MIRA INFORM
REPORT
|
Report
Date : |
22.05.2008 |
IDENTIFICATION DETAILS
|
Name : |
WELDON CELLOPLAST LIMITED |
|
|
|
|
Registered
Office : |
304, 3rd
Floor, 9/2, East Patel Nagar, New Delhi – 110008 |
|
|
|
|
Country
: |
India |
|
|
|
|
Financials
(as on) : |
31.03.2007 |
|
|
|
|
Date
of Incorporation : |
03.04.1982 |
|
|
|
|
CIN
No.: |
U74999DL1982PLC013422 |
|
|
|
|
Com.
Reg. No.: |
55-13422 |
|
|
|
|
TAN
No.: (Tax
Deduction & Collection Account No.) |
DELW00478C |
|
|
|
|
Legal
Form : |
A closely held public limited liability company |
|
|
|
|
Line
of Business : |
Manufacturers
and Exporter of Label Stock. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
Maximum
Credit Limit : |
USD 17000 |
|
|
|
|
Status
: |
Satisfactory
|
|
|
|
|
Payment
Behaviour : |
Slow but
Correct |
|
|
|
|
Litigation
: |
Clear |
|
|
|
|
Comments
: |
Subject is a well – established company having
satisfactory track. Trade relations are fair. Payments are reported as slow
but correct. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
304, 3rd
Floor, 9/2, East Patel Nagar, New Delhi – 110008, India |
|
Tel.
No.: |
91-11-25740089/
25745458 |
|
Fax
No.: |
91-11-25821174 |
|
E-Mail
: |
|
|
Website
: |
|
|
Area : |
450 sq. ft |
|
Location : |
Owned |
|
|
|
|
Corporate
Office : |
304, 3rd
Floor, 9/2, East Patel Nagar, New Delhi – 110 008, INDIA Tele No.
91-11-25740089 / 25745458 Fax No.
91-11-2582 1174 E- mail :
weldon@vsnl.com Plot No.
54, Jawahar Co-operative Industrial Estate, Kamothe, Panvel, District
Raigarh, Maharashtra, India Tel No :
91-22-27879645 Mobile No
: s91-9323555103 130, ALB Road,
Thiruvanmiyur, Chennai-600041, Tamilnadu, India Mobile No
: 91-9884032686 |
|
|
|
|
Factory
1 : |
Plot No. 92, Sector 6, Faridabad, Haryana, India |
|
Tel.
No.: |
91-129-22241330/25061202 |
|
Fax
No.: |
91-129-25061201 |
|
E-Mail
: |
|
|
Area : |
2565 sq. yds |
DIRECTORS
|
Name : |
Mr.
Harveer Singh Sahni |
|
Designation
: |
Managing
Director |
|
Address
: |
30-B, Pusa
Road, New Delhi – 110005, India |
|
Date
of Birth/Age : |
06.09.1951 |
|
Qualification
: |
P. G. |
|
Experience
: |
23 years |
|
Date
of Appointment : |
03.04.1982 |
|
|
|
|
Name : |
Mrs.
Sarbinder Kaur |
|
Designation
: |
Director |
|
Address
: |
30-B, Pusa
Road, New Delhi – 110005, India |
|
Date
of Birth/Age : |
01.06.1955 |
|
Qualification
: |
Graduate |
|
Experience
: |
16 years |
|
Date
of Appointment : |
28.06.1985 |
|
|
|
|
Name : |
Mr. Pawandeep Singh Sahni |
|
Designation
: |
Director |
|
Address
: |
30-B,
Pusa Road, New Delhi – 110005, India |
|
Date
of Birth/Age : |
21.05.1981 |
|
Date
of Appointment : |
1.12.2000 |
|
|
|
|
Name : |
Mr. Tejainder Vir Singh Sethi |
|
Designation
: |
Director |
|
Address
: |
A-288, Defence Colony, New Delhi – 110024, India |
|
Date
of Birth/Age : |
19.07.1946 |
|
Date
of Appointment : |
01.07.1997 |
KEY EXECUTIVES
|
Name : |
Aggarwal
and Associates |
|
Designation
: |
Company
Secretary |
|
Address
: |
272
Dayanand Vihar, Delhi-110092, India |
|
Tel No |
91-11-22372434 |
|
Mobile
No. |
91-9811386565 |
|
E-mail
|
MAJOR SHAREHOLDERS
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Ms. Kulwant Kaur |
10 |
|
Mr. Harveer Singh Sahni |
3680 |
|
Ms. Sarbinder Kaur |
7622 |
|
Mr. Pawandeep Singh Sahni |
5429 |
|
Mr. Kanwwardeep Singh Sahni |
3620 |
|
Mr. Gulshen |
100 |
|
Mr. Guldeep Singh Sahni |
5 |
|
Mr. Ravinder Singh Sahni |
255 |
|
Ms. Ritu Gupta |
5 |
|
Ms. Ruchika Gupta |
5 |
|
Mr. Gurbakshish Gulati |
50 |
|
Mr. Agya Ram Gulati |
50 |
|
Ms. Rachna Chopra |
40 |
|
Ms. Rukmani Jivraj Gogari |
250 |
|
Mr. Jivraj Murgai Gogari |
250 |
|
Mr. Trilochan Singh |
250 |
|
Ms. Sarla Dinesh Gogari |
250 |
|
Mr. Dinesh Jivraj Gogari |
250 |
|
Mr. Rajkumar Gupta |
1 |
|
Ram
Narayain Gupta and Sons |
1 |
|
Mr. Ravinder Kaur Sahni |
20 |
|
Mr. Harveer Singh Sahani |
3080 |
|
Ms. Sarbinder Kaur |
200 |
|
Mr. Harveer Singh Sahani |
3370 |
|
Mr. Pawandeep Singh Sahni |
50 |
|
Mr. Harveer Singh Sahani |
50 |
|
Mr. Ajay Kumar Gupta |
1 |
|
Ms. Sushila Gupta |
5 |
|
|
|
|
Total |
28899 |
(As on 31.03.2007)
|
Category |
Percentage |
|
|
|
|
Directors or relatives of
directors |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturers
and Exporter of Label Stock. |
|
|
|
|
Products
: |
· Self Adhesive Label stocks ·
Silicon
Release Papers ·
Self
Adhesive Transfer Tapes ·
Speciality
Tapes ·
Thermal
Transfer Label Stocks Its
selected category is · Fasco Economy · Fasco Premium · Fasco Release Liners · Fasco Self Adhesive Tapes · Fasco Speciality Items |
|
|
|
|
Exports
to : |
|
|
Countries : |
· Iran · Jordan · U.A.E. |
|
|
|
|
Imports
from : |
|
|
Products : |
·
Base
paper (Glassine) ·
Hot
melt adhesive |
|
Countries : |
·
Finland ·
Italy ·
Switzerland
·
U.S.A. |
|
|
|
|
Terms
: |
|
|
Selling : |
L/C and Credit (30/60 days) terms |
|
|
|
|
Purchasing : |
Credit (120 days) terms |
PRODUCTION STATUS
|
Particulars |
Unit |
|
|
Actual Production |
|
Adhesive
Paper |
Sq/Mtrs |
|
|
3398683.00 |
|
Adhesive
Paper |
Pkts |
|
|
8716.50 |
|
Adhesive
Paper Tapes |
Pcs |
|
|
119736.00 |
|
Release
Paper |
Kgs |
|
|
10061.59 |
GENERAL INFORMATION
|
Customers
: |
· Wholesalers · Retailers · End Users |
|
|
|
|
No. of
Employees : |
22 |
|
|
|
|
Bankers
: |
· Syndicate Bank Old Rajinder Nagar Branch, New Delhi – 110060, India · Bank of America · ABN Amro Bank · Kotak Mahindra · American Express Bank |
|
|
|
|
Facilities : |
Secured Loan Syndicate Bank O/D
- Rs. 13.077 Millions Syndicate Bank OSL [Machinery] Rs. 1.226 Millions American Express Bank [Car Loan] Rs. 0.019 Millions Syndicate Bank CBD – Rs. 1.859 Millions ABN Amro Bank – Rs. 0.717 Millions Syndicate Bank – Rs. 0.408 Millions Kotak Mahindra – Rs. 0.080 Millions Unsecured Loans : From Shareholders : Rs.0.494 millions From Directors : Rs.0.963 millions From Others : Rs.0.957 millions |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
Ghosh
Khanna and Company Chartered
Accountants |
|
Address: |
L-2A,
Hauz Khas Enclave, New Delhi – 110 016 |
|
Tel.
No.: |
91-11-26962981 / 82 |
|
Fax
No.: |
91-11-26962985 |
|
E-Mail
: |
|
|
Web site |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000 |
Equity
Shares |
Rs.100/-
each |
Rs.3.000
millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28899 |
Equity
Shares |
Rs.100/-
each |
Rs.2.889
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF
FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.889 |
2.889 |
2.889 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.490 |
1.596 |
1.402 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
4.379 |
4.485 |
4.291 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
18.076 |
18.534 |
17.388 |
|
|
2] Unsecured Loans |
8.430 |
2.558 |
2.414 |
|
TOTAL BORROWING
|
26.506 |
21.092 |
19.802 |
|
|
DEFERRED TAX LIABILITIES |
0.649 |
0.821 |
0.965 |
|
|
|
|
|
|
|
TOTAL
|
31.534 |
26.398 |
25.058 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
5.079 |
6.155 |
6.009 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
33.627
|
22.629
|
13.000
|
|
|
Sundry Debtors
|
21.413
|
17.635
|
16.428
|
|
|
Cash & Bank Balances
|
0.740
|
0.578
|
0.801
|
|
|
Other Current Assets
|
0.255
|
0.240
|
0.234
|
|
|
Loans & Advances
|
8.267
|
5.601
|
6.146
|
Total Current Assets
|
64.302
|
46.683
|
36.609
|
|
Less : CURRENT LIABILITIES &
PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
37.202
|
25.922
|
17.636
|
|
|
Provisions
|
0.894
|
0.887
|
0.417
|
Total Current Liabilities
|
38.096
|
26.809
|
18.053
|
|
Net Current Assets
|
26.206
|
19.874
|
18.556
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.249 |
0.369 |
0.493 |
|
|
|
|
|
|
|
TOTAL
|
31.534 |
26.398 |
25.058 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales
Turnover |
63.171 |
65.072 |
60.288 |
|
|
Other Income |
11.052 |
9.568 |
3.007 |
|
|
Total
Income |
74.223 |
74.730 |
63.365 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.184 |
0.584 |
0.461 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
0.184 |
0.584 |
0.461 |
|
|
|
|
|
|
|
|
Export Value |
63.172 |
65.072 |
3.843 |
|
|
|
|
|
|
|
|
Import Value |
NA |
NA |
6.126 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
0.000 |
0.000 |
52.935 |
|
|
Administrative Expenses |
0.000 |
0.000 |
3.170 |
|
|
Purchases made for re-sale |
52.543 |
53.670 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
0.175 |
0.164 |
0.000 |
|
|
Managerial Remuneration |
0.000 |
0.872 |
0.000 |
|
|
Payment to Auditors |
0.000 |
0.020 |
0.000 |
|
|
Interest |
4.201 |
3.029 |
3.145 |
|
|
Insurance Expenses |
0.312 |
0.298 |
0.000 |
|
|
Power & Fuel |
1.073 |
1.194 |
0.000 |
|
|
Depreciation & Amortization |
1.110 |
1.050 |
1.153 |
|
|
Other Expenditure |
14.625 |
13.848 |
2.377 |
|
Total
Expenditure |
74.039 |
74.146 |
62.904 |
|
KEY
RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
0.25
|
0.78
|
0.73
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
0.29
|
0.78
|
0.73
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
0.26
|
1.10
|
1.08
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.04
|
0.13
|
0.10
|
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
14.75
|
10.68
|
8.82
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.69
|
1.74
|
2.02
|
LOCAL AGENCY FURTHER
INFORMATION
Form 8
|
Corporation
identity number or foreign company registrations number of the company |
U74999DL1982PLC013422 |
|
Name of
the company |
WELDON CELLOPLAST LIMITED |
|
Address |
304, 3rd Floor, 9/2, East Patel Nagar, New
Delhi – 110 008, India |
|
This Form
is for |
Modification of charge |
|
Type of
Charges |
Hypothecation |
|
Particular
of the charge holder |
Syndicate Bank Old Rajinder Nagar New Delhi-110060 |
|
Date of
the instrument modifying charge |
29.03.2006 |
|
Amount
Secure by the charge |
Rs.0.080 millions |
|
Description
of the instrument modifying the charge |
Composite hypothecation agreement |
|
Modification
charge Charge
identification number of the charge to be modified |
80003394 |
|
Particulars
of the Property charged |
All goods except immovable properties, like stocks raw
materials, finished goods etc. lying at Plot No.92, Sector 6, Faridabad. |
|
Particulars
of the present modification |
Limit stands enhanced from Rs.15.150 millions ODH-14.300
millions, Sub limit SOD-PCL/LC- (1.000 millions), ILC/FLC/DA 90 days maximum
Rs.2.000 millions, CDD/CBD/DATBD-1.300 millions, FDBP-1.200 millions, OSL
(ML) |
Fixed Assets:
· Plant and Machinery
· Generator
· Furniture
· Air Conditioner
· Car
· Office Equipment
· Computer
· Software
· Vehicle
It is in
trade terms with :
·
Bilt
Graphics Papers Limited
·
Anil
Agencies Private Limited
·
Shri
Krishna Paper Mills Industries Limited
·
Balwant
Rai & Sons
Profile:
Subject is a company started in 1982 promoted by the present
Managing director Mr. Harveer Singh Sahni. Mr. Sahni belongs to an old and known
business family of Delhi. Their family company, which
manufactured stationery, was started
in 1939 and is known for their fountain pen ink under Weldon brand. Mr. Sahni with over 30 years experience in the field
of silicone release liners and pressure sensitive materials is the guiding
force behind all new products developments being undertaken at company. Fasco self-adhesive
products are sold Under Fasco brand name. The companies manufacturing plant is
situated a little outside Delhi in Faridabad in the state of Haryana. The company has a slitting and stock point at Mumbai and Resident
Representative stationed in the south. This way the company has presence in all the zones in India.
News:
“Label
Traxx” comes to India, Weldon to market
(10/29/2007)
US based Tailored Solutions, Inc. has appointed
Weldon Celloplast Limited, New Delhi as their exclusive agents for in India,
Pakistan, Bangladesh, UAE and Srilanka, to market their job management systems
sold under the brand name “Label Traxx” Tailored Solutions, Inc. is a software
solutions company specializing in automated job management software systems for
the printing industry. The company was founded in 1993 by Ken Meinhardt and
Dave Porter. Both remain active in the business. Tailored Solutions, Inc.
develops the following job management systems: • Label Traxx™ For flexographic
and label printers • Litho Traxx™ For commercial sheetfed printers Both systems
are cross platform, running on both Macintosh and Windows operating systems.
The client/server databases, designed in the latest version of 4th Dimension
from 4D, Inc., feature a graphical user interface design which makes the
systems easy to install and operate. It is one of several successful, growing
businesses located in the Milwaukee County Research Park Technology Innovation
Center. Tailored Solutions has access to cutting edge technology, including the
most current hardware and software solutions available to consumers. More than
270 label and commercial printers in the United States, Canada, United Kingdom
and the Caribbean rely on Tailored Solutions to manage and monitor their
businesses. The company recently expanded sales efforts in Europe to include a
United Kingdom office. The typical Tailored Solutions customer has more than 20
employees, and seeks to control and analyze business functions as a means of
becoming more efficient and profitable. Weldon Celloplast Limited based in New
Delhi was founded in 1982 by Harveer Singh Sahni. They are the most prominent
and innovative producers of self adhesive label stocks in India. They are a UL
certified ISO: 9001:2000 companies, offering a variety of customized self
adhesive label materials, specialty tapes and security label stocks. “This
association with Tailored Solutions Inc. will bring value to our relationship
and offerings to our customers through this unique software” says Pawandeep
Sahni the young Director- Operations, who will be spearheading the marketing of
these products.
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.42.72 |
|
UK Pound |
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.66.90 |
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 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |