RATING RATIONALE
29Nov2022

CL International

Brickwork Ratings reaffirms the long-term & short-term ratings for the Bank Loan Facilities of Rs. 17.96 Crs. of CL International based on the best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(15 Dec 2021)
Present
Fund Based 4.21 4.21 Long Term BWR D
Reaffirmation/ISSUER NOT COOPERATING*
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
13.50 13.50 Short Term BWR D
Reaffirmation/ISSUER NOT COOPERATING*
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
Non Fund Based 0.25 0.25 Short Term BWR D
Reaffirmation/ISSUER NOT COOPERATING*
BWR D
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed
(1.50) (1.50)
Grand Total 17.96 17.96 (Rupees Seventeen Crores and Ninety Six 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

Reaffirmed the long-term & short-term rating to BWR D (Issuer Not Cooperating) based on best available information as the issuer did not cooperate. The rating is due for a review in Dec 2022. 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, the No Default Statement has not been submitted by the client every month, despite follow-up. Thus, BWR has reaffirmed the long-term & short-term rating to BWR D under the “Issuer Not Cooperating” category.

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 ENTITY

M/s C L International. is a partnership firm, established in 2007 has its registered office at New Delhi. The firm is manufacturer and exporter of Agro-based products which includes wheat products (Atta, Maida and Salmonella), Spices incense sticks, basmati and non-basmati Rice.

KEY FINANCIAL INDICATORS (Standalone)
Key Parameters Units FY 16-17
(Projected)
FY 15-16
(Projected)
Operating Revenue Rs.Crs. 480.00 400.00
EBITDA Rs.Crs. 16.89 15.45
PAT Rs.Crs. 12.46 12.51
Tangible Net Worth Rs.Crs. 31.12 32.24
Total Debt/TNW Times 68.33 62.59
Current Ratio Times 24.32 34.32
NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY

NA

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 4.21
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
NA
NA
15Dec2021
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
28Sep2020
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
11Jan2019
BWR D
(Downgrade/ISSUER NOT COOPERATING*)
Fund Based ST 13.50
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
NA
NA
15Dec2021
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
28Sep2020
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
11Jan2019
BWR D
(Downgrade/ISSUER NOT COOPERATING*)
Non Fund Based ST 0.25
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
NA
NA
15Dec2021
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
28Sep2020
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
11Jan2019
BWR D
(Downgrade/ISSUER NOT COOPERATING*)
NFB SubLimit ST (1.50)
BWR D
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
NA
NA
NA
NA
NA
NA
NA
NA
Grand Total 17.96 (Rupees Seventeen Crores and Ninety Six 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

Sandeep Jangra

Ratings Analyst sandeep.j@brickworkratings.com

Hari Kishan Yadav

Associate Director - Ratings hari.ky@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
CL International
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 India Term LoanSanctioned 2.71 _ 2.71
2 Bank of India Cash Credit 1.50 _ 1.50
3 Bank of India Bank Guarantee _ 0.25 0.25
4 Bank of India PC/PCFCSanctioned _ 7.50 7.50
5 Bank of India EPC/ PCFC/ FBP/ PSFCSanctioned _ 6.00 6.00
6 Bank of India _ _ 0.00
Sub-Limit (Letter of Credit) (1.50)
Total 4.21 13.75 17.96
TOTAL (Rupees Seventeen Crores and Ninety Six lakhs Only)
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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 12,000 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.

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