Brickwork Ratings withdraws the ratings for the Bank Loan Facilities of Rs. 160.69 Crs. of Pondy Oxides and Chemicals Ltd.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (28 Oct 2020) |
Present | ||
Fund Based | 160.69 | 160.69 | Long Term |
BWR A-/Stable
Reaffirmation and change in Outlook |
BWR BBB +
/Stable Downgrade/Withdrawal |
Non Fund Based | (20.00) | (20.00) | Short Term |
BWR A2+
Reaffirmation and change in Outlook |
BWR A2
Downgrade/Withdrawal |
(0.25) | (0.25) | ||||
Grand Total | 160.69 | 160.69 | (Rupees One Hundred Sixty Crores and Sixty Nine lakhs Only) |
Brickwork Ratings (BWR) has downgraded and simultaneously withdrawn the ratings based on the request of Pondy Oxides and Chemicals Limited for rating withdrawal and No Objection Certificate (NOC) from the lenders. BWR takes note of the information risk arising from the absence of certain requisite details pertaining to the financial, operational performance and liquidity position amongst others. Hence, in accordance with extant regulatory guidelines and BWR Rating Withdrawal Policy, ratings for the bank loan facilities of Rs. 160.69 Crs. are downgraded and simultaneously withdrawn.
ABOUT THE ENTITYPondy Oxides & Chemicals Limited (POCL) is a Public Limited Company incorporated under the Companies Act, 1956. The company’s equity shares are listed at the Bombay Stock Exchange (BSE). The registered office of the company is situated at KRM Centre, 4th Floor, #2, Harrington Road, Chetpet, Chennai, Tamil Nadu - 600031. The company carries out smelting of Lead Battery Scrap to produce secondary lead metal which is further transformed into Pure lead and Specific Lead Alloys. Further, the company also manufactures Zinc metal and Zinc Oxide. In FY22, the company has started copper recycling/refining. POCL has its manufacturing plants in Sriperumbudur, Tamil Nadu and Chittoor, Andhra Pradesh.
Mr. Anil Kumar Bansal is the Chairman and Mr. Ashish Bansal the Managing Director of the company.
Based on Q2 and H1FY22 results available in the public domain, the company has achieved revenue of ~Rs. 644 Crs. and PAT of Rs. 23.60 Crs.
STATUS OF NON-COOPERATION WITH PREVIOUS CRANot applicable
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)Facilities | Current Rating (2022) | 2021 | 2020 | 2019 | |||||
---|---|---|---|---|---|---|---|---|---|
Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
Fund Based | LT | 160.69 |
BWR BBB+/Stable
(Downgrade/Withdrawal) |
NA |
NA
|
28Oct2020 |
BWR A-Stable
(Reaffirmation and change in Outlook) |
22Apr2019 |
BWR A-Stable
(Upgrade) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
08Nov2019 |
BWR A-Credit Watch with Developing Implications
(Reaffirmation and change in Outlook) |
||
Fund Based | ST | NA |
NA
|
NA |
NA
|
NA |
NA
|
22Apr2019 |
BWR A2+
(Upgrade) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
08Nov2019 |
BWR A2+Credit Watch with Developing Implications
(Reaffirmation and change in Outlook) |
||
Non Fund Based | ST | NA |
NA
|
NA |
NA
|
28Oct2020 |
BWR A2+
(Reaffirmation and change in Outlook) |
22Apr2019 |
BWR A2+
(Upgrade) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
08Nov2019 |
BWR A2+Credit Watch with Developing Implications
(Reaffirmation and change in Outlook) |
||
NFB SubLimit | ST | (20.00) |
BWR A2
(Downgrade/Withdrawal) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
(0.25) |
BWR A2
(Downgrade/Withdrawal) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
Grand Total | 160.69 | (Rupees One Hundred Sixty Crores and Sixty Nine lakhs 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 | |
---|---|
Swarn Saurabh Senior Rating Analyst swarn.s@brickworkratings.com |
Saakshi Kanwar Senior Manager Ratings saakshi.k@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 | Axis Bank Ltd. | Term LoanOut-standing | 2.71 | _ | 2.71 | |
2 | Axis Bank Ltd. | Cash CreditSanctioned | 41.00 | _ | 41.00 | |
3 | Canara Bank | OCC/ODBD/WCDL/BillsSanctioned | 40.00 | _ | 40.00 | |
Sub-Limit (Bank Guarantee) Sanctioned | (0.25) | |||||
Sub-Limit (LC/WCDL) Sanctioned | (20.00) | |||||
4 | HDFC Bank | Term LoanOut-standing | 1.98 | _ | 1.98 | |
5 | HDFC Bank | Cash CreditSanctioned | 30.00 | _ | 30.00 | |
6 | HSBC | FBWC (CC/EPC/FBD/FBP)Sanctioned | 45.00 | _ | 45.00 | |
Total | 160.69 | 0.00 | 160.69 | |||
TOTAL (Rupees One Hundred Sixty Crores and Sixty Nine lakhs Only) |
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