Brickwork Ratings withdraws the ratings for the Bank Loan Facilities of Rs. 517.16 Crs. of Bharat Wire Ropes Ltd (BWRL or "The Company")
ParticularsFacilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
---|---|---|---|---|---|
Previous | Present | Previous (05 Mar 2021) |
Present | ||
Fund Based | 422.16 | 422.16 | Long Term |
BWR D
Reaffirmation of INC |
BWR D
Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn |
Non Fund Based | 95.00 | 95.00 | Short Term |
BWR D
Reaffirmation of INC |
BWR D
Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn |
Grand Total | 517.16 | 517.16 | (Rupees Five Hundred Seventeen Crores and Sixteen lakhs Only) |
Brickwork Ratings has reaffirmed and simultaneously withdrawn the long-term and short-term ratings of Bharat Wire Ropes Ltd as the company has requested to withdraw the rating and provided a No objection Certificate issued by the lender. Hence, in accordance with extant regulatory guidelines and BWR Rating Withdrawal Policy, ratings for the bank loan facilities of Bharat Wire Ropes Ltd are withdrawn.
ABOUT THE ENTITY[AS AVAILABLE WITH BWR] Bharat Wire Ropes Limited (BWRL), was initially owned, managed & controlled by the Shah group. Later in July 2010, BWRL was acquired by Gaji Mercantile Ltd., an SPV floated by Mr.M.L. Mittal. BWRL is engaged in manufacturing a variety of wire strands, wire ropes, mechanically / hand-spliced slings, earth wires, stay wires, guy wires, and spiral strands of various sizes and dimensions. Products of BWRL are used in a varied list of applications/industries such as General Engineering, Fishing, Elevators, Cranes, Material Handling, Onshore / Offshore Oil Exploration, Ports & Shipping, and Mining. The initial manufacturing plant was located at Atgaon, Shahpur, Maharashtra with a capacity of 12,000 MTPA. The company has developed a Manufacturing Facility in Chalisgaon, Maharashtra with a capacity of 66,000 MTPA. BWRL exports its products to Australia, the Middle East, Nepal, New Zealand, UK, US, Singapore, South Africa, Vietnam, etc. The COD of the new plant was achieved in March 2017.
NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCYThe company has recently been reaffirmed at CARE D INC on 12th January 2021, The company has been placed in CARE D INC since 23 November 2018.
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 | 422.16 |
BWR D
(Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn) |
NA |
NA
|
05Mar2021 |
BWR D
(Reaffirmation of INC) |
04Mar2020 |
BWR D
(INC) |
15Feb2019 |
BWR D
(Downgrade) |
Non Fund Based | ST | 95.00 |
BWR D
(Reaffirmed / ISSUER NOT COOPERATING* and simultaneously Withdrawn) |
NA |
NA
|
05Mar2021 |
BWR D
(Reaffirmation of INC) |
04Mar2020 |
BWR D
(INC) |
15Feb2019 |
BWR D
(Downgrade) |
Grand Total | 517.16 | (Rupees Five Hundred Seventeen Crores and Sixteen 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 | |
---|---|
Sagar Harendra Desai Ratings Analyst sagar.d@brickworkratings.com |
Chintan Dilip Lakhani Director- Ratings chintan.l@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 | Bank of Baroda | Term LoanSanctioned | 109.50 | _ | 109.50 |
2 | Bank of Baroda | Working Capital (CC)Sanctioned | 15.00 | _ | 15.00 |
3 | Bank of Baroda | BG/LC/ILCSanctioned | _ | 15.00 | 15.00 |
4 | Central Bank of India | BG/LC/ILCSanctioned | _ | 7.50 | 7.50 |
5 | Central Bank of India | Working Capital (CC)Sanctioned | 7.50 | _ | 7.50 |
6 | Central Bank of India | Term LoanSanctioned | 52.91 | _ | 52.91 |
7 | Corporation Bank | Term LoanSanctioned | 30.00 | _ | 30.00 |
8 | Corporation Bank | Working Capital (CC)Sanctioned | 2.00 | _ | 2.00 |
9 | Corporation Bank | BG/LC/ILCSanctioned | _ | 2.00 | 2.00 |
10 | Export Import Bank of India | Term LoanSanctioned | 14.75 | _ | 14.75 |
11 | State Bank Of India (SBI) | Working Capital (CC)Sanctioned | 20.00 | _ | 20.00 |
12 | State Bank Of India (SBI) | Term LoanSanctioned | 25.00 | _ | 25.00 |
13 | State Bank Of India (SBI) | BG/LC/ILCSanctioned | _ | 30.00 | 30.00 |
14 | Un tied portion | Working Capital (CC)Proposed | 12.50 | _ | 12.50 |
15 | Un tied portion | Proposed loanProposed | _ | 10.50 | 10.50 |
16 | Union Bank of India | Working Capital (CC)Sanctioned | 18.00 | _ | 18.00 |
17 | Union Bank of India | Term LoanSanctioned | 60.00 | _ | 60.00 |
18 | Union Bank of India | BG/LC/ILCSanctioned | _ | 24.00 | 24.00 |
19 | Vijaya Bank | BG/LC/ILCSanctioned | _ | 6.00 | 6.00 |
20 | Vijaya Bank | Working Capital (CC)Sanctioned | 5.00 | _ | 5.00 |
21 | Vijaya Bank | Term LoanSanctioned | 50.00 | _ | 50.00 |
Total | 422.16 | 95.00 | 517.16 | ||
TOTAL (Rupees Five Hundred Seventeen Crores and Sixteen lakhs Only) |
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