Rating Rationale Future Corporate Resources Private Limited (Formerly known as Suhani Trading & Investment Consultants Pvt. Ltd.)
|
|
- Barnard Patterson
- 5 years ago
- Views:
Transcription
1 Rating Rationale Future Corporate Resources Private Limited (Formerly known as Suhani Trading & Investment Consultants Pvt. Ltd.) 25 Jan 2019 Brickwork Ratings reaffirms ratings for the Non-Convertible Debentures Issue of Crores & withdraws the rating of Proposed Non-Convertible Debentures Issue of Rs Crores of Future Corporate Resources Private Limited Particulars Instrument Issue Date Previous ( Crores) Present ( Crores) Coupon Tenure ISIN Particulars Review Rating* (Reaffirmation) BWR A+ (SO) NCD % P.a. 3 Years INE241Z07016 (Pronounced as BWR A Plus) (Outlook:Stable) BWR A+ (SO) NCD % P.a. 3 Years INE241Z07024 (Pronounced as BWR A Plus) (Outlook:Stable) Total INR Four Hundred & Twenty Five Crores Only 1 25 Jan 2019
2 Instrument Issue Date Previous ( Crores) Present ( Crores) Coupon Tenure ISIN Particulars Review Rating* (Withdrawal) Withdrawal of BWR A+ (SO) Proposed NCD# NA NA NA NA NA (Pronounced as BWR A Plus) (Outlook:Stable) Total NA INR Two Hundred & Seventy Five Crores Only #Note: The company has requested for withdrawal of rating of proposed NCD of Rs Crores as the same has not been raised. *Please refer to BWR website for definition of the ratings Rating Reaffirmation of NCDs of Rs crores and withdrawal of proposed NCD of Rs crores Rationale/Description of Key Rating Drivers/Rating sensitivities: BWR has essentially relied upon the term sheet outlining the structure of the deal, financial results of Future Retail Limited (FRL) & Future Lifestyle Fashion Limited (FLFL) for the FY16 to FY18, whose shares are pledged and information & clarifications provided by the Company. The reaffirmed rating is primarily a function of total adherence of the issuer to the term sheet shared with Brickwork and enforcement of security, if needed, within specified time-lines indicated in the term sheet. The rating factors, inter alia, the strength of underlying security in the form of pledge of equity shares of FRL, a listed company (Rated BWR AA) & pledge of equity shares of FLFL (Rated BWR A1+), business and financial strength of FRL & FLFL, and availability of sufficient free shares of FRL & FLFL post this transaction, to take care of volatility in share price. However, the rating is constrained by unavailability of assured cash flows of the issuer at redemption, and dependency on the group support, refinance or alternatively divestment of strategic investments before the redemption due date to meet the obligations arising from the NCD issue Jan 2019
3 The reaffirmed rating essentially captures performance of FRL and FLFL, primarily since the NCD structure involves pledge of FRL and FLFL equity shares provided as security. Stipulated Security cover provides cushion to investors. T-7 clause requiring the Company to deposit all amounts payable under the facility in the designated bank account charged to a debenture trustee at least 7 days prior to maturity date and addresses the liquidity aspects. Failure to which, debenture trustee shall sell the shares. Performance of FRL, FLFL and other promoter companies, and strict adherence to the structure are the key rating sensitivities. Withdrawal of ratings of Proposed NCD of Rs Crores: The company has requested for withdrawal of rating of proposed NCD of Rs Crores as the same has not been raised. NCD Structure The company had earlier proposed to raise this structured NCD of Rs.700 Crs with a tenure of 3 years from the date of disbursement to be used for replacement of high cost debt. Out of the proposed amount of Rs.700 Crs, the company has raised structured NCD worth Rs. 425 Crs. There will be quarterly coupon payment and the NCD shall be redeemed by way of bullet payment at the end of 36 months period commencing from the date of first disbursement. The NCD s are secured by way of pledge of equity shares of FRL and FLFL. Security cover of the pledge shall not be less than 1.50 times (FRL 1.25 times and FLFL 0.25 times) the principal amount at inception. It is an obligation of issuer to maintain security cover of 1.25 times of FRL shares and 0.25 times of FLFL shares at all times. If at any time before the Redemption of the NCDs, the Pledged Equity Shares cover falls below 1.50 times (i.e. minimum security cover) the Issuer/Security Provider shall immediately cause top-up by way of pledge of additional Equity Shares in favor of the Subscriber/Security Trustee or by way of cash top-up so as to restore the shares cover by next working day. If at any time before the Redemption of the NCD, the value of the Pledged Equity Shares as per the share cover exceeds 1.65 times, the Subscriber/Security Trustee irrevocably agrees that the Subscriber/Security Trustee will at the written request of the Issuer release the additional shares within 3 trading days from the date of written request from the Issuer. Issuer shall be required to deposit all amounts outstanding under the Facility in the designated account 7 days prior to the Maturity Date (T-7) and on failure to comply by issuer, Debenture Trustee shall have the right to sell the shares / security created under the pledge agreement before the due date. The NCD has Call and Put options as well Jan 2019
4 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 Future Corporate Resources Private Limited 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 Incorporated in 2007, Future Corporate Resources Private Limited(FCRPL) (formerly known as Suhani Trading and Investment Consultants Pvt. Ltd. (STICPL)) was promoted by Biyani Family of Future Group. FCRPL is mainly engaged in the business of fabric trading, advertisement & print media. Most of the activities of the company are aligned to the Retail Business. Company Financial Performance The company has achieved TOI of Rs Crores in FY18 as compared to Rs Crores in FY17. EBITDA was at Rs. (39.73) Crores in FY18 as compared to Rs. (0.12) Crores in FY17. PAT was at Rs Crores in FY18 as compared to PAT of Rs. (1.31) Crores in FY17. Background of Future Retail Limited (FRL) Future Retail Limited engages in the retail of household and consumer products through departmental store facilities under various formats in India. It operates multiple retail formats in hypermarket, supermarket, and home segments. The company s stores offer food and grocery categories, pre-packed vegetables and fruits, FMCG and daily use products, home improvement products, and consumer durable and electronics products. It operates approximately 901 stores in 240 cities under the brands of Big Bazaar, fbb, Foodhall, easyday, Home Town, and ezone.. Future Retail Limited was incorporated in 1987 and is based in Mumbai, India. Mr. Kishore Biyani is the founder and group CEO and Mr. Rakesh Biyani is Joint Managing Director of the company. Financial Performance of FRL As per financial for FY18, FRL has posted total income of Rs Crores and EBITDA of Rs Crores against total income of Rs Crores and EBITDA of Rs Jan 2019
5 Crores in FY17. Tangible net worth stood at Rs Crores in FY18 against Rs Crores during FY17. Key Financials Indicators of Future Retail Limited Key Financials FRL FY17(A) FY18(A) Operating Income (Rs. Crs) Ebitda (In Rs. Crs) Total Debt (Rs. Crs) TNW (In Rs. Crs) D/E (times) ISCR (times) DSCR (times) Background of Future Lifestyle Fashion Limited (FLFL) Future Lifestyle Fashions Limited (FLFL) is a Listed Public Limited Company. The Company is a part of the Future Group. FLFL is primarily engaged in the business of retail fashion. FLFL houses various brands like Central, Brand Factory, Planet Sports and over 30 other domestic and global fashion brands. FLFL is an integrated Retail Fashion Company, which has its own brands and has investments in various fashion companies like Coverstory, Clarks, Turtle, Giovani, Mother Earth, etc. As on FY17, FLFL has a total store count of 372 with a total Area of 5.4 Million Sq ft spread across 90 cities. Financial Performance of FLFL As per financial for FY18, FLFL has posted total income of Rs Crores and EBITDA of Rs Crores in FY18 against total income of Rs Crores and EBITDA of Rs Crores in FY17. Tangible net worth stood at Rs Crores in FY18 against Rs Crores during FY Jan 2019
6 Key Financials Indicators of Future Lifestyle Fashion Limited Key Financials FLFL FY17(A) FY18(A) Operating Income (Rs. Crs) Ebitda (In Rs. Crs) Total Debt (Rs. Crs) TNW (In Rs. Crs) D/E (times) ISCR (times) DSCR (times) Rating History for the last three years S.No Instrument /Facility Current Rating (2019) Rating History Type (Long Term/ Short Term) ( Crs) Rating FY18 FY17 FY16 1. NCD Long Term BWR A+ (SO) (Pronounce d as BWR A Plus) (Outlook: Stable) BWR A+ (SO) (Pronounce d as BWR A Plus) (Outlook: Stable) - - Total Four Hundred & Twenty Five Crores Only 6 25 Jan 2019
7 S.No Instrument /Facility Current Rating (2019) Rating History Type (Long Term/ Short Term) ( Crs) Rating FY18 FY17 FY16 1. Proposed NCD Long Term Withdrawal of BWR A+ (SO) (Pronounce d as BWR A Plus) (Outlook: BWR A+ (SO) (Pronounce d as BWR A Plus) (Outlook: Stable) - - Stable) Total Two Hundred & Seventy Five Crores Only Key Financial Indicators Key Parameters Units Result Type Audited Audited Operating Revenue Cr EBITDA Cr PAT Cr Tangible Net worth Cr Total Debt/Tangible Net worth Times Current Ratio Times Hyperlink/Reference to applicable Criteria 7 25 Jan 2019
8 General Criteria Approach to Financial Ratios Analytical Contacts Ravindra Kumar Director-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, 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 leading public sector 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, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations. 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 Jan 2019
Rating Rationale Sahyadri Agencies Ltd. 29 Nov 2018
Rating Rationale Sahyadri Agencies Ltd. 29 Nov 2018 Brickwork Ratings assign rating for the Non-Convertible Debentures Issue of. 150.00 Crores and reaffirms for the Non-Convertible Debentures Issue of.
More informationRating Rationale Sri Krishna Engineering & Construction co. 20Apr2018
Rating Rationale Sri Krishna Engineering & Construction co. Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs 19.00 Crores of Sri Krishna Engineering & Construction co. Particulars
More informationLong Term. Outstanding Reaffirmed as follows Information about other outstanding ratings of the issuer with BWR is as follows
Rationale Ma Multi Trade Private Limited 23 February 2017 Brickwork s assigns for the Non-Convertible Debenture Issue up to Rs525Cr of MA Multi Trade Private Limited (MMTPL) issued in two tranche. Particulars
More informationRating Rationale Paswara Chemicals Ltd 18 May 2018
Rating Rationale Paswara Chemicals Ltd 18 May 2018 Brickwork Ratings assigns the ratings for the Bank Loan Facilities of. 16.00 Crores of Paswara Chemicals Ltd. Particulars Facility Fund based Cash Credit
More informationBrickwork Ratings assigns Rating for the Non-Convertible Debenture Issue of Rs. 160 Cr of Writers and Publishers Private Limited (WPPL) Particulars
Rating Rationale Writers and Publishers Private Limited 15 May 2018 Brickwork Ratings assigns Rating for the Non-Convertible Debenture Issue of Rs. 160 Cr of Writers and Publishers Private Limited (WPPL)
More informationRating Rationale Paswara Papers Ltd 28 May 2018
Rating Rationale Paswara Papers Ltd 28 May 2018 Brickwork Ratings revises the ratings for the Bank Loan Facilities of. 214.64 Crores of Paswara Papers Ltd. Particulars Facility Amount ( Crs) Rating* Previous
More informationBrickwork Ratings upgrades the ratings for the Non-Convertible Debentures of Crores by JSW Projects Limited
Rating Rationale JSW Projects Limited 14 May 2018 Brickwork Ratings upgrades the ratings for the Non-Convertible Debentures of. 850.00 Crores by JSW Projects Limited Particulars Instrument Issue Date Previous
More informationSRG Housing Finance Limited
Rating Rationale SRG Housing Finance Limited August, 2017 Brickwork Ratings withdraws the existing rating of the NCD of Rs. 25.00 Cr of SRG Housing Finance Limited ( SHFL or the Company ) and assigns rating
More informationBrickwork Ratings (BWR) assigns the rating for the proposed facility of Capital First Limited ( CFL or the Company ) as detailed below:
Rating Rationale Capital First Limited July 1 Brickwork Ratings assigns rating for the proposed unsecured subordinated of Rs. Crores and reaffirms the existing ratings for the bank facilities and various
More informationBrickwork Ratings assigns the ratings for the Bank Loan Facilities of Crores of Rishabh Educational Trust.
Rating Rationale Rishabh Educational Trust 21 Dec 2018 Brickwork Ratings assigns the ratings for the Bank Loan Facilities of. 6.94 Crores of Rishabh Educational Trust. Particulars Facility Fund based Term
More informationMahindra & Mahindra Financial Services Limited
Rating Rationale Mahindra & Mahindra Financial Services Limited 12 June 2017 Brickwork Ratings assigns rating for the Proposed Unsecured issue up to ` 2000 Crores and reaffirms the existing ratings for
More informationRating Rationale Avon Fitness Machines Pvt. Ltd. 10 Aug 2017
Rating Rationale Avon Fitness Machines Pvt. Ltd. 10 Aug 2017 Brickwork Ratings reaffirms long-term rating and withdraws short-term rating for the bank loan facilities of Avon Fitness Machines Pvt. Ltd.
More informationMahindra and Mahindra Financial Services Ltd. 30 May 2018
Rating Rationale Mahindra and Mahindra Financial Services Ltd. 30 May 2018 Brickwork Ratings reaffirms BWR AAA (Stable) ratings for Mahindra and Mahindra Financial Services Ltd. s (hereafter referred to
More informationBhaskar Industries Private Limited
Rating Rationale Bhaskar Industries Private Limited 9 February 2017 Brickwork Ratings assigns Rating for the Non-Convertible Debenture Issue of Rs167.5 Cr of Bhaskar Industries Private Limited (BIPL) Particulars
More informationBrickwork Ratings reaffirms ratings for the Non-Convertible Debentures/Bonds Issue of Crores of Dolvi Minerals & Metals Pvt. Ltd.
Rating Rationale Dolvi Minerals & Metals Pvt. Ltd. 30 th March 2019 Brickwork Ratings reaffirms ratings for the Non-Convertible Debentures/Bonds Issue of 700.00 Crores of Dolvi Minerals & Metals Pvt. Ltd.
More informationWriter and Publisher Private Limited
Rating Rationale Writer and Publisher Private Limited 9 February 2017 Brickwork Ratings assigns Rating for the Non-Convertible Debenture Issue of Rs244.80 Cr of Writer and Publisher Private Limited (WPPL)
More informationVastu Housing Finance Corporation Limited
Rating Rationale Vastu Housing Finance Corporation Limited 16 Aug 2018 Brickwork Ratings assigns and reaffirms rating for the various debt issues amounting to Rs. 900 Crores of Vastu Housing Finance Corporation
More informationRating Rationale Friends Auto (India) Limited 10 Jan 2019
Rating Rationale Friends Auto (India) Limited 10 Jan 2019 Brickwork Ratings revises ratings to for the bank loan facilities of Rs. 47 Crs of Friends Auto (India) Limited. Particulars Facilities Availed
More informationRe: Update on Credit Rating
Vipul Vipul Limited Vipul TechSquare Golf-Course Road, Sector-43 Gurgaon - 122 009 Tel: -91-124-4065500 Fax: 91-124-406 1000 E-mail: info@vipulgroup.in www.vipulgroup.in Ref. No. VIPUIjSECjFY2018-19/'
More informationSRMB Srijan Private Limited (SSL)
Rating Rationale SRMB Srijan Private Limited (SSL) Brickwork Ratings assigns ratings for the Bank Loan Facilities of Rs. 326.23 Cr of 'SRMB Srijan Private Limited' (SSL or the 'Company') Particulars Facility
More informationRating Rationale Maharashtra Gramin Bank 17th July 2017
Rating Rationale Maharashtra Gramin Bank 17th July 2017 Brickwork Ratings (BWR) reaffirms rating for Maharashtra Gramin Bank s Perpetual Bond issue amounting to ` 10.25 Crores Particulars Instrument Issue
More informationRating Rationale Ecap Equities Ltd. 16 Nov Brickwork Ratings assigns Rating to the Proposed PP-MLD of Rs. 500 Cr of Ecap Equities Ltd.
Rating Rationale Ecap Equities Ltd. 16 Nov 2018 Brickwork Ratings assigns Rating to the Proposed PP-MLD of Rs. 500 Cr of Ecap Equities Ltd. (ECEL) Particulars Facility Proposed PP-MLD Amount (Rs. Crs)
More informationBrickwork Ratings reviews the rating to the bank loan facilities of Rs Cr of Aarvee Denim and Exports Ltd.
Rating Rationale Aarvee Denim and Exports Ltd. 8 March 2018 Brickwork Ratings reviews the rating to the bank loan facilities of Rs.350.98 Cr of Aarvee Denim and Exports Ltd. Particulars Facility* Previous
More informationEurotas Infrastructure Limited 10 th Aug 2017
Rating Rationale Eurotas Infrastructure Limited 10 th Aug 2017 Brickwork Ratings downgrades the rating for the Bank Loan Facilities of Rs. 331.06 Cr of Eurotas Infrastructure Limited. Particulars Facility
More informationElecon Engineering Company Ltd.
Rating Rationale Elecon Engineering Company Ltd. 11 Dec 2018 Brickwork Ratings reviews the rating of the bank loan facilities of Rs. 1256.93 Cr and assigns rating to the proposed NCD issue of Rs.150 Cr
More informationBAPL Rototech Pvt. Ltd. 4 May 2018 Brickwork Ratings assigns the rating to the bank loan facilities of Rs.21 Cr of BAPL Rototech Pvt. Ltd.
Rating Rationale BAPL Rototech Pvt. Ltd. 4 May 2018 Brickwork Ratings assigns the rating to the bank loan facilities of Rs.21 Cr of BAPL Rototech Pvt. Ltd. Particulars Facility* Fund Based Facility Limits
More informationIndian Receivable Trust 2019 Series 5 (Originator: Reliance Home Finance Limited)
Rating Rationale Indian Receivable Trust 2019 Series 5 (Originator: Reliance Home Finance Limited) 11 March 2019 The Ratings of BWR AAA (SO) for the Senior PTCs, issued by Indian Receivable Trust 2019
More informationRating Rationale. Shri Bajrang Power and Ispat Limited 5 Nov 2018
Rating Rationale Shri Bajrang Power and Ispat Limited 5 Nov 2018 Brickwork Ratings downgrade the rating to BB+ ()/ A4+ for Bank loan facilities amounting to Rs. 953 Cr of Shri Bajrang Power and Ispat Limited
More informationRationale/Description of Key Rating Drivers/Rating sensitivities:
Rating Rationale Reliance Nippon Life Insurance Co. Ltd. 1 OCT 2018 Brickwork Ratings reaffirms the Enterprise-wide Risk Management (EWRM) and Financial Strength rating of AAA efs for Reliance Nippon Life
More information` 750 Cr (out of the rated amount of ` 1500 Cr due to non-utilization)
Rating Rationale Punjab National Bank 05 th July Brickwork Ratings () assigns rating for Punjab National Bank s proposed fresh issue of Basel III compliant Additional Tier I Bond amounting to ` 3000 Crores,
More informationRationale/Description of Key Rating Drivers/Rating sensitivities:
Rating Rationale Indiabulls Housing Finance Ltd. 2 May 2018 Brickwork Ratings reaffirms the ratings for various existing debt issues of Indiabulls Housing Finance Ltd aggregating to 37,150 crs. Particulars
More informationRating Rationale Heritage Hospitals Limited 8 th Jan 2018
Rating Rationale Heritage Hospitals Limited Brickwork Ratings assigns rating for the Bank Loan Facilities amounting to Rs. 240.33 Crs of Heritage Hospitals Limited Particulars: *Please refer to BWR website
More informationRating Rationale. Background
Rating Rationale Brickwork Ratings Assigns BWR AA+ (SO) for the Proposed Structured Redeemable Share Pledge Backed Non-Convertible Debenture issue aggregating `650 Cr of AAA Enterprises Pvt Ltd. Brickwork
More informationPress Release. Future Retail Limited (FRL) 09 March, Rating Reaffirmed. Rating Rationale
Press Release Future Retail Limited (FRL) 09 March, 2018 Total Instruments Rated* Rating * Refer Annexure for details Rating Reaffirmed Rating Rationale Rs. 1250 Cr. SMERA has reaffirmed the short term
More informationOn a review of the performance of the Bank, Brickwork Ratings has reaffirmed the Rating 1 for the following instruments of Andhra Bank.
Annual Surveillance - Rating Rationale Brickwork Ratings reaffirms the Bond Ratings for Andhra Bank s Upper Tier II issue aggregating 1000 Cr, Perpetual Tier I issue of 200 Cr and Lower Tier II issue of
More informationLong Term. Short Term. Total Rated Limits INR One Hundred Thirty Crores and Twenty Four Lakhs Only
Rating Rationale Brickwork Ratings revises the ratings to BWR A- & BWR A2+ of Go Go International Private Limited s Bank Loan Facilities enhanced from 112.47 Cr to 13.24 Cr Brickwork Ratings has revised
More informationAmount ( Cr) Tenure years years
Rating Rationale Brickwork Ratings assigns rating to IIFCL Mutual Fund Infrastructure Debt Fund Series- II aggregating 1500 Cr and reaffirms rating to IIFCL Mutual Fund Infrastructure Debt Fund Series-
More informationBrickwork Ratings upgrades the ratings from BWR BBB+ to BWR A- for Lakshmi Vilas Bank s Long Term Bonds Issue of `250 Crore
Rating Rationale Brickwork Ratings upgrades the ratings from BWR BBB+ to BWR A- for Lakshmi Vilas Bank s Long Term Bonds Issue of `250 Crore Brickwork Ratings revises the Ratings 1 for Long Term Bonds
More informationPress Release JAGDISH PRASAD AGARWAL MARCH 24, Rating Assigned
Press Release JAGDISH PRASAD AGARWAL MARCH 24, 2018 Rating Assigned Total Bank Facilities Rated* Long Term Rating Short Term Rating * Refer Annexure for details Rating Rationale Rs.17.00 Cr. SMERA B+/
More information*The Company raised Rs. 10,000 crores in the Tranche 1 Issue.
TRACK RECORD OF THE PUBLIC ISSUES MAGED BY ICICI BANK LIMITED AS A MERCHANT BANKER IN CURRENT FINCIAL YEAR DEWAN HOUSING FINCE CORPORATION LIMITED 1. Type of Issue Public Issue by Dewan Housing Finance
More informationPress Release. Golden Terry Towel Private Limited July 17, 2018 Rating Reaffirmed
Press Release Golden Terry Towel Private Limited July 17, 2018 Rating Reaffirmed Total Bank Facilities Rated* Rating Short Term Rating * Refer Annexure for details Rating Rationale Rs. 80.32 Cr. ACUITE
More informationRating Rationale. 1 Please refer to for definition of the Ratings
Rating Rationale Brickwork Ratings reaffirms the rating of BWR AA for Bangalore Metro Rail Corporation Limited s Long Term Secured Non-Convertible Redeemable Debentures (NCDs) issue of ` 500 Cr having
More informationTRACK RECORD OF THE PUBLIC ISSUES MANAGED BY THE MERCHANT BANKER IN THE LAST 3 FINANCIAL YEARS NATIONAL HIGHWAYS AUTHORITY OF INDIA
TRACK RECORD OF THE PUBLIC ISSUES MANAGED BY THE MERCHANT BANKER IN THE LAST 3 FINANCIAL YEARS NATIONAL HIGHWAYS AUTHORITY OF INDIA 1. Type of issue PUBLIC ISSUE BY NATIONAL HIGHWAYS AUTHORITY OF INDIA
More informationInfomerics Valuation And Rating Pvt. Ltd.
Press Release Rating Instrument / Facility Proposed Paper Commercial Unimed Technologies Ltd. December 31, 2018 Amount Rating 500.00 Provisional IVR A1+ (SO) (Provisional IVR A One Plus (Structured Obligation))
More informationSREI EQUIPMENT FINANCE LIMITED
INVESTMENT RATIONALE SREI EQUIPMENT FINANCE LIMITED The issue offers effective yields ranging from 8.63 % to 9.77% depending up on the Category of Investor and the option applied for. Credit Rating of
More informationIndia Infoline Limited
Public Issue of Unsecured Subordinated Redeemable Non-Convertible Debentures of Mahindra & Mahindra Financial Services Limited Issue Period : July 10, 2017 July 28, 2017 INVESTMENT RATIONALE Mahindra &
More informationFuture Enterprises Limited
Future Enterprises Limited Ratings Facilities Long-term Bank Facilities (Term Loan) Long-term Bank Facilities (Term Loan) Long Term Bank Facilities (Fund Based) Short-term Bank Facilities (Non Fund based)
More informationInfomerics Valuation And Rating Pvt. Ltd.
Infomerics Valuation And Pvt. Ltd. Indiabulls Liquid and Indiabulls Short (Indiabulls Asset Management Company Limited) November 21, 2018 Scheme Name Action Indiabulls Liquid ( Triple A mfs) Reaffirmed
More informationInfomerics Valuation And Rating Pvt. Ltd.
Press Release Deevya Shakti Paper Mills Pvt. Ltd February 11, 2019 Rating Instrument / Facility Amount (Rs. crore) Rating Fund Based 36.00 IVR A- with Stable Outlook/IVR A2+ (IVR Single A Minus with Stable
More informationInfomerics Valuation And Rating Pvt. Ltd.
Press Release Usha Financial Services Private Limited November 21, 2018 Rating Instrument / Facility Term Loan Amount Rating Rating Action 100.00 (including proposed term loan of Rs.57.37crore) IVR BBB-/Stable
More informationBank of India. July 27, Rating Action (Rs. crore) Term Deposit Programme - - MAA+(Negative); reaffirmed Total - -
Summary of rated instrument Bank of India July 27, 2018 Previous Rated Amount Current Rated Amount Instrument Rating Action (Rs. crore) (Rs. crore) Term Deposit Programme - - (Negative); reaffirmed Total
More informationL&T Investment Management Limited
Summary of rated instruments L&T Investment Management Limited June 14, 2018 Instrument Current Rated Amount (Rs. crore) Rating Action L&T Triple Ace Bond Fund - ; reaffirmed L&T Short Bond Fund 1 - ;
More informationInvestor Update Q2 FY14
Investor Update Q2 FY14 Brand Business Highlights Growth and expansion All major brands including Indigo Nation, Jealous 21, Manchester United, Scullers and Urban Yoga grew by upwards of 26% Brands entered
More informationRating s Transition & Default Study FY 2016
Rating s Transition & Default Study FY 2016 www.brickworkratings.com About Brickwork Ratings Brickwork Ratings India Private Limited (BWR/Brickwork/Brickwork Ratings) began its credit rating operations
More informationRELIANCE HOME FINANCE LIMITED
RELIANCE HOME FINANCE LIMITED INVESTMENT RATIONALE The issue offers yields ranging from 8.70% to 9.40% depending up on the Category of Investor and the option applied for. Credit Rating of CARE AA+ by
More informationFUTURE RETAIL LIMITED
FUTURE RETAIL LIMITED Ratings Facilities Amount (Rs. crore) Ratings 1 * Remarks Long-term Bank Facilities 950 CARE A [Single A] Short-term Bank Facilities 625 CARE A1 [A One] Total Facilities 1,575 Commercial
More informationInfomerics Valuation And Rating Pvt. Ltd.
Press Release Intex Technologies (India) Limited January 22, 2019 Ratings Sl. Instrument/Facility No. 1. Long Fund Based Limits 2. Long Debt- Loan 3. Long Non- Fund Based 4. Short Non- Fund Based Total
More informationPress Release. TDB Spinners Private Limited. May 10, Rating Downgraded. Rating Rationale
Press Release TDB Spinners Private Limited May 10, 2018 Rating Downgraded Total Bank Facilities Rated* Rating * Refer Annexure for details Rating Rationale Rs. 11.00 Cr. SMERA B+ / Outlook: Stable (Downgraded
More informationFrequently Asked Questions (FAQ) on Credit Ratings
TM SEBI Registered RBI Accredited NSIC Empanelled Frequently Asked Questions (FAQ) on Credit Ratings 1. What is a Credit Rating? A Credit Rating is an opinion about whether an issuer of a credit commitment,
More informationMSE Ratings. Micro, Small & Medium Enterprises Ratings
MSE Ratings Micro, Small & Medium Enterprises Ratings TM Promoted by About Brickwork Ratings Brickwork Ratings, a credit rating agency founded by bankers, former regulators, and credit rating professionals,
More informationInfomerics Valuation And Rating Pvt. Ltd.
Press Release M/s Gemini Fashion September 11, 2018 Ratings Sl. No. Instrument/Facility Amount (Rs. Crore) Rating Assigned Rating Action 1. Long Term Fund Based Limits 2. Working Capital Demand Loan Total
More informationInfomerics Valuation And Rating Pvt. Ltd.
Press Release Suraj Agro Infrastructure (India) Private Limited (SAIPL) March 19, 2019 Instrument / Facility Amount (Rs. crore) Action Proposed Term Loans 50.00 IVR BBB/Stable outlook [IVR Triple B with
More informationInfomerics Valuation And Rating Pvt. Ltd. Press Release
Press Release Bravo Sponge Iron Private Limited March 25, 2019 Instrument / Facility Amount (Rs. crore) Bank Facilities Long 174.50 proposed limits of Rs.35 crore) Bank Facilities Short 40.50 proposed
More informationJM Financial Credit Solutions Limite d
JM FINANCIAL CREDIT SOLUTIONS LIMITED INVESTMENT RATIONALE The issue offers yields ranging from 9.24% to 9.74% depending up on the Category of Investor and the option applied for. The NCDs have been rated
More informationInfomerics Valuation And Rating Pvt. Ltd.
Ratings Sl. Instrument/Facility No. 1. Long Term Fund Based Limits 2. Short Term Non-Fund Based Limits 3. Working Capital Demand Loan Press Release GMR Energy Trading Limited April 16, 2019 Amount Rating
More informationPress Release METAROLLS ISPAT PRIVATE LIMITED (PREVIOUSLY META ROLLS AND COMMODITIES PRIVATE LIMITED) November 02, 2018.
Total Bank Facilities Rated* Long Term Rating Press Release METAROLLS ISPAT PRIVATE LIMITED (PREVIOUSLY META ROLLS AND COMMODITIES PRIVATE LIMITED) November 02, 2018 Rating Reaffirmed Rs. 105.00 Cr. Outlook:
More informationMuthoot Finance Ltd. NCD Issue 12 th August, Key Highlights of the Company. Key Financials
12 th August, 2011 CMP: Rs. 195 52 Week High: 198 52 Week Low: 150 Market Statistics NSE MUTHOOTFIN BSE 533398 Face Value (Rs) 10 Equity Shares (Cr) 37.17 Market Cap (Rs Cr) 7245 Average Volume 7 Days
More informationAnnapurna Finance Private Limited
Summary of rated instruments Annapurna Finance Private Limited June 22, 2018 Instrument Previous Rated Amount Current Rated Amount (Rs. crore) Rating Action (Rs. crore) Term Loan 697.22 + (Stable); Upgraded
More informationInfomerics Valuation And Rating Pvt. Ltd.
Press Release Suraksha Asset Reconstruction Private Limited (SARPL) January 1, 2018 Rating Instrument / Facility Proposed Paper Commercial Amount Rating (Rs. Crore) 600.00 Provisional IVR A1+ (SO) [Provisional
More informationInfomerics Valuation and Rating Pvt Ltd
Press Release Sahara Housingfina Corporation Ltd. Rating April 04, 2017 Instrument Amount Rating Rating Action Non Convertible Rs.30.00 crores IVR BB-/Stable Assigned Debenture outlook (IVR Double B minus/stable
More informationInvestor Update Q4 FY2016 Investor Update Q1 FY2017
Investor Update Q4 FY2016 Investor Update Q1 FY2017 Financial performance The Company is now a pure play Retail Company focused on ROCE and strengthening of its Balance Sheet Quarter Highlights Q1 FY17
More informationReliance Nippon Life Asset Management Limited
Summary of rated instruments Reliance Nippon Life Asset Management Limited August 30, 20 Instrument Current Rated Amount(Rs. crore) Rating Action Reliance Banking & PSU Debt Fund m; reaffirmed Reliance
More informationMadura Micro Finance Limited
Madura Micro Finance Limited August 20, 2018 Summary of rated instruments Instrument* Previous Rated Amount Subordinated 50.00 50.00 - Loans from Banks 300.00 300.00 Non-convertible 36.60 36.60 Non-convertible
More informationInstrument* Amount Rating Action In Rs Crore Long Term, Term-Loans (revised from )
April 20, 2017 SVL Limited (Erstwhile Shriram Industrial Holdings Limited) Instrument* Amount Rating Action In Rs Crore, -Loans 110.50 (revised from 161.00) [ICRA]B+ (Negative) /downgraded from [ICRA]BBB(Stable),
More informationNCD - PUBLIC ISSUE NOTE
Public Issue of Secured Redeemable Non-Convertible Debentures by Indiabulls Housing Finance Limited Brief Introduction of the company: It is one of the largest housing finance companies ("HFCs") in India.
More informationInfomerics Valuation And Rating Pvt. Ltd.
Press Release Eastern Logica Infoway Limited March 08, 2018 Instrument / Facility Long Term Fund Based Facilities- Cash Credit (Including proposed limit of Rs.12 crore) Total 35 Details of Facilities are
More informationSIMPLEX INFRASTRUCTURES LIMITED
' HOUSE', 27, SHAKESPEARE SARAN I, KOLKATA- 700 01 7 (INDIA) E-mail : slmplexkolkata@simplexinfra.nel, WEBSITE : www.simplexinfrastructures.com ADDENDUM -II To the Shelf Disclosure dated October 29l2013.
More informationInvestor Update 2 nd February 2019, Hyderabad
Investor Update 2 nd February 2019, Hyderabad Disclaimer This report contains forward-looking statements, which may be identified by their use of words like plans, expects, will, anticipates, believes,
More informationInfomerics Valuation And Rating Pvt. Ltd.
Press Release Rating Instrument / Facility Commercial (Proposed) Paper Indiabulls Ventures Ltd. December 15, 2017 Amount Rating Rating Action Rs.750.00 crores IVR A1+ (IVR A One Plus) Assigned Details
More informationInfomerics Valuation And Rating Pvt. Ltd.
Press Release Worldwide Metals Private Ltd. December 14, 2017 Rating Instrument / Facility Long term Bank Facilities Short term Bank Facilities Amount Rating Rating Action Rs.96.00 crores IVR BB+/Stable
More informationInfomerics Valuation and Rating Pvt Ltd
Press Release Simplex Infrastructures Ltd July 31, 2017 Rating Instrument Amount Rating Rating Action Short Term Loan Rs.75 crores (including present outstanding of Rs.50 crores) IVR A1 ( IVRAone) Assigned
More informationOriental Bank of Commerce
Summary of Rated Instruments: Oriental Bank of Commerce May 24, 2018 Instrument Rated Amount(Rs. crore) Rating Outstanding Basel II Compliant Upper Tier II Bonds 500.00 A+ ; Basel II Compliant Lower Tier
More informationPress Release. Textrade International Limited. 03 May, Rating Assigned. Rating Rationale
Press Release Textrade International Limited 03 May, 2018 Rating Assigned Total Bank Facilities Rated* Long Term Rating Short Term Rating * Refer Annexure for details Rs. 225.00 Cr. Outlook: Stable SMERA
More informationICICI PRUDENTIAL MUTUAL FUND (Revised) August 08, 2018
: ICICI PRUDENTIAL MUTUAL FUND (Revised) August 08, 2018 Scheme Name Scheme Tenure 1 Action Series VIII Plan F * Close Ended 683 Days [Triple A mfs (Structured Obligation)] Reaffirmed Details of /Facilities
More informationINDIABULLS HOUSING FINANCE LIMITED (IBHFL)
INDIABULLS HOUSING FINANCE LIMITED (IBHFL) INVESTMENT RATIONALE The issue offers yields ranging from 8.60 % to 9.15% depending up on the Category of Investor and the option applied for. Opportunity to
More informationInfomerics Valuation And Rating Pvt. Ltd.
Press Release Rating Instrument / Facility Long/Short-term Bank Facilities* Olympus Metal Private Ltd. December 14, 2017 Amount Rating Rating Action Rs.75.00 crores IVR BB+ with Stable Outlook/IVR A4 (IVR
More informationInfomerics Valuation And Rating Pvt. Ltd.
Press Release VRKP Steel Industries Pvt. Limited July 20, 2018 Instrument / Facility Amount (Rs. Crore) Issuer NA IVR BB + [Is] /Stable (IVR Double B Plus [Is] with Stable Outlook) Action Assigned Detailed
More informationJet Airways (India) Limited
Jet Airways (India) Limited January 02, 2019 Summary of rating action Instrument* Nonconvertible Debenture Programme Longterm Loans Longterm, Fundbased Longterm, Shortterm, Previous Rated Amount (Rs. crore)
More informationKripa Telecom. March 23, Rating 1. CARE A4; ISSUER NOT COOPERATING* (A four)
Ratings Facilities Amount Long term Bank Facilities 3 Short-term Bank Facilities 6 Total 9 (Rupees Nine crore only) Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers
More informationInfomerics Valuation And Rating Pvt. Ltd. Press Release
Press Release Rating Instrument / Facility IFGL Refractories Limited Amount (Rs. Crore) Long Term Bank Facility Term Loan 40 Total 40 Details of Facilities are in Annexure 1 May 31, 2018 Rating IVR AA
More informationInfomerics Valuation And Rating Pvt. Ltd. Press Release
Press Release M/s Mulpuri Poultries March 18, 2019 Instrument / Facility Amount (Rs. crore) Long Term Bank Facilities 20.00 (including proposed limits of Rs. 0.31 crore) Total 20.00 Details of Facilities
More informationSKS Textiles Limited (NSE SME)
SKS Textiles Limited (NSE SME) IPO Fact Sheet SKS Textiles Ltd. Opening Date January 9 th, 2018 Closing Date January 11 th, 2018 BRLMs Aryaman Financial Services Issue Size Rs. 13.32 Crores Shares 8.88
More informationIndiabulls Housing Finance Limited
Indiabulls Housing Finance Limited Public Issue of Secured and Unsecured Redeemable Non-Convertible Debentures Issue Opens on September 15, 2016 Issue Closes on September 23, 2016* * Allocations will be
More informationInfomerics Valuation And Rating Pvt. Ltd.
Press Release Rean Watertech Private Ltd. September 4, 2017 Rating Instrument / Facility Long/Short-term Bank Facilities Long term Bank Facilities Amount Rating Rating Action Rs.5.85 crores Rs.46.15 crores
More informationICICI Prudential Capital Protection Oriented Fund III-XII. July 26, 2017
IIIXII July 26, 2017 Ratings Facilities/Instruments Scheme Type Ratings 1 Remarks III Plan B, E, G and H IV Plan A, C, D, F and G V Plan A and C V Plan B, DF* VI Plan AH VII Plan AH VIII Plan AJ IX Plan
More informationPress Release. Schiller Healthcare India Private Limited (SHIPL) 22 June, Rating Reaffirmed. Rating Rationale
Press Release Schiller Healthcare India Private Limited (SHIPL) 22 June, 2017 Rating Reaffirmed Total Bank Facilities Rated* Long Term Rating Short Term Rating *Refer Annexure for details Rs.53.50 Cr Rating
More informationOthers (15% of the issue size) Coupon 11.75% 12.00% 12.00% Effective yield 11.75% 12.00% 12.00%
Issuer Issue Recommendation Acceptance Rating AA /Stable by CRISIL and ICRA AA (stable) by ICRA Sector NBFC Source: Company data, Nirmal Bang Research Details of the issue NCD Options I II III Tenor (in
More informationInfomerics Valuation And Rating Pvt. Ltd
Rating Instrument / Facility Fund Facilities Term Loans Based Non-Fund Based Facilities Total 48.72 Press Release Deevya Shakti Paper Mills Pvt Ltd. January 18, 2018 Amount Rating Rating Action (Rs. Crore)
More informationPrevious Accounting Year Particulars
Indiabulls Commercial Credit Limited (Formerly known as Indiabulls Infrastructure Credit Limited) (CIN: U65923DL2006PLC150632) Audited Standalone Financial Results for the year ended March 31, 2018 (Rupees
More informationJet Airways (India) Limited
Summary of rating action Instrument* Nonconvertible Debenture Programme Longterm Loans Longterm, Fundbased Longterm, Shortterm, Jet Airways (India) Limited December 07, 2018 Previous Rated Amount (Rs.
More information