MIRA
INFORM REPORT
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Report Date : |
13.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
BIRLA SUN LIFE INSURANCE COMPANY LIMITED |
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Registered Office : |
Vaman Centre, 6th
Floor, Makhwana Road, Off Andheri-Kurla Road, Andheri (East), Mumbai 400059,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.08.2000 |
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Com. Reg. No.: |
11-128110 |
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CIN No.: [Company
Identification No.] |
U99999MH2000PLC128110 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB08828B |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Providing Life Insurance Solutions, Policies etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 160000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed insurance company in private
sector. It is a part of Birla Group. Available information indicates high financial
responsibility of the company. General financial position is satisfactory.
Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Vaman Centre, 6th
Floor, Makhwana Road, Off Andheri-Kurla Road, Andheri (East), Mumbai 400059,
Maharashtra, India |
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Tel. No.: |
91 22 6678 3333 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Donald A. Stewart |
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Designation : |
Chairman |
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Name : |
Mr. Kumar Mangalam Birla |
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Designation : |
Director |
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Name : |
Mr. Bishwanath N. Puranmalka |
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Designation : |
Director |
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Name : |
Dr. Bharat K. Singh |
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Designation : |
Director |
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Name : |
Mr. Gian P. Gupta |
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Designation : |
Director |
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Name : |
Mr. Gary Comerford |
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Designation : |
Director |
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Name : |
Mr. Maharaja Gaj Singh |
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Designation : |
Director |
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Name : |
Mr. S K Mitra |
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Designation : |
Director |
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Name : |
Mr. Suresh N. Talwar |
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Designation : |
Director |
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Name : |
Mr. Stephen Rajotte |
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Designation : |
Director |
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Name : |
Mr. Ajay Srinivasan |
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Designation : |
Director |
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Name : |
Mr. Venkatesh S. Mysore |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Vikram Mehmi |
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Designation : |
President & Chief Executive Officer |
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Name : |
Mr. Mayank Bathwal |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Chander Chellani |
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Designation : |
Chief Distribution Officer |
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Name : |
Mr. Amitabh Verma |
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Designation : |
Chief Operating Officer |
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Name : |
Mr. Vikram Kotak |
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Designation : |
Chief Investment Officer |
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Name : |
Mr. Fabien Jeudy |
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Designation : |
Chief Actuarial Officer & Appointed Actuary |
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Name : |
Ms. Vinni Soni |
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Designation : |
Head - Group Business |
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Name : |
Mr. Saurov Ghosh |
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Designation : |
Head - Human Resources |
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Name : |
Mr. Prem Prakash |
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Designation : |
Head – Health |
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Name : |
Ms. Anjana Grewal |
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Designation : |
Senior Vice President - Marketing & Communications |
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Name : |
Mr. Snehal Shah |
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Designation : |
Senior Vice President - Special Projects |
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Name : |
Mr. Amit Punchhi |
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Designation : |
Senior Vice President - Third Party Distribution |
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Name : |
Mr. Rajesh Bhojani |
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Designation : |
Senior Vice President - DSF Expansion |
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Name : |
Mr. Lalit Vermani |
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Designation : |
Vice President – Compliance |
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Name : |
Mr. Bhalachandra Nayak |
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Designation : |
Vice President - Strategy |
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Investment Committee : |
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Mr. Ajay Srinivasan |
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Mr. B. N. Puranmalka |
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Mr. Eugene Lundrigan |
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Mr. Fabien Jeudy |
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Ms. Keerti Gupta |
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Mr. Mayank Bathwal |
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Mr. Vikram Kotak |
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Mr. Vikram Mehmi |
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Audit Committee : |
Mr. Bishwanath N. Puranmalka |
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Mr. Ajay Srinivasan |
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Mr. Stephan Rajotte |
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Mr. Gian P. Gupta |
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Mr. Venkatesh S. Mysore |
BUSINESS DETAILS
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Line of Business : |
Providing Life Insurance Solutions, Policies etc. |
GENERAL
INFORMATION
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Bankers : |
Not Applicable |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Khimji Kunverji and Company Chartered Accountants Dalal and Shah Chartered Accountants |
CAPITAL STRUCTURE
AS ON
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3750000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 37500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
671500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 6715.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6715.000 |
4600.000 |
3500.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
33174.200 |
20735.500 |
9685.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
39889.200 |
25335.500 |
13185.700 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
39889.200 |
25335.500 |
13185.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
546.900 |
373.000 |
304.500 |
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Capital work-in-progress |
21.900 |
17.400 |
4.100 |
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INVESTMENT |
40200.500 |
25548.300 |
13330.500 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
1838.100
|
826.900 |
785.100 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
661.800
|
398.000 |
208.100 |
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Total
Current Assets |
2499.900
|
1224.900 |
993.200 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3089.800
|
1607.200 |
1270.700 |
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Provisions |
290.200
|
220.900 |
175.900 |
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Total
Current Liabilities |
3380.000
|
1828.100 |
1446.600 |
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Net Current Assets |
[880.100]
|
[603.200] |
[453.400] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
39889.200 |
25335.500 |
13185.700 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
17661.700
|
12556.600
|
9154.700
|
|
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Other Income |
6011.600
|
4579.800
|
1460.100
|
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Total Income |
23673.300 |
17136.400 |
10614.800 |
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Profit/(Loss) Before Tax |
[1374.200]
|
[590.300]
|
[606.100]
|
|
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Provision for Taxation |
23.200
|
21.000
|
00.000
|
|
|
Profit/(Loss) After Tax |
[1397.400]
|
[611.300] |
[606.100]
|
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Expenditures : |
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Other Manufacturing Expenses |
15600.100
|
12771.300
|
7456.300
|
|
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Employee Cost |
1734.400
|
925.000
|
663.100
|
|
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Selling and Administration
Expenses |
5475.200
|
3563.900
|
2182.200
|
|
|
Miscellaneous Expenses |
2014.500
|
315.200
|
786.800
|
|
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Interest & Financial Charges
|
19.700
|
10.900
|
05.800
|
|
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Depreciation |
203.600
|
140.400
|
126.700
|
|
Total Expenditure |
25047.500 |
17726.700 |
11220.900 |
|
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity
Ratio |
0.00 |
0.00 |
0.00 |
|
Long
Term Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Current
Ratio |
0.72 |
0.68 |
0.71 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
16.65 |
16.14 |
14.70 |
|
Inventory |
0.00 |
0.00 |
0.00 |
|
Debtors |
0.00 |
0.00 |
0.00 |
|
Interest
Cover Ratio |
[157.26] |
[109.30] |
[103.50] |
|
Operating
Profit Margin(%) |
[16.39] |
[8.37] |
[5.17] |
|
Profit
Before Interest And Tax Margin(%) |
[17.54] |
[9.49] |
[6.56] |
|
Cash
Profit Margin(%) |
[16.63] |
[8.62] |
[5.24] |
|
Adjusted
Net Profit Margin(%) |
[17.78] |
[9.74] |
[6.62] |
|
Return
On Capital Employed(%) |
0.00 |
0.00 |
0.00 |
|
Return
On Net Worth(%) |
0.00 |
0.00 |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
Financial
Performance:
The Company achieved another milestone having completed its 6th year of operations
in a challenging and competitive market. BSLI recorded premium revenue of Rs.
17351 Millions, a 41% increase over the last year. Total income, including
investment income stood at Rs.19486 Millions, registering an increase of 38%.
Lower than expected volume growth, higher marketing expenses and a deliberate
strategy to aggressively open up new branches, led to the net loss increasing
from Rs. 611 Millions in the previous year to Rs.1397 Millions in the current
year.
Business
Review:
The overall industry growth rate is expected to remain very robust in the near
future. The new business premium income in the industry has increased from 30%
for 2005-06 to 117% as on YTD Feb'07. Private sector insurance companies have
been successful in increasing their distribution reach and making the industry
competitive and responsive to customer's needs. In FY 2005-06, the private
sector grew its premium income by 79% and a further 105% as on YTD Feb'07.
Among private players, ICICI Prudential has consistently maintained market
leadership with considerable margin. New competition is expected to emerge over
the next two years with Canara Bank, Andhra Bank, Bank of Baroda, IDBI, etc,
entering the life insurance industry. The total sales for all product segments
of the Company grew at 36.0% from Rs.7025 Millions in the previous year to Rs.
9532 Millions in the current year. The Company recorded growth of 32% in the
Individual life sales from Rs. 6236 Millions in 2005-06 to Rs. 8198 Millions in
2006-07. The focus on policy sales led to a 68% growth in individual life
policy sales. The group segment grew by 69% over 2005-06.
The Company continues to follow its strategy of multi-channel distribution. In
order to increase the reach of Direct Sales Force (DSF), the channel has
embarked on a path of exponential increase in its branch network. The number of
branches stands at 137 in March '07, having added 31 branches and 21 unit
offices in the past year. The branch network currently covers 95 cities and
another 154 odd cities are being covered through the presence of Outstation
Agency Managers.
The year 2006-07 saw the Alternate Channels breaking into two distinct channels
of Bancassurance and Corporate Agents & Brokers (CAB), for intensified
focus on both the unique segments. Bancassurance completed the year with a
premium of Rs. 2836 Millions and 48,653 policies. Banca managed to broad base
its business mix with increased contribution from other distributors such as
HBL Global, Deutsche Bank and IDBI Bank. The Company further strengthened its
relationship with Citibank, which continued to be the premier relationship
providing more than 50% of the bancassurance channel sales. However, the
channel has stopped sourcing business from the NRI segment from Citibank Dubai
due to regulatory constraint. The channel is now focused on long-term tie-ins
of existing relationships, by developing bank specific products, processes
coupled with manpower and technology initiatives, to thwart predatory
competition, and further activating all the channels of these relationships.
CAB has developed relationships with big distributors like Karvy, Bajaj
Capital, ILFS Investsmart, PNB Principal etc. CAB has identified a new avenue
for business in the form of Business Associates, which is a low cost
acquisition model. This model will enable CAB to spread its reach and enter new
locations.
Group business also has witnessed a sharp growth over the last year. The focus
of Group Business is on launching new products and exploit new segments like
healthcare and affinity mortgage for the term business, by exploiting existing
bank relationships.
As in the previous years, the Company complied with both rural and social
obligations as mandated by IRDA.
In 2006-07, the Company has continued its focus on launching new and innovative
products to extend its products suite to enable it to cater to the needs and
requirements of newer market segments. With this in mind, BSLI launched certain
products aimed at specific market segments. For HNI segment, Supreme Life was
launched, which is an improvement over the existing ULIP linked product. In the
Child segment, Children Dream Plan was launched. To meet the basic needs of the
middle class segment and specifically an alternative to Term Plan, Dream Plan
was launched. Group Interest Credit product in the Group segment was also
launched.
The Indian economy has shown GDP growth of above 9% in 2006-07. Indian Equity
markets have seen an upsurge in volatility mainly on account of rising
inflation and interest rates. For FY 2006-07, broad indices delivered near 10%
returns and interest rates continued to rise during the year largely on account
of higher credit growth and rising Inflation. The company has followed prudent
investment strategy with an aim to deliver above average returns at optimum
level of risk on a continuous long-term basis by investing in high quality
investments. Our funds under management have crossed Rs.40000 Millions.
(Previous Year Rs. 25540 Millions). The Company strives to ensure that funds
investments are properly aligned with investment strategy and commitment made
to policyholders and well controlled by internal and external regulations.
The Company continues to leverage technology for achieving the business goals
and views technology as a key driver for supporting growth. During the year an
outside consultant was hired to formulate an IT roadmap for BSLI so that BSLI
IT infrastructure is able to facilitate the plans that the business has drawn
up. Elixir CMS was also implemented in Feb'07. In the medium to long term, the
Company intents to attain/implement/accept practices and conform to
industry/quality standards-ISO 27000/BS 7799 (Security), CMM (Software
Development), and ITIL (Facilities Management).
The Company has a strong financial management and reporting system in place
supported by robust IT applications and systems. The Company continues to be
first insurer to publish its financial statements year after year, a testimony
to its strong financial processes. An effective Management Information System
(MIS) is the sound platform on which the Company's control mechanisms have been
built.
One of the Company's aspirations is to maintain its position as the most
preferred employer in the insurance industry and, hence its human resource
practices are aimed at building and maintaining employee goodwill. Being a very
people-centric business, the Company endeavors to provide professional and
personal growth opportunities, which it feels is one of the primary drivers for
employees, as revealed through multiple surveys.
Outlook:
India's life insurance industry offers strong potential for growth driven by
factors like buoyant economic growth, increasing penetration, regulatory
reforms and rising awareness amongst the population about the need for
insurance.
The overall industry growth rate is expected to remain very robust in the near
future. Some of the key indicators of high growth of the industry are:
* Changing demographic profile - 60% of population is below 30 years; only 20%
of insurable population is insured;
* Product innovation increase in demand for new products;
* Aggressive marketing and distribution strategy by new private players;
and
* Buoyant macro outlook and increasing savings rate currently around 28% of
GDP
The industry is set to witness more competition with new players planning to
enter the market. Rural markets and micro insurance hold huge potential and all
the companies shall be targeting these segments. Human capital will be a key competitive
advantage in the long run and there will be stiff competition among all the
insurance companies for talent.
BSLI is well positioned to exploit the opportunities thrown by the fast growing
market. The Company has proactively taken steps to increase its distribution
reach in all the three sales channels and is in advanced stages of implementing
its plans for rural and micro insurance markets.
License:
The Insurance Regulatory and Development Authority ("IRDA") has
renewed the Certificate of Registration of Birla Sun Life Insurance Company
Limited to sell life insurance products in India for the financial year (F.Y.)
2007-08 vide its Certificate of Renewal of Registration dated 6th March, 2007.
The renewed registration is w.e.f. April 01, 2007 and is valid upto March 31,
2008.
Certificate
of Registration:
The Certificate of Registration granted by the Insurance Regulatory and
Development Authority (IRDA) to enable the Company to transact life insurance
business was valid as on March 31, 2007 and is in force as on the date of this
Report. IRDA has renewed the Company's Certificate of Registration to sell life
insurance products in India for the year 2007-08 vide its Certificate of
Renewal of Registration dated 6th March 2007.
Market values of fixed income investments made in the
controlled funds (shareholder funds and policyholders non linked funds) which
are valued at amortised cost as per IRDA regulations, is lower than their
carrying amounts by Rs. 76,237 thousands in aggregate as at March 31, 2007.
About
Birla Sun Life Insurance Company Limited
·
Birla Sun Life Insurance pioneered the unique Unit
Linked Life Insurance Solutions in India.
·
Within 4 years of its launch, BSLI has cemented its position
as a leading player in the Private Life Insurance Industry.
·
There has been focus on Investment Linked Insurance
Products, supported with protection products to maintain leadership in product
innovation.
·
Multi Distribution Channels- Direct Sales Force, Alternate
Channels and Group offering convenient channels of purchase to customers.
·
Web-enabled IT systems for superior customer services.
·
First to have issued policies over the Internet.
·
Corporate governance and a high degree of transparency in
all business practices and procedures.
·
First to have an operational Business Continuity Plan.
·
Strong fundamentals based on the Aditya Birla group's local
insight and Sun Life financials global expertise.
BSLI has done it once again
BSLI has achieved Claims Outstanding (O/s) ratio of just *0.32 % for the F.Y.
2007-08, one of the best in the Insurance Industry.
(*These claims could not be processed due to non-receipt of basic claim
requirements / litigation claims.)
This
effectively means that of every 100 claims intimated to BSLI 99.68 stands
cleared.
The above Claims O/s ratio does not take into account Maturity/ Surrender
claims, as is done by some of the Insurance Co's.
Not only has BSLI's Claims O/s ratio has been the best in the Industry for 5
years in a row, but the same has been consistently bettered (falling) year
after year - an achievement for all of us to be proud of. 'Claims' is one of
the important yardstick by which a Company's performance is measured. With the
above achievements, BSLI continues to reinforce the faith amongst the public
& the Insured population of being the preferred Insurance/ Service provider
and its 'Customer first' approach remains intact - even when it comes to
critical issue of 'Claims processing'.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.68 |
|
UK Pound |
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.64.13 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
68 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|