Brickwork Ratings downgrades the long-term rating and reaffirms the reaffirm short-term rating for the Bank Loan Facilities of Rs. 55.00 Crs. of Athena Tradewinds Pvt. Ltd. based on best available information, as the issuer did not cooperate.
Particulars| Facilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (12 Apr 2022) |
Present | ||
| Fund Based | (5.00) | (5.00) | Long Term |
BWR BB /Stable
Downgrade/ISSUER NOT COOPERATING* |
BWR BB -
/Stable Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
| Non Fund Based | 55.00 | 55.00 | Short Term |
BWR A4
Downgrade/ISSUER NOT COOPERATING* |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
| Grand Total | 55.00 | 55.00 | (Rupees Fifty Five Crores Only) | ||
BWR has downgraded the long-term rating to BWR BB- /Stable and reaffirmed the short-term rating at BWR A4 for the bank loan facility of Athena Tradewinds Pvt. Ltd and placed under the 'Issuer Not Cooperate' category as the issuer did not cooperate.
BWR had initially assigned the long-term rating at BWR BB+ /Stable and assigned short-term rating at BWR A4+ on 02.12.2020. The long-term rating was downgraded to BWR BB /Stable and downgraded the long-term rating to BWR A4 on 12.04.2022. The rating was due on 12.07.2023.
Going forward, BWR took up with the issuer consistently to provide the required information over emails and telephonic communication, but no response has been received from the client. Further, BWR is unable to reach the banker, hence, the banker's feedback regarding the conduct of the account is not available. Despite the best efforts of BWR to get at least the minimum required information for the review, the entity has not provided the same. In the absence of adequate information from the company, BWR is unable to assess the company's financial performance and its ability to service its debt and maintain a valid rating.
The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lack any projections or forward looking component as it is arrived at based on the best available information without any management/banker's interaction.
LIMITATIONS OF THE RATING
Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should therefore take into account possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating.
ABOUT THE ENTITYAthena Tradewinds Pvt. Ltd. (ATPL) is a commodity based company that trades in various agri-commodities with its niche expertise in Edible Oil – Crude Sunflower oil. The company is headquartered in Indore, India and its branch offices in Chennai, Mumbai and Kakinada. ATPL cater to global import and export needs of businesses related to sourcing of Crude Sunflower oil from Ukraine. Athena has carved its own niche in the sourcing and supply of Crude Sunflower oil of Ukrainian origin to India and the Middle East. Since its inception in 2010, the Company has rapidly grown to become a robust company with strong supply chain management for Crude Sunflower Oil. Athena Tradewinds has its offices at strategic locations in India to cater to exclusive demands from various niche buyers of Crude Sunflower oil. It has a fully functional head-office in Indore and a branch office in Chennai. It also has its execution offices in Mumbai and Kakinada for supplying crude edible oils from JNPT and Chennai port. ATPL caters to global import and export needs of businesses related to sourcing of Crude Sunflower oil from Ukraine. Athena Tradewinds has three portfolios of Importing & selling Edible oils in the local market with Sunflower oil, providing Consultancy to large importer and Domestic Trading of commodities. ATPL has the inhouse research and the market reports are published on their website. Athena business model has been built on 100% advance payments from all parties
Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document
NA
ANY OTHER INFORMATIONNA
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)| Facilities | Current Rating (2023) | 2022 | 2021 | 2020 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
| FB SubLimit | LT | (5.00) |
BWR BB-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
12Apr2022 |
BWR BB Stable
(Downgrade/ISSUER NOT COOPERATING*) |
NA |
NA
|
02Dec2020 |
BWR BB+ Stable
(Assignment) |
| Non Fund Based | ST | 55.00 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
12Apr2022 |
BWR A4
(Downgrade/ISSUER NOT COOPERATING*) |
NA |
NA
|
02Dec2020 |
BWR A4+
(Assignment) |
| Grand Total | 55.00 | (Rupees Fifty Five Crores Only) | |||||||
BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.
Hyperlink/Reference to applicable Criteria| Analytical Contacts | |
|---|---|
|
SUDHIR KARNATI Rating Analyst sudhir.k@brickworkratings.com |
V.K.Kukreja Associate Director - Ratings Board : +91 11 2341 2232 kukreja.vk@brickworkratings.com |
| 1-860-425-2742 | media@brickworkratings.com | |
| SL.No. | Name of the Bank/Lender | Type Of Facilities | Long Term(Rs.Crs.) | Short Term(Rs.Crs.) | Total(Rs.Crs.) | |
|---|---|---|---|---|---|---|
| 1 | HDFC Bank | Letter of CreditSanctioned | _ | 55.00 | 55.00 | |
| Sub-Limit (Cash Credit) Sanctioned | (5.00) | |||||
| Total | 0.00 | 55.00 | 55.00 | |||
| TOTAL (Rupees Fifty Five Crores Only) | ||||||
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About Brickwork RatingsBrickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 11,560 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner.
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