MIRA
INFORM REPORT
|
Report Date : |
2nd
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
NIKHIL ADHESIVES
LIMITED |
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Registered Office : |
Vadkun, College
Road, Dahanu, Dist. Thane - 401602 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
29.09.1986 |
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Com. Reg. No.: |
11-41062 |
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CIN No.: [Company
Identification No.] |
U51900MH1986PTC041062 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN04256A
/ MUMN10097D |
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PAN No.: [Permanent
Account No.] |
AAACN1436G |
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Legal Form : |
A
Public Limited Liability Company. The Company’s shares are listed on the
Stock Exchange. |
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Line of Business : |
The
company is engaged in trading of Vinyl Acetate Monomer, Butyl Acrylate Monomer and Co-polymer & Homo Polymer Emulsion |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
175000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is an established company having satisfactory track. Trade relations are
fair. General financial position is satisfactory. Payments are reported as
slow but correct. However the company can be considered normal for business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Vadkun, College
Road, Dahanu, Dist. Thane - 401602 |
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Website : |
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Head
Office : |
Trading
Division Marketing
Division |
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Factory
1 : |
Shreeji Industrial Estate,
College Road, Vadkun, Dahanu, Thane - 401 602 |
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Tel.
No.: |
91-2528
- 224173 / 224463 |
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Fax
No.: |
91-2528
- 223107 |
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Factory
2 : |
683, Diamond Harbour Road, Hindustan
Park, Kolkata - 700039 |
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Tel.
No.: |
91-9830187978 |
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Branches
: |
Ahmedabad Chennai New Delhi Vadodara |
DIRECTORS
|
Name : |
Shri. Rajendra J. Sanghavi |
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Designation : |
Executive Chairman |
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|
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Name : |
Shri. Umesh J. Sanghavi |
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Designation : |
Managing Director |
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|
Name : |
Shri. Tarak J. Sanghavi |
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Designation : |
Executive Director |
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|
Name : |
Dr. P. S. Samant |
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Designation : |
Executive Director |
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|
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|
Name : |
Shri. S. R. Sanghavi |
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Designation : |
Non Executive, Independent Director |
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Name : |
Shri. H. S. Kamath |
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Designation : |
Non Executive, Independent Director |
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Name : |
Shri. Madhu bhai M. Vora |
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Designation : |
Non Executive, Independent Director |
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MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoter's holding |
|
|
|
Promoters |
|
|
|
Indian promoters |
1,906,520 |
61.62 |
|
Foreign promoters |
|
|
|
Persons acting in
concert |
|
|
|
Sub - total |
1,906,520 |
61.62 |
|
Non-Promoters holding |
|
|
|
Institutional investors |
|
|
|
Mutual funds and UTI |
1,000 |
0.03 |
|
Banks, financial instituitions, insurance
companies (central/ State Government institutions/ non-government
instituitions) |
|
|
|
FII's |
|
|
|
Sub - total |
1,000 |
0.03 |
|
|
|
|
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Others |
|
|
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Private corporate bodies |
43,566 |
1.41 |
|
Indian public |
1,128,360 |
36.47 |
|
Indian public |
1,128,360 |
36.47 |
|
Any other (Clearing Members) |
14,154 |
0.36 |
|
Grand Total |
3,094,300 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in trading of Vinyl Acetate Monomer, Butyl Acrylate Monomer and Co-polymer & Homo Polymer Emulsion |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
250 |
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Bankers : |
v
Bank of India v
Bank of Maharashtra v
ICICI Bank Limited v
HDFC Bank Limited |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
P. D. Desai & Associates Chartered
Accountants |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3950000 |
Equity
Shares |
Rs. 10/- each |
Rs. 39.500 millions |
|
50000 |
8% Non
Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs. 0.500 millions |
|
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Total
|
|
Rs. 40.000 millions |
|
|
|
|
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Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3094300 |
Equity
Shares |
Rs. 10/- each |
Rs. 30.943 millions |
|
|
Add :
Forfeited Shares Account |
|
Rs. 0.107 millions |
|
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Total
|
|
Rs. 31.050 millions |
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|
|
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
31.050 |
31.049 |
31.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
13.506 |
8.516 |
6.000 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
44.556 |
39.565 |
37.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
51.681 |
54.812 |
14.300 |
|
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2] Unsecured Loans |
6.654 |
11.810 |
2.900 |
|
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TOTAL BORROWING |
58.335 |
66.622 |
17.200 |
|
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DEFERRED TAX LIABILITIES |
5.771 |
5.830 |
0.000 |
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|
|
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TOTAL |
108.662 |
112.017 |
54.200 |
|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
45.682 |
42.617 |
11.900 |
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|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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INVESTMENT |
0.036 |
0.036 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
64.347 |
35.869 |
30.800 |
|
|
Sundry Debtors |
82.058 |
108.730 |
51.700 |
|
|
Cash & Bank Balances |
28.531 |
19.829 |
13.000 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
7.805 |
7.233 |
8.800 |
|
Total Current Assets |
182.741 |
171.661 |
104.300
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
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|
Current Liabilities |
118.217 |
101.883 |
61.200 |
|
|
Provisions |
1.580 |
0.414 |
0.800 |
|
Total Current Liabilities |
119.797 |
102.297 |
62.000
|
|
|
Net Current Assets |
62.944 |
69.364 |
42.300
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
108.662 |
112.017 |
54.200 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
421.495 |
308.200 |
252.300 |
|
|
|
|
|
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Profit/(Loss)
Before Tax |
13.448 |
8.702 |
3.600 |
|
Provision
for Taxation |
4.924 |
3.214 |
1.500 |
|
Profit/(Loss)
After Tax |
8.524 |
5.488 |
2.100 |
|
|
|
|
|
|
Export
Value |
61.215 |
NA |
NA |
|
|
|
|
|
|
Import
Value |
225.821 |
103.839 |
NA |
|
|
|
|
|
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Total
Expenditure |
408.046 |
299.498 |
241.900 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2005 |
30.09.2005 |
31.12.2005 |
|
Type |
1st
Qtr |
2nd
Qtr |
3rd
Qtr |
|
Sales Turnover |
131.400 |
117.600 |
138.100 |
|
Other Income |
0.000 |
01.200 |
0.000 |
|
Total Income |
131.400 |
118.800 |
138.100 |
|
Total Expenditure |
125.200 |
113.600 |
129.000 |
|
Operating Profit |
6.200 |
5.200 |
9.100 |
|
Interest |
1.700 |
2.500 |
2.000 |
|
Gross Profit |
4.500 |
2.700 |
7.100 |
|
Depreciation |
1.700 |
1.700 |
1.700 |
|
Tax |
1.000 |
0.000 |
1.800 |
|
Reported PAT |
1.800 |
1.000 |
3.600 |
200506 Quarter 1 –
Expenditure Includes (Increase) / Decrease in Stock in Trade
Rs 19.111 million Consumption of Raw Materials / Purchase of Trading Goods Rs
97.986 million Staff Cost Rs 2.721 million Other Expenditure Rs 5.356 million
Status of Investor Complaints for the quarter ended June 30, 2005 Complaints
Pending at the beginning of the quarter Nil Complaints Received during the
quarter Nil Complaints disposed off during the quarter Nil Complaints
unresolved at the end of the quarter Nil 1. The above Unaudited Financial
Results of the Company for the quarter ended on June 30, 2005 were taken on
record by the Board of Directors of the Company at its meeting held on July 31,
2005. 2. Previous year and corresponding quarter figures, wherever necessary,
have been regrouped to confirm with those of the current quarter.
200509 Quarter 2 –
Expenditure Includes (Increase) / Decrease in Stock in Trade
Rs (17.112) million Consumption of Raw Materials / Purchase of Trading Goods Rs
123.013 million Staff Cost Rs 2.885 million Other Expenditure Rs 4.786 million
Status of Investor Complaints for the quarter ended September 30, 2005
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter Nil Complaints disposed off during the quarter Nil
Complaints unresolved at the end of the quarter Nil 1. The above results were
taken on record at the meeting of the Board of Directors held on October 31,
2005. 2. In line with Accounting Standard No 22 issued by ICAI on 'Accounting
for Taxes on Income', provision for taxation includes provision for deferred
tax liability. 3. Previous year, corresponding quarter & half yearly
figures, wherever necessary, have been regrouped to confirm with those of the
current quarter/half year.
200512 Quarter 3 –
Expenditure Includes (Increase) / Decrease in Stock in Trade
Rs (16.168) million Consumption of Raw Materials / Purchase of Trading Goods Rs
134.411 million Staff Cost Rs 3.106 million Other Expenditure Rs 7.597 million
Status of Investor Complaints for the quarter ended December 31, 2005
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter Nil Complaints disposed off during the quarter Nil
Complaints unresolved at the end of the quarter Nil 1. The above results were
taken on record at the meeting of the Board of Directors held on January 31,
2006. 2. In line with Accounting Standard No 22 issued by ICAI on 'Accounting
for Taxes on Income', provision for taxation includes provision for deferred
tax liability. 3. Previous year, corresponding quarter & half yearly
figures, wherever necessary, have been regrouped to confirm with those of the
current quarter/half year.
KEY
RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Debt-Equity Ratio |
1.49 |
1.10 |
0.71 |
|
Long Term Debt-Equity Ratio |
0.93 |
0.55 |
0.13 |
|
Current Ratio |
1.26 |
1.30 |
1.40 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
7.66 |
8.71 |
12.37 |
|
Inventory |
8.94 |
9.60 |
9.05 |
|
Debtors |
4.70 |
3.99 |
4.63 |
|
Interest Cover Ratio |
2.32 |
2.30 |
1.61 |
|
Operating Profit Margin(%) |
6.54 |
5.87 |
4.29 |
|
Profit Before Interest And Tax
Margin(%) |
5.18 |
4.81 |
3.92 |
|
Cash Profit Margin(%) |
3.26 |
2.78 |
1.24 |
|
Adjusted Net Profit Margin(%) |
1.90 |
1.72 |
0.87 |
|
Return On Capital Employed(%) |
22.20 |
19.21 |
15.48 |
|
Return On Net Worth(%) |
20.24 |
14.38 |
5.84 |
STOCK PRICES
|
Face
Value |
Rs.
10.00/- |
|
High |
Rs.
22.55/- |
|
Low |
Rs.
22.55/- |
LOCAL AGENCY
FURTHER INFORMATION
Fixed assets
v Factory Land
v Factory Buildings
v Plant & Machinery
v Computers
v Vehicles
v Furniture & Fixtures
v Intangible Assets
v Goodwill
v Technical Know How
v Trademark
v MDC Logo
v Know Compete Agreement
Trade
terms with
1) Associated Progressive Engineering Limited
2) Ashwathi Forms
3) Nayakem Organics Private Limited
4) Ravi Corporation
5) Yash Synthetics Private Limited
DIVIDEND
The Board has pleasure in recommending a
Dividend of 10% i.e. Re. 1 per equity share for the
financial year ended 31st March 2005. The
proposed dividend will absorb a sum of Rs.3.535
Millions inclusive of tax on dividend.
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL
PERFORMANCE
Manufacturing Division :
After the acquisition of plant & machinery
for emulsions manufacturing from Mafatlal Dyes and Chemicals Ltd. in the
previous year and relocating the same at company's existing facility at Dahanu,
Maharashtra , further modifications at the plant were carried out raising the
manufacturing capacity to 7500 MT/year of emulsions. The production for the
financial year under reference has increased to 5251 MT as compared to 3824 MT
in the previous year (inclusive of job work production) registering an increase
of about 37%. The manufacturing sales has increased to Rs.157.0 millions in the
year under review as compared
to Rs.86.1 millions for the previous year
registering an increase of about 82%. The job work receipts are at Rs.5.380
millions similar to previous year of Rs.54.34 millions.
Trading Division :
In the trading segment, the sales have increased
to Rs. 246.1 millions against previous year of
Rs.205.7 millions, an increase of about 20%
mainly on account of steep increase in down stream
petrochemical products prices, in which the
company is trading. The volume growth registered a nominal increase of about
3%. In the service segment, the gross revenue from the services rendered for
storage of petrochemicals, commission charges, etc. have increased to Rs.9.338
millions from Rs.8.179 millions registering an increase of 14%.
OUTLOOK
After having acquired the brand and technology
of manufacturing polymer emulsions products from Mafatlal Dyes & Chemicals
(MDC), we have fully absorbed the technology of manufacturing and have
undertaken improvement wherever required on an ongoing basis. The products are
well approved and accepted by industry resulting into widening of the customer
base. The products find applications in various industries like Textiles, Packaging,
Paint, Furniture and other miscellaneous industries. Packaging products in turn
find application in large number of sectors such as Textiles, Consumer
Durables, FMGC, etc. Considering a healthy growth seen in some of the above
industries, the company's future in industrial segment appears encouraging.
With small beginning in retail space of wood adhesive and other products, we
expect steady growth in this segment too.
AS PER
WEBSITE
Vision
Nikhil adhesives will create an environment by incorporating best business
practices for all the associates. They shall take ut most care and make every
endeavors to enhance value for the customers by providing value added products
and economically efficient solutions. For the share holders, maximize their
returns through growth in sales and reductions in cost by using all modern
tools of management.
Company History
The Company was incorporated in September 1986 as Hans Marketing & Services
Pvt, Ltd. Its main activity since incorporation was marketing adhesives manufactured
by M/s Nikhil Industries (a Partnership firm) under the brand name 'FORMISOL'.
With a view to achieve backward integration the Company joined as a partner in
M/s Nikhil Indsutries on 1st October 1992. The firm was engaged in the
manufacture of Adhesives and Emulsions marketed by the Company. The Company was
later converted as Public Limited Company in 1992 and changed its name as
Nikhil Adhesives Ltd. On 24 march, 2003 Nikhil Adhesives Ltd. has acquired the
emulsion business of M/s Mafatlal Dyes & Chemicals Ltd. (formerly known as
Hoechst Dyes & Chemicals Ltd.)
Company Activities
Nikhil Adhesives is mainly in the Business of Manufacturing, Marketing and
Trading.
- Manufacturing: Nikhil Adhesives Ltd.
Manufactures speciality polymers, adhesives and different type of quality
dispersions, finding application in various industries such as paints,
textile, packaging, Furniture etc.
- Trading: NAL has a trading division in various
chemicals such as VAM, BAM, 2EHA, EA etc. representing Marubeni Chemicals
and other multinationals.
- Technical Support: NAL has a well equipped
Technical Service and Development Laboratory at Dahanu. The Laboratory is
manned by qualified Technical personnel for carrying and rendering
technical service to end customers and to meet the ever growing needs of
various industries.
- Distribution Channels: NAL has Regional Offices
at Chennai, Ahmedabad, Delhi, Kolkata having Stocking Facilities by way of
warehouses. It has more than 100 Distributors spread all over India.
Industrial Products:
Adhesives
|
Products |
Application |
|
Mahacol
SH |
Its a water based medium setting adhesive
used for gluing wood, plywood to plywood, decorative laminates to plywood,
veneers, blockboard/hard board. |
|
Mahacol
Tatkal |
Its a
fast setting adhesive used for gluing wood, plywood to plywood, decorative
laminates to plywood, veneers, blockboard/hard board. |
|
Mahacol
HV |
Its a
high viscosity adhesive used for gluing wood, plywood to plywood, decorative
laminates to plywood, veneers, blockboard/hard board. |
|
Mahacol
71 |
Adhesive
with longer setting time used for gluing wood, plywood to plywood, decorative
laminates to plywood, veneers, blockboard/hard board. |
|
Formisol |
Its a
synthetic resin adhesive used for gluing wood, plywood to plywood, decorative
laminates to plywood, veneers, blockboard/hard board. |
|
Formisol
707 |
Its a
rubber adhesive used for bonding soles made of neolite rubber/leather/micro
cellular rubber to uppers made of leather. rubber, synthetic fabrics, etc. in
manufacturing quality footwear |
|
Mafbond |
Used
for bonding soles made of PVC, polyurethane, TPR, EVA to leather, synthetic
fabric |
Products
v
Vinyl
Acetate Monomer
v
Butyl
Acetate Monomer
v
Polyvinyl
Alcohol
v
Cyclohexanone
v
Cyclohexane
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered
forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs. 46.17 |
|
UK
Pound |
1 |
Rs. 86.06 |
|
Euro |
1 |
Rs. 59.14 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |