Rating Rationale
February 16, 2018 | Mumbai
Pudumjee Industries Limited
Rating Withdrawn
 
Rating Action
Total Bank Loan Facilities Rated Rs.56 Crore
Long Term Rating CRISIL BBB+/Stable (Withdrawal)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has withdrawn its rating on the bank facility of Pudumjee Industries Limited (PIL) on the request of the company and receipt of a no-dues certificate from its banker due to transfer of assets and liabilities of paper division from PIL to Pudumjee Paper Products Limited (PPPL) as per Bombay High Court order dated Jan 8, 2016. The rating action is in line with CRISIL's policy on withdrawal of its bank loan ratings.

About the Company

PIL manufactures specialty paper: its product mix comprises crepe tissue, hygiene tissue, machine-glazed tissue, carbon tissue, poster paper, kraft paper, glassine paper, and wrappers for fruits, flowers, and food. This business and all its assets and liabilities were transferred to PPPL in fiscal 2016. The company will continue with the business of real estate. The present income comprises of income from investing funds in group companies.

Key Financial Indicators
Particulars Unit 2017 2016
Revenue Rs crore 0.40 0.23
Profit After Tax (PAT) Rs crore -0.17 0.18
PAT Margins % -42.5%* 78.3%*
Adjusted debt/Adjusted networth Times 0.53 0.48
Interest coverage Times 1.01 0.84
*Due to demerger of paper manufacturing business

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
ISIN Name of instrument Date of
Allotment
 
Coupon
Rate (%)
 
Maturity date Issue
Size
(Rs. Cr)
Rating Assigned
with Outlook
NA Proposed Long Term Bank Loan Facility NA NA NA 56 Withdrawal
Annexure - Rating History for last 3 Years
  Current 2018 (History) 2017  2016  2015  Start of 2015
Instrument Type Quantum Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund-based Bank Facilities  LT/ST  56  Withdrawal    No Rating Change    No Rating Change  07-10-16  CRISIL BBB+/Stable  22-01-15  CRISIL A-/Watch Developing  CRISIL A-/Stable 
Non Fund-based Bank Facilities  LT/ST    --    No Rating Change    No Rating Change    No Rating Change  22-01-15  CRISIL A2+/Watch Developing  CRISIL A2+ 
Table reflects instances where rating is changed or freshly assigned. 'No Rating Change' implies that there was no rating change under the release.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Proposed Long Term Bank Loan Facility 56 Withdrawal Proposed Long Term Bank Loan Facility 56 CRISIL BBB+/Stable
Total 56 -- Total 56 --
Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating criteria for manufaturing and service sector companies
Rating Criteria for Paper Industry
CRISILs Bank Loan Ratings
The Rating Process

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