RATING RATIONALE
08Nov2022

Archidply Industries Ltd.

Brickwork Ratings downgrades and simultaneously withdraws the ratings for the Bank Loan Facilities of Rs. 81.90 Crs. of Archidply Industries based on the best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(23 Sep 2022)
Present
Fund Based 77.40 77.40 Long Term BWR BBB- /Stable
ISSUER NOT COOPERATING*/Downgraded^
BWR BB + /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded and withdrawn
Non Fund Based 4.50 4.50 Short Term BWR A3
ISSUER NOT COOPERATING*/Downgraded^
BWR A4 +
Continues to be in ISSUER NOT COOPERATING* category/Downgraded and withdrawn
Grand Total 81.90 81.90 (Rupees Eighty One Crores and Ninety 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
*Issuer did not cooperate; based on best available information.
Note: *Issuer did not cooperate. Based on the best available information.

RATING ACTION / OUTLOOK

Brickwork Ratings (BWR) has downgraded and simultaneously withdrawn the ratings based on the request of Archidply Industries Ltd (‘AIL’ or ‘the company’) for rating withdrawal along with No Objection Certificate (NOC) from the lenders and based on the best available information. Hence, in accordance with extant regulatory guidelines and the BWR Rating Withdrawal Policy, ratings for the bank loan facilities of Rs. 81.90 crores are downgraded and simultaneously withdrawn.

* Issuer did not cooperate; based on best available information

ABOUT THE ENTITY

Archidply Industries Ltd was incorporated in 1995 in Bengaluru, Karnataka. Its registered office changed to Rudrapur, Udham Singh Nagar, Uttarakhand w.e.f. 28Feb2018. The company is engaged in the manufacturing of Plywood (Marine Plywood, Fire Retardant Plywood, Shuttering Plywood, Densified Film Faced Plywood, BWR & MR Plywood, Lamyply and Lamyboard), Block Boards and Decorative Laminates (ranging from 0.8mm to 15mm and post form laminates). The manufacturing unit of AIL is located in Rudrapur, Uttarakhand.

Mr. Deen Dayal Daga is the Chairman. Mr. Rajiv Daga is the CEO and Managing Director and Mr. Shyam Daga the Executive Director. The company’s shares are listed on the Bombay Stock Exchange Ltd. (BSE) and the National Stock Exchange of India (NSE).

As per the publicly available information and disclosures to the exchanges, the company achieved an operating income of Rs. 201.66 crores, an EBITDA of Rs. 9.43 crores and a PAT of Rs. 7.38 crores for H1FY23. 

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

Not Applicable

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2022) 2022 (History) 2021 2020 2019
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating Date Rating
Fund Based LT 77.40
BWR BB+/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded and withdrawn)
23Sep2022
BWR BBB- Stable
(ISSUER NOT COOPERATING*/Downgraded^)
30Jun2021
BWR BBB Stable
(Reaffirmation)
28Apr2020
BWR BBB Credit Watch with Developing Implications
(Reaffirmed)
05Nov2019
BWR BBB Credit Watch with Developing Implications
(Reaffirmed and migrated to Credit Watch)
0.00
NA
NA
NA
NA
NA
08Jul2020
BWR BBB/Stable
(Removed from Credit Watch and Reaffirmed)
NA
NA
Fund Based ST 0.00
NA
NA
NA
NA
NA
28Apr2020
BWR A3+ Credit Watch with Developing Implications
(Reaffirmed)
05Nov2019
BWR A3+ Credit Watch with Developing Implications
(Reaffirmed and migrated to Credit Watch)
Non Fund Based ST 4.50
BWR A4+
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded and withdrawn)
23Sep2022
BWR A3
(ISSUER NOT COOPERATING*/Downgraded^)
30Jun2021
BWR A3+
(Reaffirmation)
28Apr2020
BWR A3+ Credit Watch with Developing Implications
(Reaffirmed)
05Nov2019
BWR A3+ Credit Watch with Developing Implications
(Reaffirmed and migrated to Credit Watch)
0.00
NA
NA
NA
NA
NA
08Jul2020
BWR A3+
(Removed from Credit Watch and Reaffirmed)
NA
NA
Grand Total 81.90 (Rupees Eighty One Crores and Ninety 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

Vineet Krishnan Nair

Senior Ratings Analyst vineet.kn@brickworkratings.com

Saakshi Kanwar

Senior Manager Ratings saakshi.k@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Archidply 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 HDFC Bank Cash CreditSanctioned 30.00 _ 30.00
2 HDFC Bank Bank GuaranteeSanctioned _ 4.50 4.50
3 State Bank Of India (SBI) Common Covid Emergency Line of Credit (CCECL)Out-standing 3.35 _ 3.35
4 State Bank Of India (SBI) Term LoanOut-standing 4.05 _ 4.05
5 State Bank Of India (SBI) Cash CreditSanctioned 40.00 _ 40.00
Total 77.40 4.50 81.90
TOTAL (Rupees Eighty One Crores and Ninety lakhs Only)
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