RATING RATIONALE
15May2025

Future Finishers Pvt. Ltd.

Brickwork Ratings assigns the long-term rating to BWR BB/Stable for the Bank Loan Facilities of Rs. 25.00 Crs. of Future Finishers Pvt. Ltd.

Particulars
Facilities** Amount(Rs.Crs.) Tenure Rating#
Fund Based 25.00 Long Term BWR BB /Stable
Assignment
Grand Total 25.00 (Rupees Twenty Five 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

*** The company has facilities with Saraswat Bank (Saraswat Bank is the sole banker). The total sanctioned amount is RS. 25crs. The bank facilities includes: (a) Cash Credit: Rs 5 Crs (b) Term Loan: Rs 20 Crs for which the outstanding as on March 31, 2025 is Rs 18.34 crs.
RATING ACTION / OUTLOOK

Brickwork Ratings has assigned a long-term rating of BWR BB /Stable for Future Finishers Pvt Ltd. This rating reflects the experience of the promoters & growth in operating income.

BWR believes that the business risk profile of Future Finishers Pvt Ltd will be maintained over the medium term. The long-term rating has been assigned a ‘Stable’ outlook as the business risk profile of the company is stable and its present financial performance is expected to be maintained in the medium term. The rating outlook may be revised to 'Positive' in case there is an improvement in revenues and profit margins on a sustained basis. The rating outlook may be revised to 'Negative' if there is any deterioration in the financial risk profile or liquidity issues.

Brickwork Ratings (BWR) has essentially relied upon the audited financial statements of the company upto FY24(A), relevant data to the extent available for 12MFY25(Prov.), projected financials for FY26 and FY27, as well as information/clarifications provided by the company’s management and its bankers, to arrive at the present ratings.

KEY RATING DRIVERS

Credit Strengths:


Credit Risks:

ANALYTICAL APPROACH - Standalone

BWR has principally relied upon the audited financial results up to FY24 and projections of FY26 and FY27 and provisional March 2025 as per information/clarification provided by the company

RATING SENSITIVITIES

Going forward, the ability of the company to improve the scale of operations and profitability, maintain a strong liquidity position, effectively manage working capital, and strengthen the overall credit profile would be the key rating sensitivities.

Positives:

Downward:

LIQUIDITY INDICATORS - Adequate

ABOUT THE ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Industrials Capital Goods Industrial Products Packaging

Future Finishers Pvt Ltd was incorporated on 16th November 2021 as a private limited company under its present name. Registered office of FFPL is located at Mumbai, Maharashtra. The Company caters majorly to the domestic market Customer base of the Company include Hamilton houseware Pvt Ltd, Unique Enterprises, Panasonic Life Solution India Pvt, Efficient plastech Pvt Ltd, Cello Household Products Pvt Ltd, etc. 
 

The Company is engaged in the below activities: 

The Company’s Metalizing has two metalizing units:

KEY FINANCIAL INDICATORS (Standalone)
Key Parameters Units FY 22 - 23
(Audited)
FY 23 - 24
(Audited)
FY 24 - 25
(Provisional)
Operating Revenue Rs.Crs. 1.96 32.83 73.31
EBITDA Rs.Crs. 0.52 6.20 11.34
PAT Rs.Crs. -0.73 0.99 5.16
Tangible Net Worth Rs.Crs. 2.54 6.38 12.13
Total Debt / Tangible Net Worth Times 8.22 3.24 1.92
Current Ratio Times 0.58 1.03 1.42
KEY COVENANTS OF THE FACILITY RATED

 


STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

NA

RATING HISTORY FOR LAST 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 25.00
BWR BB/Stable
(Assignment)
NA
NA
NA
NA
NA
NA
Grand Total 25.00 (Rupees Twenty Five Crores Only)
*** The company has facilities with Saraswat Bank (Saraswat Bank is the sole banker). The total sanctioned amount is RS. 25crs. The bank facilities includes: (a) Cash Credit: Rs 5 Crs (b) Term Loan: Rs 20 Crs for which the outstanding as on March 31, 2025 is Rs 18.34 crs. Hyperlink/Reference to applicable Criteria
Analytical Contacts

Surabhi Bisht

Ratings Analyst surabhi.b@brickworkratings.com

Ravi Rashmi Dhar

Associate Director - Ratings ravi.d@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com Customer Support | CustSupport@brickwrokratings.com
Future Finishers Pvt. Ltd.
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.) Complexity of the Instrument
1 Saraswat Bank Term LoanSanctioned 20.00 _ 20.00 Simple##
2 Saraswat Bank Cash CreditSanctioned 5.00 _ 5.00 Simple##
Total 25.00 0.00 25.00
TOTAL (Rupees Twenty Five Crores Only)
* The company has facilities with Saraswat Bank (Saraswat Bank is the sole banker). The total sanctioned amount is RS. 25crs. The bank facilities includes: (a) Cash Credit: Rs 5 Crs (b) Term Loan: Rs 20 Crs for which the outstanding as on March 31, 2025 is Rs 18.34 crs.

## 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.

ANNEXURE-II
INSTRUMENT DETAILS

InstrumentIssue DateAmount (Rs.Crs)Coupon Rate (%)Maturity DateISIN ParticularsComplexity of the Instrument
NilNilNilNilNilNilNil

ANNEXURE-III
List of entities consolidated

Name of Entity% OwnershipExtent of consolidationRationale for consolidation
NilNilNilNil

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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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