RATING RATIONALE
25Apr2023

Allena Auto Industries Pvt. Ltd.

Brickwork Ratings downgrades and withdraws the ratings for the Bank Loan Facilities of Rs. 30.98 Crs. of Allena Auto Industries Pvt. Ltd.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(06 Apr 2022)
Present
Fund Based 30.18 30.18 Long Term BWR BBB-/Stable
Reaffirmation
BWR BB /Stable
Downgrade/Withdrawal
(10.00) (10.00)
Non Fund Based 0.80 0.80 Short Term BWR A3
Reaffirmation
BWR A4
Downgrade/Withdrawal
Grand Total 30.98 30.98 (Rupees Thirty Crores and Ninety Eight 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(BWR) has downgraded the long-term rating is downgraded to BB(Stable) / short-term rating to BWR A4 and simultaneously withdrawn the rating based on the request of  "Allena Auto Industries Pvt.Ltd.".

The initial rating was assigned on 14th Sept, 2018 with the rating as BWR BBB- (Stable) / BWR A3. The rating was reaffirmed at BWR BBB-/Stable/A3 on 19 Nov 2019. The rating has become due for surveillance in Nov, 2020. Advisory in the form of Press Release was issued on 22nd January 2021 as partial information was not received. Subsequently, due to lack of cooperation from the issuer and from their banker, despite continued follow up to enable us to carry out a review, the long-term rating was downgraded to BWR BB/Stable/short term rating to BWR A4 and moved to “Issuer Not Cooperating” category on 12 February 2021 for the first time. Further the rating was removed from Issuer Not Cooperating Category and upgrades the long long-term as BWR BBB- with “Stable” Outlook and short term rating as BWR A3 on 07 April 2021 and the ratings were reaffirmed at BWR BBB-(Stable)/A3 on 06 April 2022. The rating is due for review on 06 April 2023.
 

Going forward the client has requested for withdrawal the rating vide mail dated 08.04.2023. The client has forwarded the NOC dated 08.04.2023 from HDFC Bank Ltd.

In the view of the above, BWR downgrades and withdraws the rating for the Bank Loan Facilities as per the BWR withdrawal policy.

ABOUT THE ENTITY

Allena Auto Industries Pvt.Ltd managed by the Thapar family commenced its operations in 1976 in Wazirpur Industrial Area, Delhi with 1 store. Since then it has expanded its operations and set up two more plants in Mohali, Punjab. The operations of the company are managed by the members of the Thapar family.  The company is the Original Component Manufacturer catering to the requirements of major automobile manufacturers such as Tata Motors Ltd, Maruti Suzuki India Ltd, Simpson & Co. Ltd, ISUZU, TBVC, Subros Ltd, Lucas TVS Ltd etc.

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

NA

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 30.18
BWR BB/Stable
(Downgrade/Withdrawal)
06Apr2022
BWR BBB-Stable
(Reaffirmation)
12Feb2021
BWR BBStable
(Downgrade/ISSUER NOT COOPERATING*)
NA
NA
0.00
NA
NA
NA
07Apr2021
BWR BBB-Stable
(Upgrade)
NA
NA
FB SubLimit LT (10.00)
BWR BB/Stable
(Downgrade/Withdrawal)
06Apr2022
BWR BBB- Stable
(Reaffirmation)
12Feb2021
BWR BBStable
(Downgrade/ISSUER NOT COOPERATING*)
NA
NA
NA
NA
NA
NA
07Apr2021
BWR BBB-Stable
(Upgrade)
NA
NA
Non Fund Based ST 0.80
BWR A4
(Downgrade/Withdrawal)
06Apr2022
BWR A3
(Reaffirmation)
12Feb2021
BWR A4
(Downgrade/ISSUER NOT COOPERATING*)
NA
NA
0.00
NA
NA
NA
07Apr2021
BWR A3
(Upgrade)
NA
NA
Grand Total 30.98 (Rupees Thirty Crores and Ninety Eight 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

Vijayalakshmi R

Senior Rating Analyst Board : +91 044 24663326 vijayalakshmi.r@brickworkratings.com

V.K.Kukreja

Associate Director - Ratings Board : +91 11 2341 2232 kukreja.vk@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Allena Auto Industries 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.)
1 HDFC Bank Working Capital Term Loan 3.18 _ 3.18
2 HDFC Bank Cash Credit 27.00 _ 27.00
Sub-Limit (WCDL) (10.00)
3 HDFC Bank Bank Guarantee _ 0.30 0.30
4 HDFC Bank Letter of Credit _ 0.50 0.50
Total 30.18 0.80 30.98
TOTAL (Rupees Thirty Crores and Ninety Eight lakhs Only)
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