Brickwork Ratings downgrades the long-term & reaffirms the short-term ratings for the Bank Loan Facilities of Rs. 30.00 Crs. of Shiv Polymers based on the best available information, as the issuer did not cooperate.
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (09 Jan 2023) |
Present | ||
Fund Based | (17.50) | (17.50) | Long Term |
BWR B/Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
BWR B -
/Stable Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
Non Fund Based | 30.00 | 30.00 | Short Term |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
Grand Total | 30.00 | 30.00 | (Rupees Thirty Crores Only) |
BWR has downgrades the long-term & reaffirms the short-term rating to BWR B-/Stable/A4 (Issuer Not Cooperating) based on the best available information as the issuer did not cooperate. The rating was due for a review in Jan 2024. 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 the minimum required information for a review, the entity has not provided the same. In the absence of adequate information from the company, BWR is unable to assess the concern’s financial performance. Besides, No Default Statement has not been submitted by the client every month, despite follow-up. Thus, BWR has downgrades the long-term & reaffirms the short-term rating to BWR B-/Stable/A4 & continues the rating under the “Issuer Not Cooperating” category.
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, noncooperation 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 |
Established in 2009 as a proprietorship concern, Shiv Polymers is a New Delhi-based entity set-up by Mrs. Tanya Mahajan. The concern is engaged in the trading of imported polyvinyl chloride resins, stabilizers, and polyester fabrics. The concern’s group firm Canadian Speciality Vinyls which manufactures flex banner material, rigid film, and crystal clear transparent PVC films is a major customer of the offerings of Shiv Polymers. The day-to-day operations of the concern is taken care of by the proprietor’s father-in-law, Mr. Anil Mahajan who is a Chartered Accountant by profession.
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 INC ratings outstanding with other CRAs.
ANY OTHER INFORMATIONNIL
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)Facilities | Current Rating (2024) | 2023 | 2022 | 2021 | |||||
---|---|---|---|---|---|---|---|---|---|
Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
Fund Based | LT | 0.00 |
NA
|
09Jan2023 |
BWR BStable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
28Jan2022 |
BWR B+Stable
(Downgrade/ISSUER NOT COOPERATING*) |
28Jan2021 |
BWR BB-Stable
(Upgrade) |
FB SubLimit | LT | (17.50) |
BWR B-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
09Jan2023 |
BWR BStable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
28Jan2022 |
BWR B+Stable
(Downgrade/ISSUER NOT COOPERATING*) |
28Jan2021 |
BWR BB-Stable
(Upgrade) |
Non Fund Based | ST | 30.00 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
09Jan2023 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
28Jan2022 |
BWR A4
(Reaffirmation/ISSUER NOT COOPERATING*) |
28Jan2021 |
BWR A4
(Reaffirmation) |
Grand Total | 30.00 | (Rupees Thirty Crores 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 | |
---|---|
Sandeep Jangra Rating Analyst sandeep.j@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 | Punjab National Bank | Foreign Letter of Credit (FLC)Sanctioned | _ | 30.00 | 30.00 | |
Sub-Limit (Cash Credit) | (17.50) | |||||
Total | 0.00 | 30.00 | 30.00 | |||
TOTAL (Rupees Thirty Crores 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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