Brickwork Ratings downgrades the ratings for the Bank Loan Facilities of Rs. 20.00 Crs. of Raunaq EPC International Ltd.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (25 May 2021) |
Present | ||
Non Fund Based | 20.00 | 20.00 | Long Term |
BWR B/Stable
Downgrade |
BWR B -
/Stable Downgrade/ISSUER NOT COOPERATING* |
Grand Total | 20.00 | 20.00 | (Rupees Twenty Crores Only) |
The mandate was previously rated on 23 May 2021. For quarter review after several mails/calls Bankers Feedback has not been received and NDS is pending from May'21. Hence, we recommend to rate the mandate under "Issuer Non Cooperation" category and downgrade the rating to B-/stable.
KEY RATING DRIVERSANALYTICAL APPROACH - Standalone
1.NDS of the company has not been received from May'21.
2. Date of publication of results is 3 Nov,2021.
ABOUT THE ENTITYIncepted in the year 1965,. Raunaq is an ISO 9001:2015 certified organization.“Raunaq EPC International Limited", an Engineering Contracting Organization, is engaged primarily in the service of core infrastructure and industrial sectors in India, namely Thermal Power, Chemical, Hydrocarbon and Automobile sectors.Raunaq had a wholly-owned subsidiary Company, Xlerate Driveline India Limited (XDIL) through which it carried out the business of manufacturing of Automotive Clutch Systems till December,2020 and presently, the company is an associate with 19.67% share of the company . The company was listed on BSE on 21 March 2014.
KEY FINANCIAL INDICATORS (Standalone)Key Parameters | Units |
FY 20-21 (Audited) |
FY 19-20 (Audited) |
---|---|---|---|
Operating Revenue | Rs.Crs. | 9.87 | 18.53 |
EBITDA | Rs.Crs. | -3.01 | -26.21 |
PAT | Rs.Crs. | -0.30 | -29.22 |
Tangible Net Worth | Rs.Crs. | 13.19 | 13.48 |
Total Debt/Tangible Net Worth | Times | 0.42 | 0.71 |
Current Ratio | Times | 1.13 | 1.06 |
NA
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)Facilities | Current Rating (2021) | 2021 (History) | 2020 | 2019 | 2018 | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating | Date | Rating |
Non Fund Based | LT | 20.00 |
BWR B-/Stable
(Downgrade/ISSUER NOT COOPERATING*) |
25May2021 |
BWR BStable
(Downgrade) |
04May2020 |
BWR B+Stable
(Downgrade) |
04Feb2019 |
BWR BB-Stable
(Assignment) |
NA |
NA
|
Grand Total | 20.00 | (Rupees 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 |
Hari Kishan Yadav Associate Director - Ratings hari.ky@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 | IndusInd Bank | Bank Guarantee | 20.00 | _ | 20.00 | |
Total | 20.00 | 0.00 | 20.00 | |||
TOTAL (Rupees 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 11,400 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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