Rating Rationale
July 16, 2024 | Mumbai
Greenchef Appliances Limited
Issuer not cooperating, based on best-available information; Ratings continues to be ‘CRISIL B/Stable/CRISIL A4 Issuer not cooperating'
 
Rating Action
Total Bank Loan Facilities RatedRs.20 Crore
Long Term RatingCRISIL B /Stable (ISSUER NOT COOPERATING*)
Short Term RatingCRISIL A4 (ISSUER NOT COOPERATING*)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities
*Issuer did not cooperate; based on best-available information
 
Please note that the rating(s) are based on best available information with the credit rating agency: the entity whose debt is being published via this rating rationale did not provide the requisite information needed to conduct the rating exercise or did not provide the No Default Statements (NDS) for the last three months and is therefore classified as 'non cooperative'.

Non cooperation by Issuer

CRISIL Ratings has been consistently following up with Greenchef Appliances Limited (GAL) for obtaining information through letter and email dated June 11, 2024 among others, apart from telephonic communication. However, the issuer has remained non cooperative.

 

‘The investors, lenders and all other market participants should exercise due caution with reference to the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived at without any management interaction and is based on best available or limited or dated information on the company. Such non co-operation by a rated entity may be a result of deterioration in its credit risk profile. These ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking component.’

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of GAL, which restricts CRISIL Ratings’ ability to take a forward looking view on the entity's credit quality. CRISIL Ratings believes that rating action on GAL is consistent with ‘Assessing Information Adequacy Risk’. Based on the last available information, the ratings on bank facilities of GAL continues to be ‘CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating’.

About the Firm

GAL was formed in 2010 under the leadership of Mr. Sukhlal Jain. The Karnataka-based company is involved in manufacturing and trading of home and kitchen appliances.

Key Financial Indicators

 

Q4 FY 24

FY 24

Revenue

180.36

330.65

Profit After Tax (PAT)

3.90

4.84

Operating Profit Margin (OPM)

5.81

3.75

Net Profit Margin (NPM)

2.59

1.46

Source: NSE

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. 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)

Complexity Levels

Rating Assigned with Outlook

NA

Bank Guarantee

NA

NA

NA

1

NA

CRISIL A4/Issuer Not Cooperating

NA

Foreign Letter of Credit

NA

NA

NA

1

NA

CRISIL B/Stable/Issuer Not Cooperating

NA

Open Cash Credit

NA

NA

NA

18

NA

CRISIL B/Stable/Issuer Not Cooperating

*Issuer did not cooperate; based on best-available information

Annexure - Rating History for last 3 Years
  Current 2024 (History) 2023  2022  2021  Start of 2021
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 18.0 CRISIL B /Stable(Issuer Not Cooperating)*   -- 12-05-23 CRISIL B /Stable(Issuer Not Cooperating)* 28-03-22 CRISIL B /Stable(Issuer Not Cooperating)* 18-01-21 CRISIL B /Stable(Issuer Not Cooperating)* CRISIL BB /Stable(Issuer Not Cooperating)*
Non-Fund Based Facilities ST/LT 2.0 CRISIL A4 / CRISIL B /Stable(Issuer Not Cooperating)*   -- 12-05-23 CRISIL A4 / CRISIL B /Stable(Issuer Not Cooperating)* 28-03-22 CRISIL A4 / CRISIL B /Stable(Issuer Not Cooperating)* 18-01-21 CRISIL A4 / CRISIL B /Stable(Issuer Not Cooperating)* CRISIL BB /Stable / CRISIL A4+ (Issuer Not Cooperating)*
All amounts are in Rs.Cr.
* - Issuer did not cooperate; based on best-available information
 
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Rating
Bank Guarantee 1 CRISIL A4 (Issuer Not Cooperating)*
Foreign Letter of Credit 1 CRISIL B /Stable(Issuer Not Cooperating)*
Open Cash Credit 18 CRISIL B /Stable(Issuer Not Cooperating)*
* - Issuer did not cooperate; based on best-available information
Criteria Details
Links to related criteria
CRISILs Approach to Financial Ratios
Rating criteria for manufaturing and service sector companies
Assessing Information Adequacy Risk
Rating Criteria for Consumer Durable Industry

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