Credit Rating |
|
2024
- Details of rated instrument as on 4.12.2023
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 |
|
|
- KTIL_credit rating letter
2023
- Intimation of Rating Action 06.01.2023
2021
- As on 21.10.2021
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 |
|
|
- As on 11.01.2021
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
- 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
- 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: -
- 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).
- 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.
- 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.
|