and company shipments
Performance level: industrial, tactical, short-term navigation, high-end navigation and strategic grade
300+ sensor manufacturer and integrator companies are quoted in this report
Report is a PowerPoint presentation consisting of more than 280 slides
Includes Excel spreadsheets with main market data

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Western Europe In Vitro Diagnostics Market at a glance included a new research report on “Western Europe (EU-16) In Vitro Diagnostics Market Report & Forecast (2012 – 2015)” into its market report catalogue for reselling.

Western Europe (EU-16) In Vitro Diagnostics Market Report & Forecast (2012 – 2015)

In Western Europe (EU-16) countries major portion of healthcare is borne by the government. These Western Europe (EU-16) countries spend 9 to 11% of their GDP on the healthcare of its citizens. So the recent Euro zone crisis has hardly hit the In Vitro Diagnostics (IVD) market for the year 2011 and 2012. But from 2013 the growth for In Vitro Diagnostics (IVD) industry is expected to be back on track. Western Europe (EU-16) In Vitro Diagnostics (IVD) market is one of the biggest markets globally. Western Europe (EU-16) In Vitro Diagnostics (IVD) market is expected to be more than Euro 11 Billion by 2015.

Germany, France and Italy are three biggest markets in Western European (EU-16) countries. Germany controls the biggest market share closely followed by France and Italy in 2011. Together these three countries controls 58.5% market share for the year 2011. From our research we found that only two countries out of 16 countries studied in this report is expected to show a contraction in In Vitro Diagnostics (IVD) market for the year 2012. Whereas rest of the Western Europe (EU-16) countries will either grow marginal or will show no growth for the year 2012. However from 2013 every country is expected to back on track and expected to grow.

“Western Europe (EU-16) In Vitro Diagnostics Market Report & Forecast (2012 – 2015)” provides a comprehensive assessment of the 16 Western European countries In Vitro Diagnostics (IVD) market scenario and its forecast. The report also provides market landscape and market share information in the Western Europe (EU-16) IVD market. The report also entails major drivers and challenges of Western Europe (EU-16) In Vitro Diagnostics market.

Countries Analyzed in this Report
Germany, France, Italy, United Kingdom, Spain, Netherlands, Greece, Portugal, Belgium, Sweden, Austria, Denmark, Finland, Ireland, Switzerland, Norway

Key Topics Covered in the Report

• Western Europe (EU-16) In Vitro Diagnostics Market Performance (2005 – 2011)
• Western Europe (EU-16) In Vitro Diagnostics Market Forecast (2012 – 2015)
• Western Europe (EU-16) In Vitro Diagnostics Market Share (Country wise) (2009 – 2011)
• Western Europe (EU-16) In Vitro Diagnostics Market Share Forecast (Country wise) (2012 – 2015)
• Western Europe (EU-16) Market Performance of In Vitro Diagnostics Market for Each Country (2002 – 2011)
• Western Europe (EU-16) Market Forecast of In Vitro Diagnostics Market for Each Country (2012 – 2015)
• Drivers and Challenges for Western Europe (EU-16) In Vitro Diagnostics Market

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Asia Medical Tourism Analysis and Forecast Seems to be Bright included a new research report on “Asia Medical Tourism Analysis and Forecast to 2015” provides the current status and future outlook of Asia medical tourism market survey analysis.

Asia Medical Tourism Analysis and Forecast to 2015

In this global economic slowdown when every other industry future seems bleak. Medical Tourism Industry is the one sector whose present is bright and future seems even brighter. Asia is one of the first regions in the world to promote medical tourism and has created a brand name for itself for having affordable and high quality healthcare. Asia medical tourist number of arrivals is expected to cross the figure of 10 Million numbers by 2015. Asia medical tourism market is expected to double by 2015 from its current market in 2011. In our research of medical tourism analysis we found that out of 7 countries 3 countries Thailand, India and Singapore is expected to control more than 80% market share in 2015.

Thailand is the leader in medical tourist arrivals holding more than 40% share in Asia medical tourist arrivals in 2011. Its medical tourism market is also expected to be more than double by 2015 from its current market in 2011.

India was one of the first countries to recognize the potential of medical tourism. From the year 2009 to 2011 the number of medical tourists in India has grown by 30%. It is estimated that by the year 2015, India will receive nearly half a Million medical tourists annually.

Singapore medical facilities are considered to be the best in Asia but its treatment cost are bit costlier compared to its competitors. Singapore medical tourist arrivals are expected to be more than 1 Million by 2015.

Philippines started off bit late for the medical tourism but are catching up quickly. Its medical tourism market is expected to grow with a CAGR of 9% for the period of 2012 – 2015.

South Korea is a fast-growing medical tourism destination. It is forecasted that by 2015, South Korea will attract more than 300 Thousand medical tourists.

Malaysia has seen an impressive growth in medical tourism industry. Malaysia medical tourism market has grown more than 8 times in 2011 compared to its market in 2003.

Taiwan medical tourism has become one of the biggest attractions for mid to high income Chinese tourists. The country’s medical tourism market is expected to increase at 7% CAGR from 2012 to 2015.

“Asia Medical Tourism Analysis and Forecast to 2015” provides the current status and future outlook of Asia medical tourism market survey analysis. This report studies in detail various aspects of medical tourism such as number of foreign patients’ arrivals, revenue from foreign patients change projections and cost comparison of various types of surgeries in the United States with other Asian countries (Thailand, India, Singapore, Malaysia, Philippines, South Korea and Taiwan). The medical tourists arrivals share and medical tourism market share has also been studied in this report. Driving forces of each country in medical tourism industry and Challenges faced by each country in medical tourism industry has been studied in this report.

7 Asian Countries Medical Tourism Analysis Data Studied in this Report

India, Thailand, Singapore, Malaysia, Philippines, South Korea and Taiwan

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Report On Indian Passenger Vehicles Industry

Reort On Passenger Vehicles Industry

Indian Passenger Vehicle Industry: “CAUTION: SPEED BREAKER AHEAD”
The Indian Passenger Vehicle (PV) Industry has always been backbone for the economic growth of a nation. The growth levels remained subdued last fiscal mainly due to negative sentiments arising due to economic uncertainties, spiralling fuel prices and interest cost coupled with escalating inflation levels prompted many customers to defer their purchase decision. The rising gap between the petrol and diesel prices has led to the surge in diesel driven passenger vehicles. It is expected that the Indian PV market is likely to witness many new launches especially in the SUV segment.

CARE Research believes long-term macro factors like low penetration, rising disposable income and favourable demographics remains intact. At present, the penetration levels for passenger cars in India is significantly lower as compared to the emerging markets. The small car segment is likely to remain the main stay of the industry. However, large product offerings in diesel as well as emergence of super compact sub-segment within mid-size will drive growth for midsize cars. The competitive advantage arising out low-cost destination, proximity to Asian markets and lower shipment costs makes India a sourcing hub and a manufacturing base for major Original Equipment Manufacturers (OEM’s). Vehicles Industry

CARE Research has developed a detailed statistical model that attempts to forecast the domestic passenger vehicle sales. The sales are segregated between personal use and commercial use based on the interaction with the industry and analytical acumen. Vehicle sales for commercial sales is forecasted based on the service sector GDP growth, while the vehicle sales for personal use are forecasted based on ownership cost and the target household that can afford to own a car. Other qualitative factors like macro-economic outlook, consumer confidence, willingness of vehicle financers to finance purchases, actions of OEMs like launches, aggressiveness, sales push techniques, dealer network etc have also been quantitatively built in the demand forecasting model.


Outlook on Indian PV industry
Domestic market is expected to grow at a CAGR of 10-11 per cent by FY17
Small car segment to grow at a CAGR of 6-7 per cent in next five years
Mid size segment to record rise of 17-18 per cent by FY17
A4-A6 to remain niche segment

UV to grow at a CAGR of around 15-16 per cent during FY12-FY17 period
Inadequate public transport infrastructure to fuel growth in MPV segment
Rising young population coupled with rising income and low penetration levels will fuel growth
Topline growth to remain healthy on back of high realization
Growing demand for mid-size cars and rise preference for diesel variants to boost the realization in the medium term
Retail price of diesel have remained more stable among all the fuels
CNG still remains the cheapest option
Diesel vehicles will surpass market share of petrol vehicles in the near term.
Operating margins to improve in not before FY14
Investments of around $3 billion expected in the next 3 years
Asian markets to fuel the growth in short term as demand drops in the European markets.

Industry Segments & Competition
PC dominates volumes however UV drives the growth
Small Cars face competition from the mid-sized cars; however, the
dominance of small cars to continue for now
Preference is shifting towards mid-sized cars
A4-A6 faces cannibalization from premium segment UVs

UV improves presence in PV industry…
MPV Segment continue to remain niche market

Motor Vehicle Act
Emission Norms
Fiscal Regulations
Import duty
Excise Duty
VAT/Sales Tax
Foreign Direct Investment
Research and Development

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Report On Indian Gems and Jewellery Industry

Reort On Indian Gems and Jewellery Industry

Indian Gems and Jewellery (G&J) industry is one of the major exporting industries with a firm presence in cut & polished (C&P) diamond exports, handling world’s 90% of diamond cutting and polishing business. Of late, India’s gold jewellery exports have witnessed a spectacular rise as Jewellers are pushing the jewellery into high margin overseas markets. On the domestic front, India is one of the major consumers of gold cornering around 30% of world’s total gold consumption. Though demand for diamond jewellery in India is quite low as compared to overall jewellery demand, the same is picking with rising urbanization, younger population, rising popularity of diamond due to marketing efforts by the players etc.

The G&J industry in FY2012 has suffered on two counts: subdued demand for C&P diamonds led to decline in prices whereas prices of rough diamond did not fall to that extent, leading to margin erosion for exporters and in the domestic markets, more than 30% rise in gold price in rupee terms coupled with lower GDP growth and higher inflation led to muted gold consumption. Organized players in the G&J space are witnessing a good growth due to thriving retail growth and more innovative products. Though the contribution of organized players is small, it is expected to pick up rapidly going forward. Jewellery Industry

CARE Research expects that exports will grow at a moderate pace over next couple of years due to a drop in C&P exports on account of drastic reduction in re-export of C&P diamonds and subdued global demand for C&P diamonds. Gold jewellery exports are expected to continue its growth in the higher trajectory. Domestic demand is expected to remain intact with a substantially higher growth expected for the organized players in G&J space.

CARE Research’s report on the ‘Indian Gems & Jewellery Industry’ provides valuable insights on outlook for G&J industry on domestic as well exports front over next couple of years. The report focuses on aspects like demand-supply dynamics for the sector, growth of organized retail industry in India, value chain analysis for both gold and diamond etc.

The report is indispensable for any company operating in gems and jewellery sectors, gold and diamond trading, banks/ FIs, policy makers, research & academic organizations, other international and national agencies, etc.

Outlook & Challenges
– Exports Segment
• Diamonds
• Gold Jewellery and Others
– Domestic Segment
• Industry Size
• Segmentation
– Factors Impacting Domestic G&J Industry
• Rising Gold Prices
• Slowing GDP growth
• Persistently higher inflation
• Regulatory and Taxation issues

Overview of Global G&J Industry
– Overview
– Regional Trends
Overview of Indian G&J Industry
– Overview
Industry Characteristics
– Raw Material Intensive
– Labour Intensive
– Working Capital Intensive
– Export Oriented
– Domestic Jewellery Retail – Largely an Unorganized Sector
– Certification

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 Report On Refining and Marketing Industry

Reort On Refining and Marketing Industy

In 2011, India was the world’s fourth largest consumer of crude oil and petroleum products after US, China and Japan, with product consumption growing at a CAGR of 4.2 per cent in the last 5 years. India’s refining capacity has doubled in the last 10 years with 64 percent of expansion coming about in the last 4 years. India currently has a refining capacity of 217 million tonnes per annum of which PSU constitutes 62 per cent. Indian Petroleum product demand is expected to grow at a CAGR of 4.6 per cent over FY 2013-15. However India is expected to remain a net exporter of petroleum products due to massive capacity expansion undertaken.

What are factors affecting oil prices and their expected impact in the near future, How is the world oil demand expected to shape up in CY 2012 – 15 and the contribution of BRIC nations in this oil demand growth? What will be total refining capacity expansion/closures expected worldwide during CY 2012-15? What will be Indian petroleum products demand and supply outlook? Which are the petroleum products in which India will emerge as net surplus and deficit? What are the expected under-recoveries in future and their sensitivity analysis to oil price and exchange rate, What are the major refinery and pipeline projects to be undertaken during FY 2013 -15? The report seeks to answer the above issues using reliable sources of the primary and secondary data and CARE Research’s views on the same. Refining Industry

CARE Research’s report on the ‘Indian Refining and Marketing Industry’ contains comprehensive data and analysis of the sector apart from giving CARE’s outlook on the sector. By developing sophisticated model, with its established network of the primary and secondary sources, CARE Research has tried to analyze the future demand and supply scenario in the international and domestic refining and marketing industry.

The report is indispensable for any company in the refining and marketing industry, banks/ FIs, policy makers, research and academic organizations, other international and national agencies etc. Additionally, the four quarterly updates, from the date of subscription, alongwith this report would form a potent tool for the subscribers to keep abreast of the happenings in the industry.

International Market outlook
• International oil Demand & Supply
• International Refining Industry
• Gross Refining Margins
Domestic market outlook
• Current and future demand outlook
• Current and future supply outlook
• Outlook on Net Import/Export

• Refining and Marketing
• Basics of Refining Processes
• Historical background
Regulatory Structure
• Regulatory Framework
• Evolution of Petroleum product pricing mechanism in India
• Key Legislations
Industry Structure
• Structure
• Current Scenario
• Pricing
• Under-recoveries
• Current and upcoming refining capacity
• Distribution network
• Marketing infrastructure
Petroleum taxes and duties
• Tax structure of Petroleum products
• Contribution of Petroleum taxes to the Exchequer
• Rationalization of taxes and duties

Company Profile
• Reliance Industries Limited
• Indian Oil Corporation Limited
• Bharat Petroleum Corporation Limited
• Hindustan Petroleum Corporation Limited
• Essar Oil Limited
• Mangalore Refining and Petrochemicals Limited
• Chennai Petroleum Corporation Limited
Comparative analysis of key players
• Operational performance
• Financial performance

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