AI assistant
Mukand Ltd. — Capital/Financing Update 2022
May 6, 2022
60966_rns_2022-05-06_650ae35a-1a6a-422c-a645-b74f0c8f97ba.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [195 x 126] intentionally omitted <==
6[th] May, 2022
| 1. | Department of Corporate Services BSE Ltd., Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001. ISINCODE:INE304A01026 BSE Scrip Code : 500460 |
2. | Listing Department National Stock Exchange of India Ltd. Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex Bandra (E), Mumbai – 400051. ISINCODE:INE304A01026 NSE Scrip Name: MUKANDLTD |
|---|---|---|---|
Dear Sir(s),
Sub: Intimation of revision /upgrade in Credit Rating(s)
Ref.: Regulation 30 (6) of SEBI (LODR) Regulations, 2015
Pursuant to Regulation 30(6) read with Schedule III of SEBI (LODR) Regulations, 2015, we hereby inform you that Acuité Ratings & Research Limited(“ACUITE”) vide its letter dated 5[th] May, 2022, has intimated about revision/upgrade in the Ratings of various credit facilities/exposures of the Company as stated below:
| Details of Instrument | Amount (Rs. in crore) | Rating(s) |
|---|---|---|
| Rated | ||
| Fixed Deposits (Long term) | 120.48 | ACUITE FA/ Outlook-Stable (Reaffirmed) |
| Fixed Deposit (Rated) | 60.00 | ACUITE FA/Outlook- Stable (Assigned) |
| Long Term Instrument | 1000.48 | ACUITE BBB/ Outlook: Stable |
| (Bank Facilities) | (Upgraded) | |
| Short Term Rating | 185.00 | ACUITE A3+ / Outlook- Not applicable |
| (Upgraded) |
Copies of Rating Letters are enclosed herewith. Kindly take the above on your record.
Yours faithfully,
For Mukand Limited
ARVIND Digitally signed by ARVIND MADHAV KULKARNI DN: c=IN, o=PERSONAL, pseudonym=308052aa2f7470b6f5abdf47d54a2e648a47c750457ab68c2e953816e5fd3e84, MADHAV postalCode=400601, st=MAHARASHTRA, serialNumber=4fecc4a8b11ef1e0b144715622e KULKARNI 0efc96c8376dd25314949bac199fbb9f5e10e, cn=ARVIND MADHAV KULKARNI Date: 2022.05.06 13:56:14 +05'30' A. M. Kulkarni Chief Executive Officer
==> picture [95 x 79] intentionally omitted <==
==> picture [103 x 34] intentionally omitted <==
Rating Letter - Intimation of Rating Action
Letter Issued on: May 05, 2022 Letter Expires on: March 02, 2023 Annual Fee valid till: March 02, 2023
Mukand Limited
Bajaj Bhavan, Jamnalal Bajaj Marg 226, Nariman Point, Mumbai, Maharashtra - 400021
==> picture [92 x 18] intentionally omitted <==
----- Start of picture text -----
Scan this QR Code to verify
authenticity of this rating
----- End of picture text -----
==> picture [71 x 50] intentionally omitted <==
Kind Attn.: Mr. A.M. Kulkarni, CEO (Tel. No. 9769357321) Dear Mr. Kulkarni, Sub.: Rating(s) Upgraded - Bank Loans / Debt Instruments of Mukand Limited
Please note that the current rating(s) and outlook, instrument details, and latest rating action for the aforementioned instrument are as under:
| Long Term Instruments | Short Term Instruments | |
|---|---|---|
| Total Rated Quantum (Rs. Cr.) | 1000.48 | 185.00 |
| Quantum of Enhancement (Rs. Cr.) | 140.00 | |
| Rating | ACUITE BBB | ACUITE A3+ |
| Outlook | Stable | Not applicable |
| Most recent Rating Action | Upgraded | Upgraded |
| Date of most recent Rating Action | May 05, 2022 | May 05, 2022 |
| Rating Watch | Not applicable | Not applicable |
Acuité reserves the right to revise the ratings, along with the outlook, at any time, on the basis of new information, or other circumstances which Acuité believes may have an impact on the ratings. Such revisions, if any, would be appropriately disseminated by Acuité as required under prevailing SEBI guidelines and Acuité ’s policies.
This letter will expire on March 02, 2023 or on the day when Acuité takes the next rating action, whichever is earlier. It may be noted that the rating is subject to change anytime even before the expiry date of this letter. Hence lenders / investors are advised to visit https://www.acuite.in/ OR scan the QR code given above to confirm the current outstanding rating.
Acuité will re-issue this rating letter on March 03, 2023 subject to receipt of surveillance fee as applicable. If the rating is reviewed before March 02, 2023, Acuité will issue a new rating letter.
==> picture [102 x 27] intentionally omitted <==
Suman Chowdhury Chief Analytical Officer
Annexures: A. Details of the Rated Instrument
B. Details of the rating prior to the above rating action
Acuité Ratings & Research Limited
SEBI Registered | RBI Accredited
708, Lodha Supremus, Lodha iThink Techno Campus, Kanjurmarg (East), Mumbai - 400042 | +91 22 49294000 SMS: +91 9969898000 | www.acuite.in | CIN: U74999MH2005PLC155683
==> picture [540 x 13] intentionally omitted <==
==> picture [103 x 34] intentionally omitted <==
Annexure A. Details of the rated instrument
| Bank | Facilities | Scale | Prev.Amt (Rs. Cr) |
Current Amt (Rs. Cr) |
Ratings | Rating Action |
|---|---|---|---|---|---|---|
| Fund Based Facilities | ||||||
| Bank of Baroda | Cash Credit | Long Term | 98.00 | 98.00 | ACUITE BBB | Withdrawn |
| Yes Bank | Cash Credit | Long Term | 60.00 | 60.00 | ACUITE BBB | Withdrawn |
| IDBI Bank | Cash Credit | Long Term | 47.00 | 47.00 | ACUITE BBB | Withdrawn |
| Union Bank of India | Cash Credit | Long Term | 105.00 | 105.00 | ACUITE BBB | Withdrawn |
| Central Bank of India | Cash Credit | Long Term | 33.00 | 33.00 | ACUITE BBB | Withdrawn |
| NKGSB Cooperativ e Bank Ltd |
Term Loan | Long Term | 30.00 | - | - | - |
| CITI Bank | Term Loan | Long Term | - | 1000.00 | ACUITE BBB/ Stable |
Upgraded |
| Proposed Bank Facility |
Long Term | 120.48 | 0.48 | ACUITE BBB/ Stable |
Upgraded | |
| Total Fund Based Facilities | 493.48 | 1000.48 | ||||
| Non-Fund Based Facilities | ||||||
| Bank of Baroda | LC/BG | Short Term | 189.00 | 189.00 | ACUITE A3+ | Withdrawn |
| Yes Bank | LC/BG | Short Term | 55.00 | 55.00 | ACUITE A3+ | Withdrawn |
| IDBI Bank | LC/BG | Short Term | 80.00 | 80.00 | ACUITE A3+ | Withdrawn |
| Union Bank of India | LC/BG | Short Term | 131.00 | 131.00 | ACUITE A3+ | Withdrawn |
| Central Bank of India | LC/BG | Short Term | 97.00 | 97.00 | ACUITE A3+ | Withdrawn |
| CITI Bank | BG | Short Term | - | 185.00 | ACUITE A3+ | Upgraded |
| Total Non-Fund Based Facilities | 552.00 | 185.00 | ||||
| Total Facilities | 1045.48 | 1185.48 |
Annexure B. Details of the rating prior to the above rating action
| Long Term Instruments | Short Term Instruments | |
|---|---|---|
| Previous Rated Quantum | 493.48 Cr. | 552.00 Cr. |
| Rating | ACUITE BBB- | ACUITE A3 |
| Outlook | Positive | Not applicable |
==> picture [540 x 13] intentionally omitted <==
==> picture [103 x 34] intentionally omitted <==
DISCLAIMER
An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy , sell or hold any security. Acuité ratings are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité , in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind arising from the use of its ratings.Acuité ratings are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité , Acuité ’s rating scale and its definitions.
==> picture [540 x 13] intentionally omitted <==
==> picture [103 x 34] intentionally omitted <==
Rating Letter - Intimation of Rating Action
Letter Issued on: May 05, 2022 Letter Expires on: March 02, 2023 Annual Fee valid till: March 02, 2023
Mukand Limited
Bajaj Bhavan, Jamnalal Bajaj Marg 226, Nariman Point, Mumbai, Maharashtra - 400021
Kind Attn.: Mr. A.M. Kulkarni, CEO (Tel. No. 9769357321)
==> picture [114 x 94] intentionally omitted <==
----- Start of picture text -----
Scan this QR Code to verify
authenticity of this rating
----- End of picture text -----
Dear Mr. Kulkarni,
Sub.: Rating(s) Reaffirmed - Fixed Deposit Program of Mukand Limited
Please note that the current rating(s) and outlook, instrument details, and latest rating action for the aforementioned instrument are as under:
| Long Term Instruments | Short Term Instruments | |
|---|---|---|
| Total Rated Quantum (Rs. Cr.) | 120.48 | Not applicable |
| Quantum of Enhancement (Rs. Cr.) | Not applicable | Not applicable |
| Rating | ACUITE FA | Not applicable |
| Outlook | Stable | Not applicable |
| Most recent Rating Action | Reaffirmed | Not applicable |
| Date of most recent Rating Action | May 05, 2022 | Not applicable |
| Rating Watch | Not applicable | Not applicable |
Acuité reserves the right to revise the ratings, along with the outlook, at any time, on the basis of new information, or other circumstances which Acuité believes may have an impact on the ratings. Such revisions, if any, would be appropriately disseminated by Acuité as required under prevailing SEBI guidelines and Acuité ’s policies.
This letter will expire on March 02, 2023 or on the day when Acuité takes the next rating action, whichever is earlier. It may be noted that the rating is subject to change anytime even before the expiry date of this letter. Hence lenders / investors are advised to visit https://www.acuite.in/ OR scan the QR code given above to confirm the current outstanding rating.
Acuité will re-issue this rating letter on March 03, 2023 subject to receipt of surveillance fee as applicable. If the rating is reviewed before March 02, 2023, Acuité will issue a new rating letter.
==> picture [102 x 27] intentionally omitted <==
Suman Chowdhury Chief Analytical Officer
Annexures: A. Details of the Rated Instrument
B. Details of the rating prior to the above rating action
Acuité Ratings & Research Limited
SEBI Registered | RBI Accredited
708, Lodha Supremus, Lodha iThink Techno Campus, Kanjurmarg (East), Mumbai - 400042 | +91 22 49294000 SMS: +91 9969898000 | www.acuite.in | CIN: U74999MH2005PLC155683
==> picture [540 x 13] intentionally omitted <==
==> picture [103 x 34] intentionally omitted <==
Annexure A. Details of the rated instrument
| Bank | Facilities | Scale | Prev.Amt (Rs. Cr) |
Current Amt (Rs. Cr) |
Ratings | Rating Action |
|---|---|---|---|---|---|---|
| Fund Based Facilities | ||||||
| Fixed Deposit | Long Term |
120.48 | 120.48 | ACUITE FA/ Stable |
Reaffirmed | |
| Total Fund Based Facilities | 120.48 | 120.48 | ||||
| Total Facilities | 120.48 | 120.48 |
Annexure B. Details of the rating prior to the above rating action
| Long Term Instruments | Short Term Instruments | |
|---|---|---|
| Previous Rated Quantum | 120.48 Cr. | Not applicable |
| Rating | ACUITE FA | Not applicable |
| Outlook | Positive | Not applicable |
DISCLAIMER
An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy , sell or hold any security. Acuité ratings are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité , in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind arising from the use of its ratings.Acuité ratings are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité , Acuité ’s rating scale and its definitions.
==> picture [540 x 13] intentionally omitted <==
==> picture [103 x 34] intentionally omitted <==
Rating Letter - Intimation of Rating Action
Letter Issued on: May 05, 2022 Letter Expires on: March 02, 2023 Annual Fee valid till: March 02, 2023
Mukand Limited
Bajaj Bhavan, Jamnalal Bajaj Marg 226, Nariman Point, Mumbai, Maharashtra - 400021
Kind Attn.: Mr. A.M. Kulkarni, CEO (Tel. No. 9769357321)
==> picture [114 x 94] intentionally omitted <==
----- Start of picture text -----
Scan this QR Code to verify
authenticity of this rating
----- End of picture text -----
Dear Mr. Kulkarni,
Sub.: Rating(s) Assigned - Fixed Deposit Program of Mukand Limited
Please note that the current rating(s) and outlook, instrument details, and latest rating action for the aforementioned instrument are as under:
| Long Term Instruments | Short Term Instruments | |
|---|---|---|
| Total Rated Quantum (Rs. Cr.) | 60.00 | Not applicable |
| Quantum of Enhancement (Rs. Cr.) | Not applicable | Not applicable |
| Rating | ACUITE FA | Not applicable |
| Outlook | Stable | Not applicable |
| Most recent Rating Action | Assigned | Not applicable |
| Date of most recent Rating Action | May 05, 2022 | Not applicable |
| Rating Watch | Not applicable | Not applicable |
Acuité reserves the right to revise the ratings, along with the outlook, at any time, on the basis of new information, or other circumstances which Acuité believes may have an impact on the ratings. Such revisions, if any, would be appropriately disseminated by Acuité as required under prevailing SEBI guidelines and Acuité ’s policies.
This letter will expire on March 02, 2023 or on the day when Acuité takes the next rating action, whichever is earlier. It may be noted that the rating is subject to change anytime even before the expiry date of this letter. Hence lenders / investors are advised to visit https://www.acuite.in/ OR scan the QR code given above to confirm the current outstanding rating.
Acuité will re-issue this rating letter on March 03, 2023 subject to receipt of surveillance fee as applicable. If the rating is reviewed before March 02, 2023, Acuité will issue a new rating letter.
==> picture [102 x 27] intentionally omitted <==
Suman Chowdhury Chief Analytical Officer
Annexures: A. Details of the Rated Instrument
B. Details of the rating prior to the above rating action
Acuité Ratings & Research Limited
SEBI Registered | RBI Accredited
708, Lodha Supremus, Lodha iThink Techno Campus, Kanjurmarg (East), Mumbai - 400042 | +91 22 49294000 SMS: +91 9969898000 | www.acuite.in | CIN: U74999MH2005PLC155683
==> picture [540 x 13] intentionally omitted <==
==> picture [103 x 34] intentionally omitted <==
Annexure A. Details of the rated instrument
| Bank | Facilities | Scale | Current Amt (Rs. Cr) |
Ratings | Rating Action |
|---|---|---|---|---|---|
| Fund Based Facilities | |||||
| Fixed Deposit | Long Term |
60.00 | ACUITE FA/ Stable | Assigned | |
| Total Fund Based Facilities | 60.00 | ||||
| Total Facilities | 60.00 |
Annexure B. Details of the rating prior to the above rating action
| Long Term Instruments | Short Term Instruments | |
|---|---|---|
| Previous Rated Quantum | Not applicable | Not applicable |
| Rating | Not applicable | Not applicable |
| Outlook | Not applicable | Not applicable |
DISCLAIMER
An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy , sell or hold any security. Acuité ratings are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité , in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind arising from the use of its ratings.Acuité ratings are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité , Acuité ’s rating scale and its definitions.
==> picture [540 x 13] intentionally omitted <==