RATING RATIONALE
24Jul2025

Greenchef Appliances Limited

Brickwork Ratings reaffirms the long-term and short-term ratings at BWR BB-/Stable/ A4 and continues to be in Issuer not cooeprating category and withdraws of the ratings for the Bank Loan Facilities of Rs. 53.43 Crs. of Greenchef Appliances Limited

Particulars
Facilities/Instruments** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(03 Jun 2025)
Present
Fund Based 51.93 51.93 Long Term BWR BB- /Stable
Continues to be in ISSUER NOT COOPERATING* category/Downgraded
BWR BB - /Stable
Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn
Non Fund Based 1.50 1.50 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Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn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 53.43 53.43 (Rupees Fifty Three Crores and Forty Three lakhs Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Complete details of Bank facilities / NCDs is provided in Annexure-I
*Issuer did not cooperate; based on best available information.

RATING ACTION / OUTLOOK / WITHDRAWAL

Brickwork Ratings (BWR) had last rated the bank loan facilities of “Green Appliances Ltd.” in June 2025 by downgrading the long-term and short-term ratings to BWR BB-/Stable/A4 with continuation of ratings under the ISSUER NOT COOPERATING* category. GreenChef Appliances Ltd. has requested to withdraw its ratings. The request letter, along with a No Objection Certificate (NOC) from its lender, confirming its approval for the withdrawal of the rating from BWR, was submitted. Despite the best efforts of BWR to get at least the minimum required information for a review, the company has not been submitting the monthly “No Default Statement” (NDS) as required by regulatory guidelines and remains non-cooperative. Due to the lack of management cooperation, BWR is unable to assess the company’s financial performance and its ability to service its debt and maintain a valid rating. Hence, Brickwork Ratings reaffirms and withdraws the long-term and short-term ratings at BWR BB-/Stable /A4 amounting to Rs. 53.43 crs and continues the ratings under the ISSUER NOT COOPERATING* category, based on the best available information.

The lenders/investors may note to exercise due caution while using the rating, which mentions "Issuer Not Cooperating," since the rating lacks any projections or forward-looking component, as it is arrived at based on the best available information without any management/banker's interaction.

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 COVENANTS OF THE INSTRUMENT / FACILITY RATED

The terms of sanction include standard covenants normally stipulated for such facilities.


KEY RATING DRIVERS

ANALYTICAL APPROACH AND APPLICABLE RATING CRITERIA - Standalone

Standalone approach has been adopted and BWR has applied its rating methodology as detailed in the rating criteria (hyperlinks provided at the end of the rationale). 

RATING SENSITIVITIES

NA

LIQUIDITY INDICATORS - Adequate

Not applicable

COMPANY's / FIRM's PROFILE
Macro Economic Indicator Sector Industry Basic Industry
Consumer Discretionary Consumer Durables Consumer Durables Household Appliances

GreenChef Appliances Limited was incorporated in June 2010 with its registered office situated at Peenya Industrial Area, Bangalore, Karnataka. The company has three manufacturing units, out of which two are in Bengaluru, Karnataka, and one in Solan, Himachal Pradesh. The company is an ISO 9001: 2008 Certified company. The company started off as an exclusive manufacturer of LPG stoves but gradually forayed into home appliances, kitchenware, and electrical items. The product range includes Pressure Cookers, Non-Stick Cookware, Rice Cookers, Table Top Grinder, Mixer Grinder, Hobs, LP Gas Stoves, Kettles, and other small electrical appliances. The company sells its products under the brand name “Greenchef”. At present, the company has 25 categories of products in the Household and Kitchenware segments and sells its products Pan India through its distribution networks and also exports a few products to Sri Lanka. The company also sells its products online on e-commerce sites like Amazon, Flipkart, etc.

(As per information available with BWR during the 2022 review).

KEY FINANCIAL INDICATORS (Standalone)
Key Parameters Units FY 22 - 23
(Audited - Annual)
FY 23 - 24
(Audited - Annual)
FY 24 - 25
(Audited - Annual)
Operating Revenue Rs.Crs. 327.76 330.65 372.50
EBITDA Rs.Crs. 20.39 12.41 14.59
PAT Rs.Crs. 10.48 4.83 5.95
Tangible Net Worth Rs.Crs. 59.39 112.45 118.01
Total Debt / Tangible Net Worth Times 1.11 1.08 0.72
Current Ratio Times 1.48 1.45 1.25
NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY(IF ANY)

Creadit Rating AgencyStatus and Reason for Non-CooparationDate of Press Release
CRISILCRISIL Ratings has reaffirmed the ratings at CRISIL B/Stable/A4 and continues the ratings in the non-cooperating category and withdrawn. 08Jul2025

RATING HISTORY FOR THE PREVIOUS THREE YEARS(including withdrawal and suspended)
Name of Instrument (NCD/Bank Loan /Non- Fund Based facilitates/ Commercial Paper etc.) Current Rating  (2025) 2025 (History) 2024 2023 2022
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating Date Rating
Fund Based LT 51.93
BWR BB-/Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
03Jun2025
BWR BB- Stable
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
14Mar2024
BWR BB Stable
(ISSUER NOT COOPERATING* /Downgrade)
NA
NA
11Nov2022
BWR B- Stable
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
0.00
NA
NA
NA
NA
NA
NA
NA
16Dec2022
BWR BB+ Stable
(removal from ISSUER NOT COOPERATING* category/Upgraded)
Non Fund Based ST 1.50
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed and withdrawn)
03Jun2025
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
14Mar2024
BWR A4
(ISSUER NOT COOPERATING* /Reaffirmation)
NA
NA
11Nov2022
BWR A4
(Continues to be in ISSUER NOT COOPERATING* category/Reaffirmed)
0.00
NA
NA
NA
NA
NA
NA
NA
16Dec2022
BWR A4
(removal from ISSUER NOT COOPERATING* category/Reaffirmed)
Grand Total 53.43 (Rupees Fifty Three Crores and Forty Three lakhs Only)
Hyperlink/Reference to applicable Criteria
Analytical Contacts

Sejal Santosh Jaiswal

Ratings Analyst sejal.sj@brickworkratings.com

Nitika Srivastava

nitika.s@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com Customer Support | CustSupport@brickwrokratings.com
Greenchef Appliances Limited
ANNEXURE-I
Details of Bank Loan 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.) Complexity of the Instrument
1 Canara Bank Term LoanOut-standing 15.00 _ 15.00 Simple##
2 Canara Bank Cash CreditSanctioned 31.00 _ 31.00 Simple##
3 Canara Bank Bank GuaranteeSanctioned _ 0.50 0.50 Simple##
4 Canara Bank Letter of CreditSanctioned _ 1.00 1.00 Simple##
5 Canara Bank GECLOut-standing 2.46 _ 2.46 Simple##
6 Canara Bank GECL 2.0Out-standing 3.47 _ 3.47 Simple##
Total 51.93 1.50 53.43
TOTAL (Rupees Fifty Three Crores and Forty Three 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.

ANNEXURE-II
INSTRUMENT(NCD/Bonds/CP/FDs) DETAILS

InstrumentIssue DateAmount (Rs.Crs)Coupon Rate (%)Maturity DateISIN ParticularsComplexity of the Instrument
NilNilNilNilNilNilNil

ANNEXURE-III
List of entities consolidated

Name of Entity% OwnershipExtent of consolidationRationale for consolidation
NilNilNilNil

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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 11,560 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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