RATING RATIONALE
27Apr2026
Anandam Textiles
Brickwork Ratings Reaffirms and withdraws the long-term and short-term ratings for the Bank Loan Facilities of Rs. 14.72 Crs. of Anandam Textiles.
Particulars| Facilities/Instruments** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (08 Apr 2026) |
Present | ||
| Fund Based | 12.72 | 12.72 | Long Term |
BWR C
Continues to be in ISSUER NOT COOPERATING* category/Downgraded |
BWR C
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
| 2.00 | 2.00 | Short Term |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed |
BWR A4
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn |
|
| Grand Total | 14.72 | 14.72 | (Rupees Fourteen Crores and Seventy Two lakhs Only) | ||
*Issuer did not cooperate; based on best available information.
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
RATING ACTION / WITHDRAWAL / NATURE OF NON-COOPERATION
Brickwork Ratings (BWR) reaffirms and simultaneously withdraws the ratings of "Anandam Textiles" based on their request for rating withdrawal. The entity was recently rated by the BWR on 08-Apr-2026, where the BWR had downgraded the long-term and reaffirmed short-term ratings in the Issuer not Cooperating category on account of non-submission of any financial information, non-submission of NDS (No Default Statement) for more than three months, and other operational information.
The Company has submitted the request letter for rating withdrawal along with No Objection Certificates (NOC) from the banker, which is held on record. The banker confirms that they have no objection to the withdrawal of the credit rating for the Bank Loan Facilities. In accordance with extant regulatory guidelines and as per BWR Rating Withdrawal Policy, the rating of the said instrument is now as follows: Reaffirmation of long-term and short-term ratings at "BWR C/A4" and continuation in the ISSUER NOT COOPERATING* category with simultaneous withdrawal of Ratings.
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 information required for a review of the rating.
| Key Parameters | Units |
FY 18 - 19 (Audited) |
FY 19 - 20 (Audited) |
FY 20 - 21 (Provisional) |
|---|---|---|---|---|
| Operating Revenue | 20.41 | 22.64 | 20.37 | |
| EBITDA | 1.42 | 1.25 | 2.65 | |
| PAT | 0.40 | 0.32 | 0.29 | |
| Tangible Net Worth | 3.49 | 3.75 | 4.08 | |
| Total Debt / Tangible Net Worth | 2.92 | 2.63 | 2.59 | |
| Current Ratio | 2.08 | 1.30 | 1.47 |
| Macro Economic Indicator | Sector | Industry | Basic Industry |
|---|---|---|---|
| Consumer Discretionary | Textiles | Textiles & Apparels | Garments & Apparels |
Anandam Textiles was established in April 1993 at Rajapalayam, Tamil Nadu. It is a partnership firm, promoted by Mr.Murgaraj and Mrs. Bhama. The firm is engaged in manufacturing of yarn of 30s to 40s count and fabrics, with its manufacturing unit located at Kalangaperi road, Rajapalayam.
Note: As per information available with BWR in October 2021.
NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY IF ANYNot Applicable
ANY OTHER INFORMATIONNIL
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)| Facilities / Instruments** |
Current Rating (2026) | 2026 (History) | 2025 | 2024 | 2023 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating | Date | Rating |
| Fund Based | LT | 12.72 |
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
08Apr2026 |
BWR C
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
04Apr2025 |
BWR B- Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
05Feb2024 |
BWR BStable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded) |
NA |
NA
|
| Fund Based | ST | 2.00 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn) |
08Apr2026 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
04Apr2025 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
05Feb2024 |
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed) |
NA |
NA
|
| Grand Total | 14.72 | (Rupees Fourteen Crores and Seventy Two lakhs Only) | |||||||||
- General Criteria
- Approach to Financial Ratios
- Policy On Issuer Non -Cooperation
- Short Term Debt
- BWR Withdrawal Policy
- Manufacturing Company
| Analytical Contacts | |
|---|---|
|
Akash E Ratings Analyst akash.e@brickworkratings.com |
Siva Kumar V S Senior Manager - Ratings sivakumar.vs@brickworkratings.com |
| 1-860-425-2742 | media@brickworkratings.com | Customer Support | CustSupport@brickwrokratings.com |
| SL.No. | Name of the Bank/Lender | Type Of Facilities | Long Term(Rs.Crs.) | Short Term(Rs.Crs.) | Total(Rs.Crs.) | Complexity of the Instrument |
|---|---|---|---|---|---|---|
| 1 | Tamilnad Mercantile Bank Limited | Term LoanSanctioned | 3.22 | _ | 3.22 | Simple## |
| 2 | Tamilnad Mercantile Bank Limited | Cash CreditSanctioned | 5.00 | _ | 5.00 | Simple## |
| 3 | Tamilnad Mercantile Bank Limited | Cash CreditSanctioned | 4.50 | _ | 4.50 | Simple## |
| 4 | Tamilnad Mercantile Bank Limited | PC/PCFC/FDB/BRD/FBESanctioned | _ | 2.00 | 2.00 | Simple## |
| Total | 12.72 | 2.00 | 14.72 | |||
| TOTAL (Rupees Fourteen Crores and Seventy Two 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.
| Instrument | Issue Date | Amount (Rs.Crs) | Coupon Rate (%) | Maturity Date | ISIN Particulars | Complexity of the Instrument |
|---|---|---|---|---|---|---|
| Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Name of Entity | % Ownership | Extent of consolidation | Rationale for consolidation |
|---|---|---|---|
| Nil | Nil | Nil | Nil |
| Instrument / Activity | Regulator |
|---|---|
| Listed/Proposed to be listed bonds/debentures/preference share (all securities) | SEBI |
| Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) | MCA |
Listed PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| SEBI | |
Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| SEBI | |
Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) 1| RBI | |
| Listed Commercial Paper and NCDs with original maturity less than 1 year | RBI |
| Unlisted Commercial Paper and NCDs with original maturity less than 1 year | RBI |
Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs 2| RBI | |
| External Commercial Borrowings and other similar borrowings | RBI |
| Certificates of Deposit | RBI |
| Fixed Deposits raised by NBFC's, Banks, HFCs, Fis | RBI |
| Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, Fis | MCA |
| Inter Corporate Deposits/Loans extended by Corporates | MCA |
Borrowing programme 3| - | |
Issuer Ratings 4| - | |
| Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) | SEBI |
| Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs | SEBI |
| Listed Security Receipts | SEBI |
| Unlisted Security Receipts | RBI |
| Independent Credit Evaluation (ICE) | RBI |
| Expected Loss Ratings (for Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/Fis) | RBI |
| Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities)) | SEBI |
| Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)) | MCA |
Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1| Investor-side Regulator | such as IRDAI, PFRDA 5 |
| Monitoring Agency | SEBI |
| Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 | NA |
- Includes securitisation transactions involving assignee payout, acquirer's payout.
- Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
- The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), BWR shall separately capture the rated quantum details along with names of respective regulators.
- There is no instrument being rated and hence, Regulator of the Instrument is not applicable.
- These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026, and accordingly, investor side regulators have been included.
- Permitted by SEBI vide SEBI Master Circular for CRAs
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