RATING RATIONALE
07Sep2021

Aplab Limited

Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs.82.45 Crs. of Aplab Limited based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(02 Jul 2020)
Present
Fund Based 39.45 39.45 Long Term BWR D
Reaffirmation/ISSUER NOT COOPERATING*
BWR D
Reaffirmation/ISSUER NOT COOPERATING*
11.00 11.00 Short Term BWR D
Reaffirmation/ISSUER NOT COOPERATING*
BWR D
Reaffirmation/ISSUER NOT COOPERATING*
Non Fund Based 32.00 32.00 Short Term BWR D
Reaffirmation/ISSUER NOT COOPERATING*
BWR D
Reaffirmation/ISSUER NOT COOPERATING*
Grand Total 82.45 82.45 (Rupees Eighty Two Crores and Forty Five 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.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

In view of the non-availability of the information, non-submission of monthly ‘No Default Statement’ as per regulatory requirements, and lack of cooperation from the issuer, Brickwork Ratings has reaffirmed the rating to 'BWR D/ISSUER NOT COOPERATING’ for the bank loan facilities amounting to Rs.82.45 Crores of Aplab Limited.

The lenders may note to exercise due caution while using the above ratings, which mentions “ISSUER NOT COOPERATING” since the ratings lack any projections of a forward-looking component as it is arrived at based on the best available information on the entity without any management interaction/banker’s interaction.

The rating was due for the surveillance exercise and BWR took up with the issuer to provide the required information over emails and through telephone calls. Despite the best efforts of BWR to get at least the minimum required information for a review, the entity has not provided the same. In the absence of adequate information from the issuer, BWR is unable to assess the issuer’s financial performance and its ability to service its debt and maintain a valid rating.

LIMITATIONS OF THE RATING

ABOUT THE ENTITY

The company was incorporated as Applied Electronics Limited in 1964. It was later renamed as Aplab Limited in 1985. The corporate office and factory is at Thane, Maharashtra and an additional manufacturing facility at Navi Mumbai. Aplab Limited manufactures/assembles primarily the following products: Test & Measurement Instruments, Power Conversion & Controls, UPS Systems, Solar Power Products, Banking & Retail Automation and Cable Fault locating instruments.

KEY FINANCIAL INDICATORS (Standalone)
Key Parameters Units FY 20-21
(Audited)
FY 19-20
(Audited)
Operating Revenue Rs.Crs. 53.02 51.60
EBITDA Rs.Crs. 4.93 4.67
PAT Rs.Crs. -0.39 0.21
Tangible Net Worth Rs.Crs. 0.00 0.00
Total Debt/Tangible Net Worth Times 0.00 0.00
Current Ratio Times 0.59 0.61
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2021) 2021 (History) 2020 2019 2018
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating Date Rating
Fund Based LT 39.45
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
02Jul2020
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
20Mar2019
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
Fund Based ST 11.00
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
02Jul2020
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
20Mar2019
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
Non Fund Based ST 32.00
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
02Jul2020
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
20Mar2019
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
Grand Total 82.45 (Rupees Eighty Two Crores and Forty Five lakhs Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - NA

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.

Analytical Contacts

Gaurav Agnihotri

Senior Rating Analyst gaurav.a@brickworkratings.com

Chintan Dilip Lakhani

Director- Ratings chintan.l@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Aplab Limited
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 Bank of Maharashtra Term LoanSanctioned 3.34 _ 3.34
2 Bank of Maharashtra Term LoanSanctioned 6.99 _ 6.99
3 Bank of Maharashtra Term LoanSanctioned 3.12 _ 3.12
4 Corporation Bank FBWC (CC/EPC/FBD/FBP)Sanctioned 26.00 _ 26.00
5 Corporation Bank Bank GuaranteeSanctioned _ 22.00 22.00
6 Corporation Bank Letter of CreditSanctioned _ 10.00 10.00
7 Corporation Bank Bill Discounted (BD)Sanctioned _ 11.00 11.00
Total 39.45 43.00 82.45
TOTAL (Rupees Eighty Two Crores and Forty Five lakhs Only)
Print and Digital Media

The Rating Rationale is sent to you for the sole purpose of dissemination through your print, digital or electronic media. While it may be used by you acknowledging credit to BWR, please do not change the wordings in the rationale to avoid conveying a meaning different from what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its rationales for consideration or otherwise through any print or electronic or digital media.

About Brickwork Ratings

Brickwork 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.

Disclaimer

Brickwork Ratings India Pvt. Ltd. (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by the Reserve Bank of India [RBI], offers credit ratings of Bank Loan facilities, 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. [ hereafter referred to as "Instruments"]. BWR also rates NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations.

BWR wishes to inform all persons who may come across Rating Rationales and Rating Reports provided by BWR that the ratings assigned by BWR are based on information obtained from the issuer of the instrument and other reliable sources, which in BWR's best judgment are considered reliable. The Rating Rationale / Rating Report & other rating communications are intended for the jurisdiction of India only. The reports should not be the sole or primary basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in Europe and also the USA).

BWR also wishes to inform that access or use of the said documents does not create a client relationship between the user and BWR.

The ratings assigned by BWR are only an expression of BWR's opinion on the entity / instrument and should not in any manner be construed as being a recommendation to either, purchase, hold or sell the instrument.

BWR also wishes to abundantly clarify that these ratings are not to be considered as an investment advice in any jurisdiction nor are they to be used as a basis for or as an alternative to independent financial advice and judgment obtained from the user's financial advisors. BWR shall not be liable to any losses incurred by the users of these Rating Rationales, Rating Reports or its contents. BWR reserves the right to vary, modify, suspend or withdraw the ratings at any time without assigning reasons for the same.

BWR's ratings reflect BWR's opinion on the day the ratings are published and are not reflective of factual circumstances that may have arisen on a later date. BWR is not obliged to update its opinion based on any public notification, in any form or format although BWR may disseminate its opinion and analysis when deemed fit.

Neither BWR nor its affiliates, third party providers, as well as the directors, officers, shareholders, employees or agents (collectively, "BWR Party") guarantee the accuracy, completeness or adequacy of the Ratings, and no BWR Party shall have any liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the Rating Rationales or Rating Reports. Each BWR Party disclaims all express or implied warranties, including, but not limited to, any warranties of merchantability, suitability or fitness for a particular purpose or use. In no event shall any BWR Party be liable to any one for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the Rating Rationales and/or Rating Reports even if advised of the possibility of such damages. However, BWR or its associates may have other commercial transactions with the company/entity. BWR and its affiliates do not act as a fiduciary.

BWR keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of the respective activity. As a result, certain business units of BWR may have information that is not available to other BWR business units. BWR has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

BWR clarifies that it may have been paid a fee by the issuers or underwriters of the instruments, facilities, securities etc., or from obligors. BWR's public ratings and analysis are made available on its web site, www.brickworkratings.com. More detailed information may be provided for a fee. BWR's rating criteria are also generally made available without charge on BWR's website.

This disclaimer forms an integral part of the Ratings Rationales / Rating Reports or other press releases, advisories, communications issued by BWR and circulation of the ratings without this disclaimer is prohibited.

BWR is bound by the Code of Conduct for Credit Rating Agencies issued by the Securities and Exchange Board of India and is governed by the applicable regulations issued by the Securities and Exchange Board of India as amended from time to time.