RATING RATIONALE
14Feb2023

AMD Industries Ltd.

Brickwork Ratings downgrades and simultaneously withdraws the ratings for the Bank Loan Facilities of Rs. 61.40 Crs. of AMD Industries Ltd.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(25 Jan 2022)
Present
Fund Based 74.07 55.40 Long Term BWR BBB- /Stable
Reaffirmation
BWR BB + /Stable
Downgrade/Withdrawal
Non Fund Based 21.00 6.00 Short Term BWR A3
Reaffirmation
BWR A4 +
Downgrade/Withdrawal
Grand Total 95.07 61.40 (Rupees Sixty One Crores and Forty lakhs 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
Note: Rating Advisory Date as on 25 Jan 2023

RATING ACTION / OUTLOOK

Brickwork Ratings (BWR) has downgraded and simultaneously withdrawn the ratings based on the request of AMD Industries Ltd (‘AIL’ or ‘the company’) for rating withdrawal along with No Due Certificate (NDC)/ No Objection Certificates (NOC) from the lenders. Hence, in accordance with extant regulatory guidelines and the BWR Rating Withdrawal Policy, ratings for the bank loan facilities of Rs. 61.40 crores are downgraded to BB+/Stable/A4+ and simultaneously withdrawn.

ABOUT THE ENTITY

AMD Industries Limited was incorporated on 17 Dec1983 at New Delhi. The company is listed on BSE and NSE. It is engaged in providing packaging articles to its entities in beverages, liquor and processed foods through production of crown caps (metallic closures for glass bottles), CSD closures, PET preforms and PET bottles. The company's manufacturing facility is located at Neemrana, Rajasthan. Mr. Ashok Gupta is the Chairman and Mr. Adil Gupta the Managing Director of the company. 

As per the publicly available information and disclosures to the exchanges, on a quarterly basis, the company achieved an operating income of Rs. 58.17 crores, EBITDA of Rs. 4.06 crores and a net loss of Rs. 0.26 crores in Q2FY23. On a half-yearly basis, the company achieved an operating income of Rs. 186.43 crores, EBITDA of Rs. 23.47 crores and had PAT of Rs. 10.08 crores in H1FY23. The company had achieved an operating income of Rs. 209.64 crores, EBITDA of Rs. 28.39 crores and PAT of Rs. 8.20 crores in FY22.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

N.A.

ANY OTHER INFORMATION

Nil

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2023) 2022 2021 2020
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 55.40
BWR BB+/Stable
(Downgrade/Withdrawal)
25Jan2022
BWR BBB- Stable
(Reaffirmation)
NA
NA
27Oct2020
BWR BBB- Stable
(Reaffirmation)
Non Fund Based ST 6.00
BWR A4+
(Downgrade/Withdrawal)
25Jan2022
BWR A3
(Reaffirmation)
NA
NA
27Oct2020
BWR A3
(Reaffirmation)
Grand Total 61.40 (Rupees Sixty One Crores and Forty lakhs Only)
Rating Advisory, as on 25Jan2023
Press Release, as on 25Jan2023
An advisory was issued citing the delay in conducting the review mainly due to the non-receipt of essential information required.

COMPLEXITY LEVELS OF THE INSTRUMENTS - Simple

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 Criteria
Analytical Contacts

Vineet Krishnan Nair

Senior Ratings Analyst vineet.kn@brickworkratings.com

Saakshi Kanwar

Senior Manager Ratings saakshi.k@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
AMD Industries 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.)
1 Axis Bank Ltd. Term LoanOut-standing 12.33 _ 12.33
2 Axis Bank Ltd. Cash CreditSanctioned 9.00 _ 9.00
3 Kotak Mahindra Bank Term LoanOut-standing 12.07 _ 12.07
4 State Bank Of India (SBI) Term LoanOut-standing _ _ 0.00
5 State Bank Of India (SBI) Cash CreditSanctioned _ _ 0.00
6 State Bank Of India (SBI) BG/LC/ILCSanctioned _ _ 0.00
7 TATA Capital Financial Services Limited Inventory Funding FacilitySanctioned 3.00 _ 3.00
8 Yes Bank Cash CreditSanctioned 12.00 _ 12.00
9 Yes Bank Term LoanOut-standing 7.00 _ 7.00
10 Yes Bank BG/LC/ILCSanctioned _ 6.00 6.00
Total 55.40 6.00 61.40
TOTAL (Rupees Sixty One Crores and Forty lakhs Only)
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