Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs. 320.00 Crs. of Mauria Udyog Limited based on best available information, as the issuer did not cooperate.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (23 Nov 2021) |
Present | ||
Fund Based | 65.00 | 65.00 | Long Term |
BWR D
Reaffirmation/ISSUER NOT COOPERATING* |
BWR D
ISSUER NOT COOPERATING* /Reaffirmation |
120.00 | 120.00 | Short Term |
BWR D
Reaffirmation/ISSUER NOT COOPERATING* |
BWR D
ISSUER NOT COOPERATING* /Reaffirmation |
|
Non Fund Based | 135.00 | 135.00 | Short Term |
BWR D
Reaffirmation/ISSUER NOT COOPERATING* |
BWR D
ISSUER NOT COOPERATING* /Reaffirmation |
Grand Total | 320.00 | 320.00 | (Rupees Three Hundred Twenty Crores Only) |
Bank loans availed by the company were last reviewed at BWR D (INC) on 23 Nov 2021 and the rating is due for review. Despite repeated requests over emails for 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 annual review of the rating and has also not been submitting NDS at all. In the absence of rating mandate and adequate information from the issuer/company, BWR is unable to assess the issuer’s/company’s financial performance and its ability to service its debt and maintain a valid rating. Accordingly, the ratings continue to remain 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 assessment of credit risk and non-cooperation by the issuer 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 are required for a review of the rating.
MUL (Mauria Udyog Limited) was incorporated in 1980 by the Sureka family comprising Mr V K Sureka, Mr N K Sureka and Mr A K Sureka. The operations of the company are managed by Mr N K Sureka (Managing Director). MUL is engaged in the manufacturing of cylinders, valves and regulators used for filling Liquefied Petroleum Gas (LPG) and other gases such as ammonia and refrigerants. MUL also manufactures 100% cotton terry towels at its facility located in Faridabad.The terry towels are sold under the brand name “Eurospa” and are sold domestically as well as exported to other countries. MUL is also engaged in the trading of agro-commodities such as soybean meal & cake and domestic trading of metals like steel, brass, copper and ferrous scrap.
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
Facilities | Current Rating (2022) | 2021 | 2020 | 2019 | |||||
---|---|---|---|---|---|---|---|---|---|
Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
Fund Based | LT | 65.00 |
BWR D
(ISSUER NOT COOPERATING* /Reaffirmation) |
23Nov2021 |
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*) |
25Sep2020 |
BWR D
(Downgrade/ISSUER NOT COOPERATING*) |
22Aug2019 |
BWR D
(Downgrade) |
Fund Based | ST | 120.00 |
BWR D
(ISSUER NOT COOPERATING* /Reaffirmation) |
23Nov2021 |
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*) |
25Sep2020 |
BWR D
(Downgrade/ISSUER NOT COOPERATING*) |
22Aug2019 |
BWR D
(Downgrade) |
Non Fund Based | ST | 135.00 |
BWR D
(ISSUER NOT COOPERATING* /Reaffirmation) |
23Nov2021 |
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*) |
25Sep2020 |
BWR D
(Downgrade/ISSUER NOT COOPERATING*) |
22Aug2019 |
BWR D
(Downgrade) |
Grand Total | 320.00 | (Rupees Three Hundred Twenty Crores 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 | |
---|---|
Moni Sharma Ratings Analyst moni.s@brickworkratings.com |
Saurabh Agarwal Manager - Ratings saurabh.a@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 Bank | Cash CreditSanctioned | 20.00 | _ | 20.00 | |
2 | Indian Bank | ILC/FLC/BGSanctioned | _ | 80.00 | 80.00 | |
3 | Union Bank of India | Cash CreditSanctioned | 40.00 | _ | 40.00 | |
4 | Karnataka Bank Ltd | Open Cash Credit / Cash Credit (Hypothecation/Pledge)Sanctioned | 5.00 | _ | 5.00 | |
5 | Karnataka Bank Ltd | Pre ShipmentSanctioned | _ | 55.00 | 55.00 | |
6 | Karnataka Bank Ltd | Post ShipmentSanctioned | _ | 65.00 | 65.00 | |
7 | Karnataka Bank Ltd | ILC/FLC/BGSanctioned | _ | 55.00 | 55.00 | |
Total | 65.00 | 255.00 | 320.00 | |||
TOTAL (Rupees Three Hundred Twenty Crores 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 12,000 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. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations.
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