Rating Rationale Paswara Chemicals Ltd 18 May 2018
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1 Rating Rationale Paswara Chemicals Ltd 18 May 2018 Brickwork Ratings assigns the ratings for the Bank Loan Facilities of Crores of Paswara Chemicals Ltd. Particulars Facility Fund based Cash Credit Amount ( Crs) Tenure Long Term Rating* BWR BB- (Pronounced as BWR Double B Minus) Outlook: Stable. Total INR Sixteen Crores Only *Please refer to BWR website for definition of the ratings Rationale/Description of Key Rating Drivers/Rating sensitivities: BWR has principally relied upon the audited financial results of the company up to FY17, provisional financial for FY18, publicly available information and information/clarifications provided by the company The rating assigned to the bank facilities of Paswara Chemicals Ltd (PCL) derives comfort from the experienced and qualified promoters, diversified product profile and established relationship with customers and suppliers. However, the rating is constrained by decline in revenue, risks associated with raw material price fluctuations and competition from other players in the industry. Description of Key Rating Drivers Credit Strengths: Experienced and Qualified promoters: The company belongs to Paswara group, which was promoted by Mr Rajeshwar Prasad Agarwal and his late brother Mr Ramavtar Aggarwal, and is 1 18May2018
2 now managed by Mr Arvind Kumar Agarwal, Mr Kapil Kumar Agarwal, and Mr Vinod Kumar Agarwal, the second generation of the promoter family. The promoters have been in the paper and chemicals businesses since They are well supported by able team of qualified personnel. Established Relationship with Customers and Suppliers: The company has over a decade of relationship with its customers and suppliers due to comfortable services of the company. Credit Risks: Competition from Other Players in the industry: The company belongs to Highly fragmented industry characterized by intense competition from large number of organized and unorganized players. Decline in Revenue: The revenue of the company is declined by 13% in FY18 (Provisionally) as compared to FY17. As per the management, Revenue has declined in FY18 due to company s conscious decision to not to increase business due to high raw material prices and lower profits. Analytical Approach For arriving at its ratings, BWR has applied its rating methodology as detailed in the Rating Criteria detailed below (hyperlinks provided at the end of this rationale). Rating Outlook: Stable BWR believes the Paswara Chemicals Ltd business risk profile will be maintained over the medium term. The Stable outlook indicates a low likelihood of rating change over the medium term. The rating outlook may be revised to 'Positive' in case the revenues and profit show sustained improvement. The rating outlook may be revised to 'Negative' if the revenues go down and profit margins show lower than expected figures. About the Company The promoters forayed into manufacturing of Industrial Solvents and Organic composite chemicals by incorporating Paswara Petrochemicals Limited (PPL) in In 2003, they closed down PPL and formed a new company in the name of Paswara Chemicals Ltd which took over all assets of the former. Subsequently in 2007, the company dismantled the old plant and installed a new one for processing of crude oil derivatives and refining of mineral oils. Plants for producing Glycerine and Burner Oil were installed in 2008 and 2010 respectively. The company distills/refines the raw materials procured namely crude oil/mixed fuel oil into industrial products 2 18May2018
3 such as thinner, glycerine, burner oil etc and markets its products across India through its distributor network, primarily concentrating on Northern India. Company s Financial Performance Key Parameters Units Result Type Audited Unaudited Operating Revenue Cr EBITDA Cr PAT Cr Tangible Net worth Cr Total Debt/Tangible Net worth Times Current Ratio Times Rating History for the last three years S.No Instrument /Facility Current Rating (2018) Rating History Type (Long Term/ Short Term) Amount ( Crs) Rating Fund Based Long Term BWR BB-/Stable NA NA NA Total Sixteen Crores Only Hyperlink/Reference to applicable Criteria 3 18May2018
4 General Criteria Approach to Financial Ratios For any other criteria obtain hyperlinks from website Analytical Contacts Satvinder Kumar Gakhar DGM- Ratings Media Relationship Contact Phone: For print and digital media The Rating Rationale is sent to you for the sole purpose of dissemination through your print, digital or electronic media. While it may be used by you acknowledging credit to BWR, please do not change the wordings in the rationale to avoid conveying a meaning different from what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its rationales for consideration or otherwise through any print or electronic or digital media. Note on complexity levels of the rated instrument: BWR complexity levels are meant for educating investors. The BWR complexity levels are available at Investors queries can be sent to info@brickworkratings.com. About Brickwork Ratings Brickwork Ratings (BWR), a SEBI registered Credit Rating Agency, has also been accredited by RBI and empaneled by NSIC, offers Bank Loan, NCD, Commercial Paper, MSME ratings and grading services. NABARD has empaneled Brickwork for MFI and NGO grading. BWR is accredited by IREDA & the Ministry of New and Renewable Energy (MNRE), Government of India. Brickwork Ratings has Canara Bank, a Nationalized Bank, as its promoter and strategic partner. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, Mumbai and New Delhi 4 18May2018
5 along with representatives in 150+ locations. BWR has rated debt instruments/bonds/bank loans, securitized paper of over 10,00,000 Cr. In addition, BWR has rated over 6300 MSMEs. Also, Fixed Deposits and Commercial Papers etc. worth over 24,440 Cr have been rated. DISCLAIMER Brickwork Ratings (BWR) has assigned the rating based on the information obtained from the issuer and other reliable sources, which are deemed to be accurate. BWR has taken considerable steps to avoid any data distortion; however, it does not examine the precision or completeness of the information obtained. And hence, the information in this report is presented as is without any express or implied warranty of any kind. BWR does not make any representation in respect to the truth or accuracy of any such information. The rating assigned by BWR should be treated as an opinion rather than a recommendation to buy, sell or hold the rated instrument and BWR shall not be liable for any losses incurred by users from any use of this report or its contents. BWR has the right to change, suspend or withdraw the ratings at any time for any reasons. 5 18May2018
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