Brickwork Ratings reaffirms and withdraws the ratings for the Bank Loan Facilities of Rs. 38.13 Crs. of CAMEX Ltd.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (05 Aug 2021) |
Present | ||
Fund Based | 22.38 | 22.38 | Long Term |
BWR B /Negative
Downgrade/ISSUER NOT COOPERATING* |
BWR B
/Negative Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn |
Non Fund Based | 15.75 | 15.75 | Short Term |
BWR A4
Reaffirmation/ISSUER NOT COOPERATING* |
BWR A4
Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn |
Grand Total | 38.13 | 38.13 | (Rupees Thirty Eight Crores and Thirteen lakhs Only) |
Brickwork Ratings (BWR) has reaffirmed the long term and short term rating for a bank loan facilities of Camex Limited, of Rs. 38.13 Crs, at BWR B (Negative) / A4 , continued with the 'issuer non cooperation' category and has simultaneously withdrawn the above bank loan ratings.
The rating withdrawal is based on the rating withdrawal request by the issuer, along with No due certificate from a lender , confirmation of takeover of credit limits by another lender and in line with BWR’s policy on withdrawal of ratings. The company has not submitted the monthly No Default Statements in a regular manner, hence rating continued with the 'Issuer non cooperation' category. BWR has considered the financials published on BSE website.
ABOUT THE ENTITYCAMEX LTD was incorporated in 1989 as Devria Intermediates Private Limited by Mr Bimal Baheti and Ms Vandana Baheti, and subsequently renamed in 2006. The company is listed on BSE. The Company is engaged in manufacturing and trading of Dyes and intermediates. The Company has its manufacturing facility located at Ankleshwar, Gujarat, with an installed capacity of 1,500 metric tonnes per annum.
(Information as available in May-2015)
STATUS OF NON-COOPERATION WITH PREVIOUS CRAAcuite ratings vide press release dated 25 November 2021 has informed that Issuer is not cooperating, based on best-available information and rating ACUITE B+ (Stable)/A4 is migrated to Issuer not cooperating.
ANY OTHER INFORMATIONKey Financial Indicators :
Key Parameter | Units | FY 21 (Audited) |
FY 20 (Audited) |
Operating Income | Rs. in Crs | 142.53 | 122.5 |
EBIDTA | Rs. in Crs | 2.74 | 3.21 |
PAT | Rs. in Crs | 2 | 0.96 |
Tangible net worth | Rs. in Crs | 32.59 | 30.55 |
Gearing | Times | 0.53 | 0.1 |
Current Ratio | Times | 1.87 | 2.17 |
(Source: https://www.bseindia.com/)
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 | 22.38 |
BWR B/Negative
(Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn) |
05Aug2021 |
BWR B Negative
(Downgrade/ISSUER NOT COOPERATING*) |
10Jul2020 |
BWR BWR B+ (Stable) Issuer not cooperating*
() |
NA |
NA
|
Non Fund Based | ST | 15.75 |
BWR A4
(Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn) |
05Aug2021 |
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*) |
10Jul2020 |
BWR BWR A4 Issuer not cooperating*
() |
NA |
NA
|
Grand Total | 38.13 | (Rupees Thirty Eight Crores and Thirteen 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 | |
---|---|
Kunjal Dabhi Rating Analyst Board : +91 79 66174046 / 47 kunjal.r@brickworkratings.com |
Dileep Narayan Singh Director dileep.s@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 | Bank of Baroda | Term LoanOut-standing | 2.38 | _ | 2.38 | |
2 | Bank of Baroda | Cash CreditSanctioned | 20.00 | _ | 20.00 | |
3 | Bank of Baroda | Letter of CreditSanctioned | _ | 15.00 | 15.00 | |
4 | Bank of Baroda | Credit Exposure Limit (CEL)Sanctioned | _ | 0.75 | 0.75 | |
Total | 22.38 | 15.75 | 38.13 | |||
TOTAL (Rupees Thirty Eight Crores and Thirteen lakhs Only) |
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About Brickwork RatingsBrickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 11,400 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations.
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