Brickwork Ratings reaffirms long-term and short-term ratings for the Bank Loan Facilities of Rs. 85.07 Crs. of POCL Enterprises Ltd. based on best available information, as the issuer did not cooperate.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (28 Aug 2023) |
Present | ||
Fund Based | 60.77 | 60.77 | Long Term |
BWR BB+ /Stable
Downgrade/ISSUER NOT COOPERATING* |
BWR BB +
/Stable Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
(25.00) | (25.00) | ||||
(0.00) | (0.00) | ||||
13.00 | 13.00 | Short Term |
BWR A4+
Downgrade/ISSUER NOT COOPERATING* |
BWR A4 +
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
|
Non Fund Based | 11.30 | 11.30 | Short Term |
BWR A4+
Downgrade/ISSUER NOT COOPERATING* |
BWR A4 +
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
(25.00) | (25.00) | ||||
(25.00) | (25.00) | ||||
Grand Total | 85.07 | 85.07 | (Rupees Eighty Five Crores and Seven lakhs Only) |
Brickwork Ratings has Reaffirmed the rating of the long-term bank loan facilities of " POCL Enterprises Ltd." for Rs. 73.77 crores at BWR BB+/Stable and has reaffirmed the rating of their short-term bank loan facilities of Rs. 11.30 crores at BWR A4+ (aggregate rated amount Rs. 85.07crores), while retaining the same in the Issuer Not Cooperating’ category, based on best available information as the Issuer did not cooperate.
The ratings are due for review in Aug 2024. BWR took up with the issuer and its banker over emails and through telephone calls to provide the required information. Despite the best efforts of BWR to get at least the minimum required information for a review, neither the company nor its banker has provided the same. In the absence of adequate information from the company and its banker, BWR is unable to assess the company’s financial performance or its ability to service its debt and maintain a valid rating. The company has also been irregular with respect to the submission of the monthly No Default Statements. Hence, based on best available information, continued lack of management cooperation, non-submission of NDS, and lack of banker’s feedback, the long-term and the short-term ratings reaffirmed, and continued in the Issuer Not Cooperating* category, as the Issuer did not cooperate.
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 |
---|---|---|---|
Commodities | Metals & Mining | Diversified Metals | Diversified Metals |
POCL Enterprises Limited was established on 20th May1988 in Chennai. It is engaged into manufacturing and trading of various metals, metal oxides and plastic additives. It has manufacturing units in Puducherry (two), Kakkalur – Thiruvallur and Maraimalai Nagar, Tamil Nadu. It is an ISO 9001:2015 certified Company. The company is listed in BSE.
Note:- As per information available in Jul-2022.
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
Not Applicable
ANY OTHER INFORMATIONCARE Ratings Vide its Press release dated March 07, 2024 has reaffirmed the long-term and short-term ratings at CARE BBB/A3+ for the Bank loan facilities of Rs 90.6 Crs
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 | 60.77 |
BWR BB+/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
28Aug2023 |
BWR BB+ Stable
(Downgrade/ISSUER NOT COOPERATING*) |
27Jul2022 |
BWR BBB Stable
(Upgrade) |
26Jul2021 |
BWR BBB- Stable
(Reaffirmation) |
FB SubLimit | LT | (25.00) |
BWR BB+/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
Fund Based | ST | 13.00 |
BWR A4+
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
28Aug2023 |
BWR A4+
(Downgrade/ISSUER NOT COOPERATING*) |
27Jul2022 |
BWR A3+
(Upgrade) |
26Jul2021 |
BWR A3
(Reaffirmation) |
Non Fund Based | ST | 11.30 |
BWR A4+
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
28Aug2023 |
BWR A4+
(Downgrade/ISSUER NOT COOPERATING*) |
27Jul2022 |
BWR A3+
(Upgrade) |
26Jul2021 |
BWR A3
(Reaffirmation) |
NFB SubLimit | ST | (25.00) |
BWR A4+
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
(25.00) |
BWR A4+
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
Grand Total | 85.07 | (Rupees Eighty Five Crores and Seven lakhs Only) |
Analytical Contacts | |
---|---|
Sandeep A Pawar Rating Analyst sandeep.ap@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.) | Complexity of the Instrument |
---|---|---|---|---|---|---|
1 | Canara Bank | Cash CreditSanctioned | 17.70 | _ | 17.70 | Simple## |
Sub-Limit (WCDL) Sanctioned | (0.00) | |||||
2 | Canara Bank | PC/PCFC/FDB/BRD/FBESanctioned | _ | 13.00 | 13.00 | Simple## |
3 | Canara Bank | Emergency Credit Line Guarantee Scheme (ECLGS)Sanctioned | 6.70 | _ | 6.70 | Simple## |
4 | Canara Bank | Emergency Credit Line Guarantee Scheme (ECLGS)Sanctioned | 3.49 | _ | 3.49 | Simple## |
5 | Canara Bank | ILC/FLC/BGSanctioned | _ | 5.30 | 5.30 | Simple## |
6 | HDFC Bank | Standby LC/ILC/FLC/BGSanctioned | _ | 6.00 | 6.00 | Simple## |
7 | HDFC Bank | Emergency Credit Line Guarantee Scheme (ECLGS)Sanctioned | 2.74 | _ | 2.74 | Simple## |
8 | HDFC Bank | Emergency Credit Line Guarantee Scheme (ECLGS)Sanctioned | 5.14 | _ | 5.14 | Simple## |
9 | HDFC Bank | Cash CreditSanctioned | 25.00 | _ | 25.00 | Simple## |
Sub-Limit (Post Shipment Finance) Sanctioned | (25.00) | |||||
Sub-Limit (Pre Shipment Finance) Sanctioned | (25.00) | |||||
Sub-Limit (Working Capital Demand Loan) Sanctioned | (25.00) | |||||
Total | 60.77 | 24.30 | 85.07 | |||
TOTAL (Rupees Eighty Five 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.
Instrument | Issue Date | Amount (Rs.Crs) | Coupon Rate (%) | Maturity Date | ISIN Particulars | Complexity of the Instrument |
---|---|---|---|---|---|---|
Nil | Nil | Nil | Nil | Nil | Nil | Nil |
Name of Entity | % Ownership | Extent of consolidation | Rationale for consolidation |
---|---|---|---|
Nil | Nil | Nil | Nil |
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