Rating Rationale
December 15, 2022 | Mumbai
Khadim India Limited
Ratings Withdrawn
 
Rating Action
Total Bank Loan Facilities RatedRs.210.55 Crore
Long Term RatingCRISIL BBB-/Positive (Withdrawn)
Short Term RatingCRISIL A3 (Withdrawn)
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

Detailed Rationale

CRISIL Ratings has withdrawn its ratings on the bank facilities of Khadim India Limited (KIL) at the company's request and on receipt of 'no-dues certificate' from the bank. This is in line with the rating withdrawal policy of CRISIL Ratings.

About the Company

KIL was incorporated in 1981 by Mr Siddhartha Roy Burman as S N Footwear Industries Pvt Ltd. The entity was reconstituted as a public limited company in 2005. The company manufactures footwear for men, women and children; products are sold under the brand, Khadim. It has two manufacturing facilities in West Bengal

Key Financial Indicators

Particulars

Unit

2022

2021

Revenue

Rs.Cr

591.08

626.18

Profit After Tax (PAT)

Rs.Cr

6.46

(32.92)

PAT Margin

%

1.1

(5.3)

Adjusted Debt/Adjusted Networth

Times

1.18

1.22

Interest coverage

Times

3.03

(0.46)

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.

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Annexure - Details of Instrument(s)

ISIN Name of
instrument
Date of
allotment
Coupon
rate (%)
Maturity
date
Issue size
(Rs.Crore)
Complexity 
levels
Rating assigned
with outlook
NA Bank Guarantee NA NA NA 2 NA Withdrawn
NA Cash Credit NA NA NA 122.5 NA Withdrawn
NA Letter of Credit NA NA NA 2 NA Withdrawn
NA Letter of credit & Bank Guarantee NA NA NA 27.5 NA Withdrawn
NA Long Term Loan NA NA Mar-26 26.55 NA Withdrawn
NA Proposed Cash Credit Limit NA NA NA 13.5 NA Withdrawn
NA Standby Line of Credit NA NA NA 4 NA Withdrawn
NA Working Capital Demand Loan NA NA NA 12.5 NA Withdrawn
Annexure - Rating History for last 3 Years
  Current 2022 (History) 2021  2020  2019  Start of 2019
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 179.05 Withdrawn   -- 22-12-21 CRISIL BBB-/Positive   --   -- --
      --   -- 03-06-21 CRISIL BBB-/Stable   --   -- --
      --   -- 06-05-21 CRISIL BBB-/Stable   --   -- --
      --   -- 05-04-21 CRISIL BBB-/Stable   --   -- --
Non-Fund Based Facilities ST 31.5 Withdrawn   -- 22-12-21 CRISIL A3   --   -- --
      --   -- 03-06-21 CRISIL A3   --   -- --
      --   -- 06-05-21 CRISIL A3   --   -- --
      --   -- 05-04-21 CRISIL A3   --   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Rating
Bank Guarantee 2 Withdrawn
Cash Credit 35 Withdrawn
Cash Credit 14 Withdrawn
Cash Credit 60.5 Withdrawn
Cash Credit 6 Withdrawn
Cash Credit 7 Withdrawn
Letter of Credit 2 Withdrawn
Letter of credit & Bank Guarantee 27.5 Withdrawn
Long Term Loan 6.45 Withdrawn
Long Term Loan 6.86 Withdrawn
Long Term Loan 9.6 Withdrawn
Long Term Loan 0.55 Withdrawn
Long Term Loan 3.09 Withdrawn
Proposed Cash Credit Limit 13.5 Withdrawn
Standby Line of Credit 4 Withdrawn
Working Capital Demand Loan 12.5 Withdrawn
Criteria Details
Links to related criteria
The Rating Process
Understanding CRISILs Ratings and Rating Scales
CRISILs Bank Loan Ratings
Understanding CRISILs Ratings and Rating Scales

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