Brickwork Ratings downgrades the long-term ratings and reaffirms the short-term ratings for the Bank Loan Facilities of Rs. 283.07 Crs. of Gopaljee Dairy Foods Pvt. Ltd. based on the best available information, as the issuer did not cooperate.
Particulars| Facilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (14 Jul 2022) |
Present | ||
| Fund Based | 278.57 | 278.57 | Long Term |
BWR BB/Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
BWR BB -
/Stable Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
| Non Fund Based | 4.50 | 4.50 | Short Term |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
| Grand Total | 283.07 | 283.07 | (Rupees Two Hundred Eighty Three Crores and Seven lakhs Only) | ||
The bank loans availed by Gopaljee Dairy Foods Pvt. Ltd. were last reviewed in July 2022 based on the best available information as the issuer was not cooperative. The rating was due for the annual review in July 2023. Despite repeated requests over emails for the rating mandate and the required information for conducting a review of the rating, the client has not provided the rating mandate and the requisite information for conducting an annual review of the rating.
In the absence of a rating mandate and adequate information from the issuer/trust, BWR is unable to assess the issuer’s/trust’s financial performance and its ability to service its debt and maintain a valid rating. Accordingly, the ratings are continued in the Issuer Not Cooperating* category.
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 the 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 the possible deterioration in the credit quality of the rated entity arising from its non-transparency and withholdings of the information required for a review of the rating.
ABOUT THE ENTITYGopaljee Dairy Foods Pvt Ltd (GDFPL) was incorporated in 2003, and is based in Delhi NCR. GDFPL is engaged in the manufacturing of processed milk and milk products like ghee, skimmed milk powder, dahi, lassi/chhachh, paneer, flavored milk etc. The company sells products under the brand name of “Gopaljee” and “Ananda” .It’s processing units are located in: 1) Siyana unit, UP, having installed capacity of 3.22 LLPD, 2) Pilukhwa Unit (UP) having installed capacity of 4.80 LLPD, 3) Kanpur unit (leased) having capacity of 1.12 LLPD and 4) Moradabad unit (third-party manufacturer) having capacity of 3.00 LLPD.
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
Infomerics Ratings rated the company IVR BBB/ Stable/ IVR A3+ on 24 March 2023.
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 |
| Fund Based | LT | 278.57 |
BWR BB-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
14Jan2022 |
BWR BBB-Stable
(Downgrade/ISSUER NOT COOPERATING*) |
NA |
NA
|
15Oct2020 |
BWR BBB+ Stable
(Reaffirmation and change in Outlook) |
| 0.00 |
NA
|
14Jul2022 |
BWR BBStable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
NA |
NA
|
NA |
NA
|
||
| Non Fund Based | ST | 4.50 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
14Jan2022 |
BWR A3
(Downgrade/ISSUER NOT COOPERATING*) |
NA |
NA
|
15Oct2020 |
BWR A2+
(Reaffirmation) |
| 0.00 |
NA
|
14Jul2022 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
NA |
NA
|
NA |
NA
|
||
| Grand Total | 283.07 | (Rupees Two Hundred Eighty Three Crores and Seven lakhs 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 | |
|---|---|
|
Diksha Jain Rating Analyst diksha.j@brickworkratings.com |
Ravi Rashmi Dhar Associate Director - Ratings ravi.d@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 | Axis Bank Ltd. | Cash CreditSanctioned | 4.00 | _ | 4.00 | |
| 2 | Bandhan Bank | Cash CreditSanctioned | 26.00 | _ | 26.00 | |
| 3 | Bandhan Bank | Term LoanSanctioned | 8.14 | _ | 8.14 | |
| 4 | IndusInd Bank | Term LoanSanctioned | 10.93 | _ | 10.93 | |
| 5 | IndusInd Bank | Cash CreditSanctioned | 15.00 | _ | 15.00 | |
| 6 | IndusInd Bank | Warehouse Receipts (WHR)Sanctioned | 5.00 | _ | 5.00 | |
| 7 | State Bank Of India (SBI) | CECLSanctioned | 11.00 | _ | 11.00 | |
| 8 | State Bank Of India (SBI) | Cash CreditSanctioned | 10.00 | _ | 10.00 | |
| 9 | State Bank Of India (SBI) | Stand by Line of CreditSanctioned | 8.25 | _ | 8.25 | |
| 10 | State Bank Of India (SBI) | Warehouse Receipts (WHR)Sanctioned | 55.00 | _ | 55.00 | |
| 11 | State Bank Of India (SBI) | Term LoanSanctioned | 9.85 | _ | 9.85 | |
| 12 | State Bank Of India (SBI) | Cash CreditSanctioned | 60.00 | _ | 60.00 | |
| 13 | State Bank Of India (SBI) | Term LoanSanctioned | 21.87 | _ | 21.87 | |
| 14 | UCO Bank | Cash CreditSanctioned | 20.00 | _ | 20.00 | |
| 15 | UCO Bank | CECLSanctioned | 2.00 | _ | 2.00 | |
| 16 | Yes Bank | Letter of CreditSanctioned | _ | 4.50 | 4.50 | |
| 17 | Yes Bank | Term LoanSanctioned | 11.53 | _ | 11.53 | |
| Total | 278.57 | 4.50 | 283.07 | |||
| TOTAL (Rupees Two Hundred Eighty Three Crores and Seven lakhs Only) | ||||||
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