Brickwork Ratings downgrades the ratings of the long-term bank loan facilities and reaffirms the ratings of short-term bank loan facilities of Whitelotus Industries Limited for Rs. 45.33 Crs, and continues the ratings in the ISSUER NOT COOPERATING category based on the best available information, as the issuer did not cooperate.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (07 Nov 2023) |
Present | ||
Fund Based | 45.33 | 45.33 | Long Term |
BWR BB- /Stable
ISSUER NOT COOPERATING* /Downgrade |
BWR B +
/Stable Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
Non Fund Based | (1.58) | (1.58) | Short Term |
BWR A4
ISSUER NOT COOPERATING* /Downgrade |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
(0.95) | (0.95) | ||||
(1.38) | (1.38) | ||||
(0.83) | (0.83) | ||||
(1.22) | (1.22) | ||||
(1.22) | (1.22) | ||||
Grand Total | 45.33 | 45.33 | (Rupees Forty Five Crores and Thirty Three lakhs Only) |
Brickwork Ratings has downgraded the ratings of the long term bank loan facilities to BWR B+/Stable and reaffirmed the ratings of the short term bank loan facilities at BWR A4 of Whitelotus Industries Limited for Rs.45.33 Crs and continued the ratings into “ISSUER NOT COOPERATING” category, based on best available information as the Issuer did not cooperate.
The rating was due for review on 07 Nov 2024. BWR took up with the Company and its bankers, over emails, to provide the required information. However, despite the best efforts of BWR to get at least the minimum required information for a review, neither the company nor the banker have provided the same, nor have they shared the latest financials and other relevant information/documents required for a review. The company has also not been submitting the No Default Statements (NDS) for more than 3 months.
In the absence of management cooperation on the part of the company to provide adequate information/documents for a review within the required timelines despite follow-up, coupled with non submission of NDS and lack of banker's feedback, BWR is unable to assess the company's current financial performance or its ability to service its debt and maintain a valid rating. Accordingly, keeping in view the regulatory guidelines in this regard, the long-term ratings are downgraded to BWR B+/Stable and reaffirmed the short term ratings at BWR A4 and both the ratings are continued under the “Issuer Not Cooperating” category, based on best available information 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 ratings 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 |
---|---|---|---|
Consumer Discretionary | Consumer Durables | Consumer Durables | Plywood Boards/ Laminates |
Whitelotus Industries Ltd was incorporated on 18th April 2011 for manufacturing complete flexible packaging products like laminates made of various combinations of Polyester, BOPP, Poly Metalized films, etc in several sizes and profiles. The corporate office and manufacturing facilities are located at Palsana, Surat, Gujarat. The total installed capacity is 5400 Metric Ton per anum for flexible packaging and 4200 Metric Ton per anum for Laquered Film.
(As per information available with BWR during Aug 2022 review)
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
Creadit Rating Agency | Status and Reason for Non-Cooparation | Date of Press Release |
---|---|---|
ACUITE | Due to non-submission of the relevant information. | 15Jan2025 |
IVR | Due to non-submission of the relevant information. | 22Oct2024 |
N.A
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)Facilities | Current Rating (2025) | 2024 | 2023 | 2022 | |||||
---|---|---|---|---|---|---|---|---|---|
Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
Fund Based | LT | 45.33 |
BWR B+/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
NA |
NA
|
07Nov2023 |
BWR BB- Stable
(ISSUER NOT COOPERATING* /Downgrade) |
12May2022 |
BWR BB Stable
(Downgrade/ISSUER NOT COOPERATING*) |
0.00 |
NA
|
NA |
NA
|
NA |
NA
|
08Aug2022 |
BWR BB+Stable
(Upgrade) |
||
NFB SubLimit | ST | (1.58) |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
07Nov2023 |
BWR A4
(ISSUER NOT COOPERATING* /Downgrade) |
12May2022 |
BWR A4
(Downgrade/ISSUER NOT COOPERATING*) |
(0.95) |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
NA |
NA
|
08Aug2022 |
BWR A4+
(Upgrade) |
||
NFB SubLimit | ST | (1.38) |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
NFB SubLimit | ST | (0.83) |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
NFB SubLimit | ST | (1.22) |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
NFB SubLimit | ST | (1.22) |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
Grand Total | 45.33 | (Rupees Forty Five Crores and Thirty Three lakhs Only) |
Analytical Contacts | |
---|---|
Prajwal Biraj Rating Analyst prajwal.b@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 | Bank of Baroda | Term LoanSanctioned | 4.02 | _ | 4.02 | Simple## |
2 | Bank of Baroda | Cash CreditSanctioned | 8.20 | _ | 8.20 | Simple## |
Sub-Limit (Inland/Import LC ) Sanctioned | (1.58) | |||||
Sub-Limit (PC/PCFC W/W FDBP/FUDBP) Sanctioned | (0.95) | |||||
3 | Bank of Baroda | Covid -19 Emergency Line CreditSanctioned | 4.05 | _ | 4.05 | Simple## |
4 | Punjab National Bank | Term LoanSanctioned | 0.65 | _ | 0.65 | Simple## |
5 | Punjab National Bank | Cash CreditSanctioned | 11.75 | _ | 11.75 | Simple## |
Sub-Limit (Inland/Import LC ) Sanctioned | (1.22) | |||||
Sub-Limit (PC/PCFC W/W FDBP/FUDBP) Sanctioned | (1.22) | |||||
6 | Punjab National Bank | Covid -19 Emergency Line Credit | 2.93 | _ | 2.93 | Simple## |
7 | Union Bank of India | Covid -19 Emergency Line CreditSanctioned | 2.93 | _ | 2.93 | Simple## |
8 | Union Bank of India | Cash CreditSanctioned | 8.05 | _ | 8.05 | Simple## |
Sub-Limit (Inland/Import LC ) Sanctioned | (1.38) | |||||
Sub-Limit (PC/PCFC W/W FDBP/FUDBP) Sanctioned | (0.83) | |||||
9 | Union Bank of India | Term LoanSanctioned | 2.75 | _ | 2.75 | Simple## |
Total | 45.33 | 0.00 | 45.33 | |||
TOTAL (Rupees Forty Five Crores and Thirty Three 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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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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