Brickwork Ratings downgrades the long term & reaffirms the short term ratings for the Bank Loan Facilities of Rs. 7.50 Crs. of Geberit Electronics Pvt. Ltd. based on best available information, as the issuer did not cooperate.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (10 Oct 2022) |
Present | ||
Fund Based | 1.50 | 1.50 | Long Term |
BWR B/Stable
ISSUER NOT COOPERATING* /Downgrade |
BWR B -
/Stable Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
Non Fund Based | 6.00 | 6.00 | Short Term |
BWR A4
ISSUER NOT COOPERATING* /Reaffirmation |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
Grand Total | 7.50 | 7.50 | (Rupees Seven Crores and Fifty lakhs Only) |
BWR has downgraded the long term rating to BWR B- (Stable) & reaffirmed the short term rating at BWR A4 under the "Issuer Not Cooperating" category based on the available information.
BWR had initially assigned a rating of BWR B+ (Stable)/A4 for the bank loan facilities as on 05 March 2020. On 11 June 2021, the long & short term rating was reaffirmed to BWR B+ (Stable)/A4 and placed under the ‘Issuer Not Cooperating’ category. On 24 August 2021, the long & short term rating was reaffirmed to BWR B+ (Stable)/A4 and removed from the ‘Issuer Not Cooperating’ category. The rating was due for a review in August 2022. On 10 October 2022, the long term rating was downgraded to BWR B (Stable) & the short term rating was reaffirmed at BWR A4 and placed under the ‘Issuer Not Cooperating’ category.
Going forward, BWR took up with the issuer consistently to provide required information over emails apart from telephonic communication, but no response has been received from the client. Further, BWR is unable to reach the banker ; the banker's feedback regarding the conduct of the account is not available. Despite the best efforts of BWR to get at least the minimum required information for the review, the entity has not provided the same. In the absence of adequate information from the firm, BWR is unable to assess the firm's financial performance and its ability to service its debt and maintain a valid rating.
The lenders/investors may note to exercise due caution while using the above rating which mentions "Issuer Not Cooperating" since the rating lack any projections or forward looking component as it is arrived at based on the best available information without any management/banker's interaction.
LIMITATIONS OF THE RATING
Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide the required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit ratings should therefore take into account the possible deterioration in the credit quality of the rated entity arising from its non- transparency and withholding of information required for a review of the rating.
ABOUT THE ENTITYMacro Economic Indicator | Sector | Industry | Basic Industry |
---|---|---|---|
Utilities | Utilities | Other Utilities | Other Utilities |
Geberit Electronics Private limited was established in 1996,and engaged in trading of Optical Outdoor Amplifier, Optical indoor Amplifier,Optical Transmitters, CATV Power Supply, Cable Construction, Optical Network, Plastic Raw Material and Other Electronics Items. Company has its office located at Jhilmil Industrial Area, East Delhi. The Company is currently managed by Mr Ghanshyam Dass and Mr Loveen Gupta. The Product are basically used for Telecom & Mobile Operators, Fiber Network Roll Out, Network Operators and Other Networking projects so as to cater the needs of different companies.
Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document
No outstanding ratings with other CRAs.
ANY OTHER INFORMATIONNIL
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)Facilities | Current Rating (2023) | 2022 | 2021 | 2020 | |||||
---|---|---|---|---|---|---|---|---|---|
Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
Fund Based | LT | 1.50 |
BWR B-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
10Oct2022 |
BWR BStable
(ISSUER NOT COOPERATING* /Downgrade) |
11Jun2021 |
BWR B+ Stable
(ISSUER NOT COOPERATING* /Reaffirmation) |
05Mar2020 |
BWR B+ Stable
(Assignment) |
0.00 |
NA
|
NA |
NA
|
24Aug2021 |
BWR B+ Stable
(removal from ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
||
Non Fund Based | ST | 6.00 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
10Oct2022 |
BWR A4
(ISSUER NOT COOPERATING* /Reaffirmation) |
11Jun2021 |
BWR A4
(ISSUER NOT COOPERATING* /Reaffirmation) |
05Mar2020 |
BWR A4
(Assignment) |
0.00 |
NA
|
NA |
NA
|
24Aug2021 |
BWR A4
(removal from ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
||
Grand Total | 7.50 | (Rupees Seven Crores and Fifty 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 | |
---|---|
Deepak Ahuja Rating Analyst deepakahuja@brickworkratings.com |
V.K.Kukreja Associate Director - Ratings Board : +91 11 2341 2232 kukreja.vk@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 | Jammu and Kashmir Bank | Cash CreditSanctioned | 1.50 | _ | 1.50 | |
2 | Jammu and Kashmir Bank | FLC(DA/DP)Sanctioned | _ | 6.00 | 6.00 | |
Total | 1.50 | 6.00 | 7.50 | |||
TOTAL (Rupees Seven Crores and Fifty 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 11,560 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.
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