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IFB Agro Industries Ltd Regulatory Filings 2021
59359_rns_2021-11-18_857fea30-a055-418d-9fbb-b2e2319bc2b7.pdf
Regulatory Filings
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IFB Agro Industries Limited
Plot No. - IND-5, Sector-1, East Kolkata Township, Kotkata - 700 107 Phone : 033-39849675 Website : www.ifbagro.in CIN : L01409WB1982PLC034590
18% November, 2021
IF
AGRO
The Manager, National Stock Exchange of India Ltd. Listing Department. - Exchange Plaza, 5th floor Plot No. C/1, G. Block Bandra Kurla Complex, Bandra (E) Mumbai - 400 051 Symbol: IFBAGRO
The Secretary, BSE Limited. Phiroze Jeejebhoy Towers, Dalal Street, Mumbai-400001 Scrip Code: 507438
Dear Sir,
Sub : Disclosure under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements), 2015.
Ref;- Information on Credit Rating
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, we are pleased to inform you that India Ratings and Research (Ind-Ra) has reaffirmed IFB Agro. Industries Limited's Long-Term Issuer Rating at 'IND A+'. (Report Enclosed)
This is for your kind information and records.
Thanking you,
Yours faithfully for IFB AGRO INDUSTRIES LIMITED
Kikesh Do GZ
RITESH AG AL COMPANY SECRETARY
(Encl: As above)
India Ratings FitchGroup
Dear Sir/Madam,
Re: Rating Letter for BLR of LFB Agro Industries Limited
| & | India Ratings Research A Fitch Group Company |
FitchGroup | |||
|---|---|---|---|---|---|
| Mr. Rahul Choudhary CFO IFB Agro Industries Limited Plot No IND-5, Sector - 1, East Kolkata Township, Kolkata- 700107 |
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| November 16, 2021 | |||||
| Dear Sir/Madam, Re: Rating Letter for BLR of LFB Agro Industries Limited |
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| India Ratings and Research (Ind-Ra) has affirmed IFB Agro Industries Limited's (IFB Agro) Long-Term Issuer Rating at 'IND A+'. The Outlook | |||||
| is Stable. The mstrument-wise rating actions are as follows: | |||||
| Instrument Type | Maturity Date | Size of Issue (million) | Rating/Outlook | Rating Action | |
| Cash credit | - | INR400 | IND A+/Stable | Affirmed | |
| Fur-based limits | - | INR400 (increased from INR250) | IND A+/Stable/IND Al+ — Affirmed | ||
| Non-find-based limits | - | INR50O | IND Al+ | Affirmed | |
| Term loan | March 2026 | INR200 | IND A+/Stable | Assigned. | |
| available for a given security. jucisdiction of the issuer, and a variety of other factors. |
In issuing and maintaining its ratings, India Ratings relies on factual formation it receives from issuers and underwriters and from other sources India Ratings believes to be credible. India Ratings conducts a reasonable investigation of the factual formation relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are The manner of India Ratings factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in India where the rated security is offered and sold, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opmions and other reports provided by third parties, the availability of independent and competent third-party verification sources with respect to the particular security or in the particular |
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| conditions that were not anticipated at the time a rating was issued or affirmed. | Users of India Ratings ratings should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information India Ratings relies on m connection with a rating will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to India Ratings and to the market in offering documents and other reports. In issuing its ratings India Ratings must rely on the work of experts, mcluding independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings can be affected by future events or |
India Ratings FitchGroup
& Research A Fitch Group Company
time the rating action ts taken, which for public ratings is the date of the related rating action commentary. Each rating action commentary provides information about the criteria and methodology used to arrive at the stated rating, which may differ from the general criteria and methodology for the applicable security type posted on the website at a given time. For this reason, you should always consult the applicable ratmg action commentary for the most accurate information on the basis of any given public rating.
Ratings are based on established criteria and methodologies that India Ratings is continuously evaluating and updating. Therefore, ratings are the collective work product of India Ratings and no individual, or group of individuals, is solely responsible for a rating. All India Ratings reports have shared authorship. Individuals identified in an India Ratings report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only.
Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any mvestment, loan or security or to undertake any investment strategy with respect to any mvestment, loan or security or any issuer. Ratings do not comment on the adequacy of market price, the suitability of any investment, loan or security for a particular investor (including without limitation, any accounting and/or regulatory treatment), or the tax-exempt nature or taxability of payments made in respect of any investment, loan or security. India Ratings is not your advisor, nor is India Ratings providing to you or any other party any financial advice, or any legal, auditing, accounting, appraisal, valuation or actuarial services. A rating should not be viewed as a replacement for such advice or services. Investors may find India Ratings ratings to be important information, and India Ratings notes that you are responsible for communicating the contents of this letter, and any changes with respect to the rating, to investors.
It will be important that you promptly provide us with all formation that may be material to the ratmgs so that our ratings continue to be appropriate. Ratings may be raised, lowered, withdrawn, or placed on Rating Watch due to changes in, additions to, accuracy of or the inadequacy of mformation or for any other reason India Ratings deems sufficient.
Nothing in this letter is intended to or should be construed as creating a fiduciary relationship between India Ratings and you or between India Ratings and any user of the ratings.
In this letter, "India Ratings" means India Ratings & Research Pvt. Ltd. and any successor in interest.
We are pleased to have had the opportunity to be of service to you. If we can be of further assistance, please email us at [email protected]
Sincerely,
India Ratings
Rakesh Valecha Senior Director
FitchGroup
Annexure: Facilities Breakup
| Banks Name | Ratings | Sanction Amount (INR million) | ||
|---|---|---|---|---|
| Fund Based Working Cap ital Limit | ICICI Bank | IND At+/StableIND Al+ | 250 | |
| Cash Credit | ICICI Bank | IND A+/Stable | 100 | |
| Cash Credit | HDFC Bank Limited | IND A+/Stable | 300 | |
| Non-Fund Based Working Cap ital Limit | ICICI Bank | IND Al+ | 50 | |
| Term Loan | Federal Bank | IND A+/Stable | 200 | |
| Fund Based Working Cap ital Limit | Federal Bank | IND A+/StableIND Al+ | 150 | |
| Dasgat | ||||
Dasgat-