RATING RATIONALE
20Oct2021

Faith Lumbers Pvt. Ltd.

Brickwork Ratings withdraws the ratings for the Bank Loan Facilities of Rs. 17.00 Crs. of Faith Lumbers Pvt. Ltd.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(24 Sep 2020)
Present
Fund Based 8.00 8.00 Long Term BWR BB-/Stable
Reaffirmation/ISSUER NOT COOPERATING*
BWR BB - /Stable
Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn
Non Fund Based 9.00 9.00 Short Term BWR A4
Reaffirmation/ISSUER NOT COOPERATING*
BWR A4
Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn
Grand Total 17.00 17.00 (Rupees Seventeen 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
*Issuer did not cooperate; based on best available information.

RATING ACTION / OUTLOOK

The rating was moved to ‘Rating Not Reviewed’ category in May 2020 due to non-receipt of papers/information. The rating was due for surveillance. BWR took up with the issuer over calls and emails. It was informed by the issuer that the facilities that were rated have been settled and account is closed. The withdrawal is based on the request of the issuer dated 18 October 2021 and No Dues Certificate provided by the bank stating closure of account facilities from Issuing Bank. 

ABOUT THE ENTITY

Faith Lumber Private Limited was incorporated in October 2011 and commenced operations in July 2012. The company is engaged in the trading and processing of lumber, wood logs, and teak wood products such as mouldings, wooden frames, cladding, wall panelling, Lumbers, etc. These products are being used in multiple industries like real estate, sports equipment, wood tool manufacturers, traders, handicrafts, etc. The processing facility is located at Survey No. 90, Plot No. 112-121, NH-8 , Padana, Opp. Aggarwal Impex, Kandla – 370240 Gujarat. It has an installed processing capacity of ~23,520 Cubic Meter (CBM) per annum and utilization remains between 65% to 70%. The marketing office is situated at Khasra No 72/12, Opposite Metro Pillar No 485, Near Rajdhani Park Metro Station, Swarn Park, Main Rohtak Road, New Delhi. The operations of the company are managed by Mr. Prashant Goel (director) along with his two brothers, who have extensive experience of more than fifteen years in the timber trading business.

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2021) 2020 2019 2018
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Fund Based LT 8.00
BWR BB-/Stable
(Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn)
24Sep2020
BWR BB-Stable
(Reaffirmation/ISSUER NOT COOPERATING*)
07May2019
BWR BB-Stable
(Assignment)
NA
NA
Non Fund Based ST 9.00
BWR A4
(Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn)
24Sep2020
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*)
07May2019
BWR A4
(as)
NA
NA
Grand Total 17.00 (Rupees Seventeen Crores Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - NA

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.

Analytical Contacts

Tripti Sharma

Ratings Analyst tripti.s@brickworkratings.com

Dileep Narayan Singh

Director dileep.s@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Faith Lumbers 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 Karur Vysya Bank Cash CreditSanctioned 8.00 _ 8.00
2 Karur Vysya Bank Letter of CreditSanctioned _ 8.00 8.00
3 Karur Vysya Bank Credit Exposure Limit (CEL)Sanctioned _ 1.00 1.00
Total 8.00 9.00 17.00
TOTAL (Rupees Seventeen Crores Only)
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