RATING RATIONALE
18Apr2023

Maan Aluminium Limited

Brickwork Ratings reaffirms and withdraws the ratings for the bank loan facilities of Rs. 74.55 Crs. of Maan Aluminium Limited.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(26 Apr 2022)
Present
Fund Based 20.00 20.00 Long Term BWR BBB+/Stable
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BWR BBB + /Stable
Reaffirmation/Withdrawal
40.00 40.00 Short Term BWR A2
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BWR A2
Reaffirmation/Withdrawal
(20.00) (20.00)
(10.00) (10.00)
Non Fund Based 14.55 14.55 Short Term BWR A2
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BWR A2
Reaffirmation/Withdrawal
(10.00) (10.00)
Grand Total 74.55 74.55 (Rupees Seventy Four Crores and Fifty Five 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

RATING ACTION / OUTLOOK

Brickwork Ratings (BWR) has reaffirmed the ratings and simultaneously withdrawn the bank loan ratings of Maan Aluminium Limited ('Maan' or 'the Company') based on the company's request for withdrawal of its ratings and receipt of the No Objection Certificates(NOC) from the lender.  The rating continues to draw comfort from the promoter experience, long track record and established clientele. BWR also takes note of the stable and consistently improving financial profile.

Hence, in accordance with extant regulatory guidelines and BWR Rating Withdrawal Policy, ratings for the bank loan facilities of Rs.74.55 Crs of Maan Aluminium Limited are reaffirmed and simultaneously withdrawn.

ABOUT THE ENTITY

Maan Aluminium Limited (MAL) is a public limited company incorporated in 2003 and listed in 2007. Its registered office is in New Delhi. The company is engaged in the manufacturing and trading of aluminium ingots, billets, and extruded products. The company has 9000 MTPA capacity manufacturing plant at Pithampur, Madhya Pradesh. In FY21, the company set-up a new fabrication plant near to its existing plant at Pithampur.

Mr. Ravinder Nath Jain is the main promoter, Chairman and Managing Director. Mr. Viksit Chadha is the Chief Executive Officer.

(as per the information shared during April 2022 rating review)

On a standalone basis, the company achieved Rs. 550.98 Crs. of revenue and Rs. 35.51 Crs. of PAT during 9MFY23 (unaudited). The company had achieved a revenue of Rs. 572.29 Crs. and PAT of Rs. 21.98 Crs in FY22 (Audited).

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY

CARE Ratings suspended the bank loan ratings of the company on 20 Jan 2014 as the company did not furnish the requisite information for monitoring of ratings.

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 20.00
BWR BBB+/Stable
(Reaffirmation/Withdrawal)
26Apr2022
BWR BBB+Stable
(Upgrade)
16Apr2021
BWR BBBStable
(Reaffirmation)
20Mar2020
BWR BBBStable
(Reaffirmation)
Fund Based ST 40.00
BWR A2
(Reaffirmation/Withdrawal)
26Apr2022
BWR A2
(Upgrade)
16Apr2021
BWR A3+
(Reaffirmation)
20Mar2020
BWR A3+
(Reaffirmation)
FB SubLimit ST (20.00)
BWR A2
(Reaffirmation/Withdrawal)
26Apr2022
BWR A2
(Upgrade)
16Apr2021
BWR A3+
(Reaffirmation)
20Mar2020
BWR A3+
(Reaffirmation)
FB SubLimit ST (10.00)
BWR A2
(Reaffirmation/Withdrawal)
26Apr2022
BWR A2
(Upgrade)
16Apr2021
BWR A3+
(Reaffirmation)
20Mar2020
BWR A3+
(Reaffirmation)
Non Fund Based ST 14.55
BWR A2
(Reaffirmation/Withdrawal)
26Apr2022
BWR A2
(Upgrade)
16Apr2021
BWR A3+
(Reaffirmation)
20Mar2020
BWR A3+
(Reaffirmation)
NFB SubLimit ST (10.00)
BWR A2
(Reaffirmation/Withdrawal)
26Apr2022
BWR A2
(Upgrade)
16Apr2021
BWR A3+
(Reaffirmation)
20Mar2020
BWR A3+
(Reaffirmation)
Grand Total 74.55 (Rupees Seventy Four Crores and Fifty Five lakhs Only)
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

Amar Srinivas

Rating Analyst amar.s@brickworkratings.com

Saakshi Kanwar

Associate Director - Ratings saakshi.k@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Maan Aluminium Limited
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 HDFC Bank Cash CreditSanctioned 20.00 _ 20.00
Sub-Limit (PC/PCFC/FBD) Sanctioned (20.00)
2 HDFC Bank Bill Discounted (BD)Sanctioned _ 40.00 40.00
Sub-Limit (LC/BG) Sanctioned (10.00)
Sub-Limit (PC/PCFC/FBD) Sanctioned (10.00)
3 HDFC Bank ILC/IBGSanctioned _ 14.55 14.55
Total 20.00 54.55 74.55
TOTAL (Rupees Seventy Four Crores and Fifty Five lakhs Only)
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