MIRA INFORM REPORT
|
Report
Date : |
16th
May, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
ATOTECH INDIA LIMITED |
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Registered
Office : |
NH-8, 66
K. M. Stone, Delhi - Jaipur Highway, Village Sidhrawali, Guragaon - 123413,
Haryana, India |
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Country
: |
India |
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Financials
(as on) : |
31.12.2004 |
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Date
of Incorporation : |
7th March, 1996 |
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Com.
Reg. No.: |
05-33492 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
RTKA04222B |
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PAN
No.: (Permanent
Account No.) |
AACCM0338G |
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|
Legal
Form : |
It is a closely held public limited liability company. The
company is a 100% subsidiary of Atotech B. V., the Netherlands. |
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Line
of Business : |
Manufacturing and Marketing of Electroplating Salt and
Speciality Chemicals Compounds for General Metal Finishing and Printed
Circuit Board Industry. |
RATING & COMMENTS
|
MIRA’s
Rating : |
B |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum
Credit Limit : |
-- |
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|
|
|
Status
: |
Moderate |
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|
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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 moderate track.
Trade relations are fair. Payments are reported as slow but correct. Profit
margin is under severe pressure. The company can be considered for small to
mediocre business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
NH-8, 66
K. M. Stone, Delhi - Jaipur Highway, Village Sidhrawali, Guragaon - 123413,
Haryana, India |
|
Tel.
No.: |
91-1274-242115/242640/242641 |
|
Fax
No.: |
91-1274-242116 |
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E-Mail
: |
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|
Website
: |
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|
Area : |
18000 sq.
mtr. |
|
Location : |
Owned (Industrial Area) |
|
|
|
|
Factory
: |
NH-8, 66
K. M. Stone, Delhi - Jaipur Highway, Village Sidhrawali, Guragaon - 123413,
Haryana, India |
|
Tel.
No.: |
91-1274-242115/242640/242641 |
|
Fax
No.: |
91-1274-242116 |
|
E-Mail
: |
|
|
Area : |
18000 sq.
mtr. |
|
Location : |
Owned (Industrial Area) |
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|
|
|
Warehouse
: |
NH-8, 66
K. M. Stone, Delhi - Jaipur Highway, Village Sidhrawali, Guragaon - 123413,
Haryana, India |
|
Tel.
No.: |
91-1274-242115/242640/242641 |
|
Fax
No.: |
91-1274-242116 |
|
E-Mail
: |
|
|
Area : |
18000 sq.
mtr. |
|
Location : |
Owned (Industrial Area) |
|
|
|
DIRECTORS
|
Name : |
Mr. Shambhu Gupta |
|
Designation
: |
Managing Director |
|
|
|
|
Name : |
Mr. Gregor Frank |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. N Subramanian |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. Pablo Nieto Aliseda |
|
Designation
: |
Director |
|
|
|
|
Name : |
Mr. Ajit P Ghaisas |
|
Designation
: |
Alternate Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjeev Jha |
|
Designation
: |
Company Secretary |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
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|
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|
The
entire share capital (100%) of the company is held by 'Atotech B. V., the Netherlands
(Subsidiary). |
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|
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing and Marketing of Electroplating Salt and
Speciality Chemicals Compounds for General Metal Finishing and Printed
Circuit Board Industry. |
|
|
|
|
Products
: |
|
|
|
|
|
Exports
to : |
SAARC Countries |
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|
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Imports
from : |
U. K. , Germany and Italy |
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|
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|
Terms
: |
|
|
Selling : |
Credit (30 days) terms |
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|
|
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Purchasing : |
Credit (180 days) terms |
PRODUCTION STATUS
|
Particulars |
|
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
PCB
Chemicals |
|
Kgs. |
7500000 |
260557 |
|
GMF
Chemicals |
|
Ltrs. |
7500000 |
782302 |
GENERAL INFORMATION
|
Suppliers
: |
Some of
the major supplier of the company are:
|
|
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|
|
Customers
: |
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|
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|
No. of
Employees : |
Around 100 |
|
|
|
|
Bankers
: |
Ř
ABN
Amro Bank, Channaught Place, New Delhi - 110 001, India Ř
Credit
Lyonnas Bank, New Delhi - 110 001, India |
|
|
|
|
|
|
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Auditors
: |
Price
Waterhouse & Company Chartered Accountants |
|
|
|
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Parent
Company : |
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CAPITAL STRUCTURE
As on
31.12.2000
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
Rs. 10/- |
Rs. 170.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10300000 |
Equity Shares |
Rs. 10/- |
Rs. 103.000 millions |
After
31.12.2000
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
Rs. 10/- |
Rs. 170.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15050000 |
Equity Shares |
Rs. 10/- |
Rs. 150.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2004 |
31.12.2003 |
31.12.2002 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
150.800 |
150.800 |
150.800 |
|
|
2]
Reserves & Surplus |
(74.400) |
(80.500) |
(81.500) |
|
NETWORTH
|
76.400 |
70.300 |
69.300 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
88.800 |
41.800 |
28.300 |
|
|
2]
Unsecured Loans |
28.800 |
34.100 |
85.000 |
|
TOTAL
BORROWING
|
117.600 |
75.900 |
113.300 |
|
|
|
|
|
|
|
TOTAL
|
194.000 |
146.200 |
182.600 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
95.300 |
100.000 |
103.100 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
78.300
|
57.300 |
37.900 |
|
|
Sundry Debtors
|
106.600
|
95.400 |
92.600 |
|
|
Cash & Bank Balances
|
16.500
|
7.000 |
12.200 |
|
|
Loans & Advances
|
13.400
|
11.200 |
8.100 |
Total Current Assets
|
214.800
|
170.900 |
150.800 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
114.000
|
123.300 |
43.700 |
|
|
Provisions
|
2.100
|
1.400 |
27.700 |
Total Current Liabilities
|
116.100
|
124.700 |
71.400 |
|
Net
Current Assets
|
98.700 |
46.200 |
79.400 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.100 |
|
|
|
|
|
|
|
TOTAL
|
194.000 |
146.200 |
182.600 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.12.2004 |
31.12.2003 |
31.12.2002 |
Sales Turnover [including other income]
|
466.900 |
369.400 |
300.000 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
6.000 |
1.000 |
(16.300) |
Provision for Taxation
|
0.000 |
0.000 |
0.000 |
Profit/(Loss) After Tax
|
6.000 |
1.000 |
(16.300) |
|
|
|
|
|
Total Expenditure
|
474.000 |
378.600 |
301.600 |
KEY
RATIOS
|
PARTICULARS |
31.12.2004 |
31.12.2003 |
31.12.2002 |
|
Debt Equity Ratio |
1.32 |
1.36 |
1.35 |
|
Long Term Debt Equity Ratio |
1.32 |
1.36 |
1.35 |
|
Current Ratio |
1.60 |
1.64 |
2.18 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
3.94 |
3.30 |
3.12 |
|
Inventory |
6.81 |
7.39 |
7.23 |
|
Debtors |
4.57 |
3.74 |
3.85 |
|
Interest Cover Ratio |
1.85 |
1.16 |
(0.35) |
|
Operating Profit Margin (%) |
5.70 |
7.24 |
3.51 |
|
Profit Before Interest and Tax Margin (%) |
2.84 |
3.04 |
(1.40) |
|
Cash Profit Margin (%) |
4.16 |
4.63 |
(0.53) |
|
Adjusted Net Profit Margin (%) |
1.30 |
0.43 |
(5.44) |
|
Return on Capital Employed (%) |
7.70 |
6.51 |
(2.32) |
|
Return on Net Worth (%) |
8.18 |
2.15 |
(21.09) |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was
originally incorporated as private limited company at Punjab on 7th
March, 1996. The Registered office shifted from Punjab to present address w. e.
f. 20/02/1997. Subsequently the name of the company was changed from "Max
Atotech India Limited" to Present name w. e. f. 18/10/2001, having Compnay Registration Number 33492.
The company
is young company with a strong background. It was formed in 1993 when the
former Elf Atochem Group merged its M & T Harshaw operations with the
Schering Electroplating Division.
The company
is part of Atofina, the chemical branch of the oil group. Atofina was created
from the merger of the chemical, petrochemical and oleochemical activities of
Total Fina and Elf Aquitaine.
Atofina is the world's fifth largest chemical company.
Atofina's chemicals activities hold leading positions both in Europe and in the
world in each of their markets.
The company
is one of the world's leading suppliers of processes, services and equipment
for General Metal Finishing (GMF), Semiconductor and Printed Circuit Board
Manufacturing (Electronics).
The
company's product range covers technologies for the entire spectrum of
decorative and functional surface treatment for various materials including
steel, aluminium and even plastics.
The company is present in more than thirty countries on all
five continents. Twenty production on-time delivery of processes and equipment.
Forty service centers provide advanced analytical and technical support.
As Per Web Details
Profile
Atotech
India is committed to provide the best Products, Processes and Service to the
General Metal Finishing (GMF) and Printed Circuit Board (PCB) manufacturing
industries in India & SAARC countries. We intend forming enduring links
with our customers while satisfying the most demanding technology and quality
requirements of today and of the future.
As one of the world’s leading suppliers of processes, services and equipment to
the GMF and PCB manufacturing industries, Atotech invests heavily in research
to continually develop improved processes for these industries. Our highly
competent technical staff ensure that these developments of our international R
& D are translated into significant benefits for our local customers. Our
marketing and manufacturing teams harmonize their activities to ensure that our
customers needs are promptly and responsibly attended to. In all spheres of
operations, Atotech India ensures that Safety and Protection of Health and the
Environment are always kept in focus.
We look forward to successfully meeting challenges together with our
partners.
News 
For the
general metal finishing industries all over the world, Atotech has become a
leading partner in electroplating. We provide perfectly matched concepts for
equipment, chemistry and services.
The Atotech product range covers technologies for the entire spectrum of
decorative and functional surface treatment for various materials including
steel, aluminum and even plastics. read
With our
unique systems approach - chemistry, equipment and global service - we are able
to provide leading-edge production solutions to the electronics industry. read
More
Regional Atotech Homepages in Asia:
FarEast, China, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand, Australia / New
Zealand.
2005 - A COMPLETELY
ACCIDENT – FREE YEAR
We are proud to announce that 2005 was a
COMPLETELY ACCIDENT – FREE YEAR for Atotech India! This is due to the great
care taken in all spheres of activities by all our employees – both in the
manufacturing site as well as all the regional locations and offices, as well
as at outside by personnel making sales and service calls. We shall make every
effort to keep this up in 2006 and the years to come!
March 4, 2006: NATIONAL SAFETY DAY 2006 OBSERVED
There was an overwhelming response to the Poster
Competition organised on the occasion of National Safety Day on March 4, 2006
at the Sidhrawali factory. Over 60 posters were contributed by Atotech and
Contractors’ employees, making the judges’ task quite difficult! A Safety
Pledge was undertaken by all present on the occasion.
Company Policy
Our aim is to establish Atotech India as the preferred supplier to the
GMF and PCB industries. Atotech India places Safety along with Protection of
Health and the Environment at the centre of its activities.
Atotech in India
Atotech India is responsible for providing processes and services to
customers in India, Bangladesh, Nepal, Pakistan and Sri Lanka & Gulf
Countries.
Our people, facilities and capabilities demonstrate our commitment to
our customers. Our technical service and sales personnel are well-trained
competent professionals who have a thorough knowledge of both our products and
processes and the customers’ needs. They are kept abreast of the latest product
and technical development through frequent technical information exchanges with
our world wide product specialists and training programs.
Our manufacturing facility at Sidhrawali, Gurgaon (near New Delhi) is
certified under ISO 9001: 2000 (Quality Systems), ISO 14001:2004 (Environment
Management System) and OHSAS 18001: 1999 (Occupational Health and Safety
Management System). We produce our chemistry strictly in accordance with
Atotech’s worldwide standards, using only the finest raw materials and
processes. We ensure that all our activities not only conform to local and
global regulations with regard to environmental and safety aspects, but also
live up to the exacting standards of Atotech worldwide in this regard.
Our central laboratory centre is equipped with advanced instruments for
customer support, including thickness testers, gas chromatograph (GC), high
performance liquid chromatograph (HPLC), ion chromatograph (IC), auto –
titrator, atomic absorption spectrophotometer (AAS), UV – Visible
spectrophotometer, electrochemical step tester, CASS and NSS corrosion
chambers, as well as specific instruments for testing electrophoretic coatings.
We also have a network of local offices and service personnel (see Contacts)
A Young Company with a Long History
Atotech is a young company with a strong background. It was formed in
1993, when the former Elf Atochem Group merged its M&T Harshaw operations
with the Schering Electroplating Division.
As part of the chemical branch of the oil group Total we take advantage of the substantial
resources of this major oil company. It was created from the merger of
TotalFina and Elf Aquitaine.
The world's fifth largest chemical company holds leading positions both
in Europe and in the world in each of their markets: Petrochemicals and
Commodity Polymers, Intermediates and Performance Polymers, Specialty
Chemicals.
Contact Us
Atotech India
Registered Office and Factory
66 K. M. Stone, NH – 8 (Delhi Jaipur Highway), Village Sidhrawali,
District Gurgaon, Haryana - 123413, India.
Phones: (+91) 1274 – 267190, 91. (+91) 124 – 2679620, 21
Fax: (+91) 1274-267189
Email: sidhrawali@atotechindia.com
Gurgaon Office
Ground Floor, Enkay Tower, Vanijya Nikunj, Udyog Vihar – V, Gurgaon,
Haryana- 122106, India.
Phones: +91 – 124 – 2397191 / 92, 5017190.
Fax: =91- 124 – 2450135.
Email: gurgaon@atotechindia.com
Business Unit Heads
GMF: C G K Murthy
Phone: +91- 9818316602
Email: cgkmurthy@atotechindia.com
ELECTRONICS: Rajesh Verma
Phone:+91-9811203595
Email: rverma@atotechindia.com
Sales Offices
BANGALORE:
Phones: +91-80- 5565206, 5567540, 51193569.
Fax: +91-80- 51193570
Email: bangalore@atotechindia.com
MUMBAI:
Phones: +91-22- 2887201, 28884495.
Fax: +91- 22- 2887197.
Email: mumbai@atotechindia.com
LUDHIANA:
Telefax: +91-161-2544699
Email: ludhiana@atotechindia.com
PUNE:
Phone: +91-20-5462984
Fax: +91-20-5468652
Email: pune@atotechindia.com
VIZAG:
Phone: +91 – 9848027050
Fax : +91-891-2703893
Email: vizag@atotechindia.com
Key Contacts
MANUFACTURING : A . P. Ghaisas
Phone:+91- 9810089508
Email: apghaisas@atotechindia.com
FINANCE &
CONTROLLING: G. S. Gulati
Phone:+91- 9810124430
Email: gsgulati@atotechindia.com
GMF NORTH: D.R.
BASAK
Phone: +91- 9810437111
Email: drbasak@atotechindia.com
GMF WEST : Amit
Gupta
Phone: +91- 9821125263
Email: amitgupta@atotechindia.com
GMF SOUTH : M
Shreedhar
Phone: +91- 9845201898
Email: mshreedhar@atotechindia.com
ELECTRONICS SOUTH: Biju
Thomas
Phone:+91- 9845950551
Email: bthomas@atotechindia.com
PURCHASE &
LOGISTICS : Anil Gupta
Phone:+91- 9810617291
Email: anilgupta@atotechindia.com
HEALTH, ENVIRONMENT
& SAFETY : Vikas Gupta
Phone:+91- 9810598713
Email: vgupta@atotechindia.com
Sales & Service
Contacts
Aligarh:
Phone +91 - 9358203525
E mail : rjha@atotechindia.com
Amritsar:
Phone: +91 – 9815366221
E mail : jsingh@atotechindia.com
Chennai:
Phone: +91-9840075068
E mail : chennai@atotechindia.com
Delhi:
Phone: +91 – 9810261857
E mail : dsemwal@atotechindia.com
Faridabad:
Phone: +91- 9811054392
E mail : asrivastava@atotechindia.com
Ghaziabad / Noida:
Phone: +91 – 9810374266
E mail : sverma@atotechindia.com
Gurgaon:
Phone: +91- 9810033892
E mail : rktiwari@atotechindia.com
Mathura:
Phone: +91- 9412279292
E mail : vsingh@atotechindia.com
Moradabad:
Phone: +91- 9871296338
E mail : rbahuguna@atotechindia.com
DISTRIBUTORS AT :
Agra, Ahmedabad, Aligarh, Allahabad,
Amritsar, Bangalore, Baroda, Chandigarh, Chennai, Coimbatore, Delhi, Faridabad,
Ghaziabad, Gurgaon, Jaipur, Jalandhar, Kanpur, Kolkatta, Ludhiana, Merrut,
Moradabad, Mumbai, Noida, Pune, Rajkot.
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.45.46 |
|
UK Pound |
1 |
Rs.85.94 |
|
Euro |
1 |
Rs.58.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
4 |
|
OPERATING
SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT
LINES |
1~10 |
4 |
|
--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 |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
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 |