Brickwork Ratings withdraws the long term and short term ratings for the Bank Loan Facilities of Rs. 23.75 Crs. of Standard Surfactants Ltd
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (26 Apr 2021) |
Present | ||
Fund Based | 11.50 | 11.50 | Long Term |
BWR B/Stable
Downgrade/ISSUER NOT COOPERATING* |
BWR B -
/Stable Downgrade / ISSUER NOT COOPERATING* and simultaneously Withdrawn |
Non Fund Based | 12.25 | 12.25 | Short Term |
BWR A4
Reaffirmation/ISSUER NOT COOPERATING* |
BWR A4
Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn |
Grand Total | 23.75 | 23.75 | (Rupees Twenty Three Crores and Seventy Five lakhs Only) |
BWR has downgraded the long term and reaffirm the short term ratings to the bank facilities of Standard Surfactants Ltd. as BWR B-/A4 Stable under “Issuer not Cooperating” and simultaneously withdraw the ratings. The client requested for the withdrawal of ratings and has provided No Objection Certificate from the bank along with the audited financials for the year 2021. Despite Follow-Up, No Default Statement has not been submitted by the client every month.
ABOUT THE ENTITYStandard Surfactants (SSL) was promoted by Mr. Pawan Kumar Garg. The Company was incorporated in 1989. SSL is into manufacturing of Detergents and Surfactants and trading of high density Polyethylene, Linear Low Density Polyethylene (LDP), Polypropylene (PP), Paraffin wax and other petroleum products for IOCL. The company is the sole authorized distributor for selling Paraffin Wax and Sulphur in UP for Indian Oil Corporation Ltd (IOCL)
STATUS OF NON-COOPERATION WITH PREVIOUS CRANA
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 | 11.50 |
BWR B-/Stable
(Downgrade / ISSUER NOT COOPERATING* and simultaneously Withdrawn) |
26Apr2021 |
BWR BStable
(Downgrade/ISSUER NOT COOPERATING*) |
23Mar2020 |
BWR B+Stable
(Downgrade/ISSUER NOT COOPERATING*) |
NA |
NA
|
Non Fund Based | ST | 12.25 |
BWR A4
(Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn) |
26Apr2021 |
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*) |
23Mar2020 |
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*) |
NA |
NA
|
Grand Total | 23.75 | (Rupees Twenty Three Crores and Seventy Five 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 | |
---|---|
Kartik Arora Ratings Analyst kartik.a@brickworkratings.com |
Hari Kishan Yadav Associate Director - Ratings hari.ky@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 | State Bank Of India (SBI) | Bank Guarantee | _ | 4.25 | 4.25 | |
2 | State Bank Of India (SBI) | Letter of Credit | _ | 8.00 | 8.00 | |
3 | State Bank Of India (SBI) | CC (H)/WCDL | 11.50 | _ | 11.50 | |
Total | 11.50 | 12.25 | 23.75 | |||
TOTAL (Rupees Twenty Three Crores and Seventy Five 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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