RATING RATIONALE
04Jul2022

Filtron Engineers Limited

Brickwork Ratings reaffirms the long term and short term ratings to BWR D & D respectively for the Bank Loan Facilities of Rs. 5.57 Crs. of Filtron Engineers Limited

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(11 Jun 2021)
Present
Fund Based 3.22 3.22 Long Term BWR D
Reaffirmation/ISSUER NOT COOPERATING*
BWR D
Reaffirmation/ISSUER NOT COOPERATING*
Non Fund Based 2.35 2.35 Short Term BWR D
Reaffirmation/ISSUER NOT COOPERATING*
BWR D
Reaffirmation/ISSUER NOT COOPERATING*
Grand Total 5.57 5.57 (Rupees Five Crores and Fifty Seven 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


RATING ACTION / OUTLOOK

The rating was due for a review on 16th June 2022. BWR took up with the issuer to provide required information over emails and through telephone calls dated 25.05.22, 30.05.22 and 06.06.22 . All our emails & telephonic calls remained unresponded. The client did not fulfill review of rating formalities till date or responded to any of the emails sent by BWR for requested documents/information.The company is listed on BSE and has not provided the required information for annual surveillance of the rating despite repeated follow ups,while the audited financials for FY22 not available as Company has not paid Annual Listing Fees and is in violation of SEBI & Exchange Regulations.The company has filed the annual reports uptill FY2016-17 with BSE.No information is available on the IBBI website.No Corp announcements were published on BSE.

Further, BWR also took up with the banker to provide the required information over emails and through telephone calls dated25.05.22, 30.05.22 and 06.06.22 & received no response Despite the best efforts of BWR to get at least the minimum required information for a review of ratings, the company has not provided the same. In the absence of adequate information from the issuer/banker, BWR is unable to assess the issuer's/Company’s financial performance and its ability to service its debt obligations and maintain a valid rating. Hence, on account of the nonsubmission of vital information and lack of management cooperation, BWR has reaffirmed the long-term and short-term rating to BWR D & D/ISSUER NOT COOPERATING*respectively.

Key Financial Indicators for FY16 & 17:-

Total operating Income stands at Rs.0.04 crs in FY17 vs Rs.0.86 crs in FY16.PAT stands at -1.25 crs in FY17 vs Rs.-1.30 crs in FY16. OPM stands at -3345.16% in FY17 vs -101.66% in FY16. NPM stands at -4016.13% in FY17 vs -155.05% in FY16.EBITDA stands at Rs. -1.10 crs in FY17 & Rs. -1.71 crs in FY16.

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 required information for a review of the assigned rating may also be accompanied by financial stress . Users of the credit rating should therefore take into account possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of the information required for the review of rating

KEY RATING DRIVERS

ABOUT THE ENTITY

The Company under the name Filtron Engineers Pvt. Limited was incorporated on April 16th,1982 as a Private limited Company. FEL commenced its operations on July 1st, 1984. Subsequently Filtron Engineers P. Ltd. Was converted to Filtron Engineers Limited(FEL) on 7th November, 1994. Filtron Engineers Limited is engaged in the activity of design, manufacture, supply of equipment for dairy and food industries on turnkey basis.

KEY FINANCIAL INDICATORS (Standalone)
Key Parameters Units FY 12-13
FY 11-12
Operating Revenue Rs.Crs. 0.00 0.00
EBITDA Rs.Crs. 0.00 0.00
PAT Rs.Crs. 0.00 0.00
Tangible Net Worth Rs.Crs. 2.80 2.79
Total Debt/TNW Times 1.15 0.54
Current Ratio Times 0.83 0.85

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY

N/A

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 3.22
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
11Jun2021
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
13May2020
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
Non Fund Based ST 2.35
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
11Jun2021
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
13May2020
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
Grand Total 5.57 (Rupees Five Crores and Fifty Seven 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

Bhavna Vashdev Gurdasani

Ratings Analyst bhavna.g@brickworkratings.com

Sushil Kumar Chitkara

Director - Ratings Board : +91 22 2831 1426, +91 22 2831 1439 sushilkumar.c@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Filtron Engineers 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 0.60 _ 0.60
2 Bank of Maharashtra Cash CreditSanctioned 0.50 _ 0.50
3 Bank of Maharashtra Export Packing Credit (EPC)Sanctioned 1.90 _ 1.90
4 Bank of Maharashtra Bank GuaranteeSanctioned _ 2.10 2.10
5 Bank of Maharashtra Letter of CreditSanctioned _ 0.25 0.25
6 Bank of Maharashtra OverdraftSanctioned 0.22 _ 0.22
Total 3.22 2.35 5.57
TOTAL (Rupees Five Crores and Fifty Seven lakhs Only)
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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 11,541 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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