Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs. 120.75 Crs. of Ennore Coke Ltd. based on best available information, as the issuer did not cooperate.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (18 Oct 2022) |
Present | ||
Fund Based | 59.50 | 59.50 | Long Term |
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
Non Fund Based | 61.25 | 61.25 | Short Term |
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
Grand Total | 120.75 | 120.75 | (Rupees One Hundred Twenty Crores and Seventy Five lakhs Only) |
The rating was due for a review in Oct 2023. BWR took up with the issuer to provide required information over emails and through telephone calls. Despite the best efforts of BWR to get at least the minimum required information for a review, the company has not provided the same. In the absence of adequate information from the company, BWR is unable to assess the firm’s financial performance and its ability to service its debt and maintain a valid rating. The company has also not submitted the monthly No Default Statement and hence based on best available information, continued lack of management cooperation, the rating is reaffirmed at BWR D and continued in the Issuer Not Cooperating* category for the long-term facilities and short-term ratings.
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 ENTITYMacro Economic Indicator | Sector | Industry | Basic Industry |
---|---|---|---|
Fast Moving Consumer Goods | Fast Moving Consumer Goods | Beverages | Other Beverages |
Ennore Coke Limited (ECL) is promoted by Shriram EPC Limited, a flagship company and engineering vertical of Shriram Venture Limited (SVL). ECL engaged in manufacturing and marketing Low Ash Metallurgical Coke. The installed capacity of non-recovery Coke Oven plant at Haldia (West Bengal) is 130,000 TPA along with Co-Gen Power plant with installed capacity of the power plant is 8 MW.
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
No outstanding rating from other CRA.
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)Facilities | Current Rating (2024) | 2023 | 2022 | 2021 | |||||
---|---|---|---|---|---|---|---|---|---|
Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
Fund Based | LT | 59.50 |
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
18Oct2022 |
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
30Aug2021 |
BWR D
(Reaffirmed/ISSUER NOT COOPERATING) |
Non Fund Based | ST | 61.25 |
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
18Oct2022 |
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
30Aug2021 |
BWR D
(Reaffirmed/ISSUER NOT COOPERATING) |
Grand Total | 120.75 | (Rupees One Hundred Twenty Crores and Seventy Five 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 CriteriaAnalytical Contacts | |
---|---|
Chandra shaker Rating Analyst chandra.s@brickworkratings.com |
Nagaraj K Director - Ratings Board : +91 80 4040 9940 nagaraj.ks@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 | Indian Overseas Bank | Cash CreditSanctioned | 1.50 | _ | 1.50 | |
2 | Indian Overseas Bank | Letter of CreditSanctioned | _ | 20.25 | 20.25 | |
3 | SBI Bank | Cash CreditSanctioned | 10.00 | _ | 10.00 | |
4 | SBI Bank | Letter of CreditSanctioned | _ | 8.00 | 8.00 | |
5 | State Bank Of India (SBI) | Letter of CreditSanctioned | _ | 22.25 | 22.25 | |
6 | State Bank Of India (SBI) | Cash CreditSanctioned | 32.75 | _ | 32.75 | |
7 | Union Bank of India | Cash CreditSanctioned | 15.25 | _ | 15.25 | |
8 | Union Bank of India | Letter of CreditSanctioned | _ | 10.75 | 10.75 | |
Total | 59.50 | 61.25 | 120.75 | |||
TOTAL (Rupees One Hundred Twenty Crores and Seventy Five lakhs 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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