RATING RATIONALE
30Mar2022

Bedmutha Industries Ltd.

Brickwork Ratings withdraws the ratings for the Bank Loan Facilities of Rs. 640.98 Crs.of Bedmutha Industries Ltd.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(29 Jul 2021)
Present
Fund Based 426.68 426.68 Long Term BWR D
Reaffirmation/ISSUER NOT COOPERATING*
BWR D
Reaffirmation/Withdrawal
Non Fund Based 214.30 214.30 Short Term BWR D
Reaffirmation/ISSUER NOT COOPERATING*
BWR D
Reaffirmation/Withdrawal
Grand Total 640.98 640.98 (Rupees Six Hundred Forty 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
Note: * Issuer did not cooperate; based on the best available information.

RATING ACTION / OUTLOOK

Rating withdrawal of BWR D and removal from ISSUER NOT COOPERATING CATEGORY. The rating is removed from INC category as the company has complied with BWR withdrawal policy.   

The ratings are withdrawn at the request from the Company and submission of No Objection Certificate from  lending banks for withdrawal of the ratings.   

The Company's debt rated by BWR was  restructured by the lenders. All the lenders have not confirmed that “the present asset classification of the account is standard assets”. The rating is reaffirmed as BWR D and simultaneously withdrawn.

ABOUT THE ENTITY

Bedmutha Industries Limited was started in Aug, 1990, in Sinnar, Nashik  (MH) by Mr. K R Bedmutha and is listed on BSE and NSE. The Company is engaged into the manufacturing of  Galvanized Iron wire,  Mild Steel wire, cable armoring wire, A.C.S.R. wire, stay & earth wire and barbed wire, chain link fencing. The galvanized wire and wire products finds various applications in electrical infrastructure, cable industry, auto industry, telephone lines, agriculture applications, fencing, construction activities etc. The Company has five manufacturing facilities out of which four units are located at Nashik, (MH) and Fifth unit is located at Nardana, Dhule (MH)

 

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not 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 426.68
BWR D
(Reaffirmation/Withdrawal)
29Jul2021
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
29Jul2020
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
Non Fund Based ST 214.30
BWR D
(Reaffirmation/Withdrawal)
29Jul2021
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
29Jul2020
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
Grand Total 640.98 (Rupees Six Hundred Forty 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

Ajit S Jagnade

Senior Manager - Ratings Board : +91 22 2831 1426, +91 22 2831 1439 ajit.j@brickworkratings.com

Bal Krishna Piparaiya

Principal Director - Ratings Board : +91 22 2831 1426, +91 22 2831 1439 piparaiya.bk@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Bedmutha Industries 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 Andhra Bank Term LoanSanctioned 33.90 _ 33.90
2 Andhra Bank Working Capital Term LoanSanctioned 6.20 _ 6.20
3 Andhra Bank Cash CreditSanctioned 25.35 _ 25.35
4 Andhra Bank Bank GuaranteeOut-standing _ 9.62 9.62
5 Andhra Bank Letter of CreditOut-standing _ 29.59 29.59
6 Andhra Bank Funded Interest Term LoanSanctioned 6.65 _ 6.65
7 Bank of Baroda Funded Interest Term LoanOut-standing 9.94 _ 9.94
8 Bank of Baroda Letter of CreditSanctioned _ 29.00 29.00
9 Bank of Baroda Bank GuaranteeSanctioned _ 12.00 12.00
10 Bank of Baroda Cash CreditOut-standing 16.50 _ 16.50
11 Bank of Baroda Working Capital Term LoanOut-standing 3.04 _ 3.04
12 Bank of Baroda Term LoanOut-standing 45.30 _ 45.30
13 Bank of India Term LoanOut-standing 56.60 _ 56.60
14 Bank of India Working Capital Term LoanOut-standing 9.38 _ 9.38
15 Bank of India Cash CreditOut-standing 39.09 _ 39.09
16 Bank of India Bank GuaranteeOut-standing _ 15.80 15.80
17 Bank of India Letter of CreditOut-standing _ 51.28 51.28
18 Bank of India Funded Interest Term LoanOut-standing 15.39 _ 15.39
19 Export Import Bank of India Funded Interest Term LoanOut-standing 5.71 _ 5.71
20 Export Import Bank of India Term LoanOut-standing 33.83 _ 33.83
21 Punjab National Bank Working Capital Term LoanOut-standing 9.37 _ 9.37
22 Punjab National Bank Term LoanOut-standing 57.19 _ 57.19
23 Punjab National Bank Cash CreditOut-standing 39.06 _ 39.06
24 Punjab National Bank Letter of CreditSanctioned _ 51.21 51.21
25 Punjab National Bank Bank GuaranteeSanctioned _ 15.80 15.80
26 Punjab National Bank Funded Interest Term LoanOut-standing 14.18 _ 14.18
Total 426.68 214.30 640.98
TOTAL (Rupees Six Hundred Forty Crores and Ninety Eight lakhs Only)
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