RATING RATIONALE
10May2024

Indra Industries Limited

Brickwork Ratings reaffirms the long-term & short-term ratings for the Bank Loan Facilities of Rs. 19.00 Crs. of Indra Industries Limited based on the best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(01 Mar 2023)
Present
Fund Based 18.50 18.50 Long Term BWR D
Reaffirmation/ISSUER NOT COOPERATING*
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Non Fund Based 0.50 0.50 Short Term BWR D
Reaffirmation/ISSUER NOT COOPERATING*
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
(1.00) (1.00)
Grand Total 19.00 19.00 (Rupees Nineteen Crores Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
*Issuer did not cooperate; based on best available information.
Note: Note: * A sublimit of Rs 1.00 Cr for import LC is sanctioned as sub-limit under CC limit.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

BWR has reaffirms the long-term & short-term rating to BWR D (Issuer Not Cooperating) based on the best available information as the issuer did not cooperate. The rating was due for a review in Mar 2024. BWR took up with the issuer to provide the required information over emails and through telephone calls. Despite the best efforts of BWR to get the minimum required information for a review, the entity has not provided the same. In the absence of adequate information from the company, BWR is unable to assess the concern’s financial performance. Besides, the No Default Statement has not been submitted by the client every month, despite follow-ups. Thus, BWR has reaffirms the long-term & short-term rating to BWR D and continues the rating under 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 evaluation of credit risk as generally, noncooperation 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 ratings should therefore take into account the possible deterioration in the credit quality of the rated entity arising from its non-transparency and withholding of information required for a review of the rating.

ABOUT THE ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Commodities Chemicals Fertilizers & Agrochemicals Fertilizers

Indra Industries is a limited company incorporated in 1984 listed on the Bombay Stock Exchange. Mr. Virendra Jain is the Managing Director of the company with over 2 decades of experience. The company manufactures Fertilizers and Polymer Products. Under the Fertilizer segment, the company manufactures Single Super Phosphate (SSP), Granularized Single Super Phosphate (GSSP). Under the Polymer Product segment, it manufactures Polymer Products and High-Density Polyethylene (PP/HDPE) fabrics, Biaxial Oriented Polypropylene (BOPP) Bags, Perforated Bags, Valve Bags, Sand Bags, Gusseted Bags, and Woven Bags. The fertilizer unit is set upon its own premises in Badnawar, Madhya Pradesh covering an area of around 7.5 lakh sq. ft, and has a production capacity of 1,20,000 metric tons per year. The manufacturing facility for Polymer Product is set upon its own premises at Dewas, Madhya Pradesh covering an area of 2.0 lakh sq. ft. and has a production capacity of 3000 metric tons per year.

KEY FINANCIAL INDICATORS

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

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

No INC rating outstanding with other CRAs.

ANY OTHER INFORMATION

NIL

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 18.50
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
01Mar2023
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
23Feb2022
BWR D
(Downgrade/ISSUER NOT COOPERATING*)
24Feb2021
BWR C
(Downgrade/ISSUER NOT COOPERATING*)
Non Fund Based ST 0.50
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
01Mar2023
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
23Feb2022
BWR D
(Downgrade/ISSUER NOT COOPERATING*)
24Feb2021
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*)
NFB SubLimit ST (1.00)
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
NA
NA
NA
NA
NA
NA
Grand Total 19.00 (Rupees Nineteen Crores Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - Simple

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

Sandeep Jangra

Rating Analyst sandeep.j@brickworkratings.com

Hari Kishan Yadav

Associate Director - Ratings hari.ky@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Indra Industries Limited
ANNEXURE-I
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.)
1 Madhya Pradesh Financial Corporation Term LoanSanctioned 8.50 _ 8.50
2 Union Bank of India Cash CreditSanctioned 10.00 _ 10.00
Sub-Limit (W/W Import LC) Sanctioned (1.00)
3 Union Bank of India Letter of GuaranteeSanctioned _ 0.50 0.50
Total 18.50 0.50 19.00
TOTAL (Rupees Nineteen Crores Only)
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About Brickwork Ratings

Brickwork 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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