News & Announcements
Credit Rating

2024

  1. Details of rated instrument as on 4.12.2023
Instrument Scale Current Rated Amount (Rs. crore) Rating Action
Punjab National Bank - Cash Credit Long Term 21.50 ACUITE BB+ /Stable Downgraded
Punjab National Bank - Term Loan - WCDL Long Term 3.50 ACUITE BB+ /Stable Downgraded
Punjab National Bank - Term Loan Long Term 11.82 ACUITE BB+ /Stable Downgraded
Punjab National Bank - – LC/BG Short Term 2.10 ACUITE A4 + Downgraded
Total   38.92  
  1. KTIL_credit rating letter

2023

  1. Intimation of Rating Action 06.01.2023

2021

  1. As on 21.10.2021
Instrument Previous Rated Amount (Rs. crore) Current Rated Amount (Rs. crore) Rating Action
Fund-based Limits – Term Loan 11.25 12.32 ACUITE BBB-/Stable (Assigned)
Fund-based Limits – Term Loan-WCDL 6.00 6.00 ACUITE BBB-/Stable(Assigned)
Fund-based Limits – Cash Credit 20.00 20.00 ACUITE BBB-/Stable(Assigned)
Non-Fund based Limits – LC/ BG 0.60 0.60 ACUITE A3(Assigned)
Total 37.85 38.92  
  1. As on 11.01.2021
Details of Bank Limits Rated by ICRA (Rated on Long-Term Scale) Amount (Rs. Crore) Rating Rating Assigned on
Punjab National Bank
Fund Based - Term Loan 12.33 [ICRA] BB (Stable) January 11, 2021
Fund Based - Guaranteed Emergency Credit Line (GECL) 4.92 [ICRA] BB (Stable) January 11, 2021
Fund Based - Cash Credit   [ICRA] BB (Stable) January 11, 2021
Non Fund Based - Cash Credit 0.60 [ICRA] A4 January 11, 2021

2018

  1. The rating committee of ICRA has reaffirmed the long-term rating of [ICRA] BBB-(pronounced ICRA triple B minus) and the short-term rating of ICRA] A3 (pronounced ICRA A three) assigned earlier to the Rs.19.78 crore Line of Credit of the Company and also assigned long-term rating of [ICRA] BBB-(pronounced ICRA triple B minus) and the short-term rating of ICRA] A3 (pronounced ICRA A three) to the additional limit of Rs. 18.07 crore. The outlook on the long-term rating is “Stable”.

2017

  1. The rating committee of ICRA has downgraded the long-term rating from [ICRA] BBB (Pronounced ICRA triple B) to [ICRA] BBB-(pronounced ICRA triple B minus). The outlook on the long-term rating is ‘Stable’. The rating committee of ICRA has also downgraded the short-term rating from [ICRA]A3+ (pronounced ICRA A three plus) to [ICRA]A3 (pronounce ICRA A three).

    The reasons provided by ICRA for downward revision are as follows: -
    1. The downward revision in the ratings takes into account the reduced financial flexibility of the company on the back of significant increase in debt-service obligations caused by predominantly debt-funded capital expenditure incurred in the recent past to acquire a tea estate (Bamonpookrie Tea Estate).
    2. ICRA notes that despite an increase in the top-line of the company during the first quarter of FY2018 corresponding to the period of the previous fiscal, the net profit as well as cash accruals from the business declined due to significant rise in interest expenses.
    3. ICRA also takes note of the deterioration in the financial profile during FY2017, led by fall in operating profitability, steep increase in debt level and weakening of debt-coverage indicators.