-!

I~=Ratlings
.
~[S.
Professional Risk Opinion
CAREl ARO/RL/2015-16/1832

Mr. Rajesh. B. Shah

Chief Financial Officer

Cera Sanitaryware
9, GIDC Industrial

limited
Estate,

Kadi, Dis!. Mehsana,

Gujarat. 382 715
November 25, 2015
Confidential
Dear Sir,
Credit rating for Bank Facilities
On the basis of recent developments including operational and financial performance of Cera
Sanitaryware

Limited for

FY15 (A), HIFY16 (UA) and recent developments,

our Rating

Committee has reviewed the following ratings:

Facilities

Amount
(Rs. crore)

Rating1

Remarks

97.69

CAREAA
(Oouble A)

Revised from CARE AA(Double A Minus)

Long-term Bank

Facilities
Short-term

Bank

CAREA1+

25.00

Facilities

Reaffirmed

(A One Plus)

Revised from

CAREAAI

long-term! Shortterm BankFacilities

CAREAl+

27.00

(Oouble A)

CARE AA-

(A One Plus)

Total Facilities

CAREA1+
(Double A Minus)!
(A One Plus)

149.69
(RupeesOne Hundred Forty Nine
Crore & Sixty Nine lakh only)

2. Refer Annexure 1 for details of rated facilities.

3. The rationale for this rating will be communicated to you separately.
4. CAREreserves the right to undertake a surveillance/review
based

on

circumstances

warranting

such review,

of the rating from time to time,

subject

to

at

least

one

such

review/surveillance every year.

5. CAREreserves the right to suspend/withdraw/revise

the rating assigned on the basis of new

information

or in the event of failure on the part of the company to furnish

information,

material or clarifications as may be required by CARE. CARE shall also be

entitled to publicize/disseminate

such suspension / withdrawal/revision

such

in the assigned

rating in any manner considered appropriate by it, without reference to you.

1Complete definitions of the ratings ossigned are availoble at www.corerotinqs.comondinotherCAREpublications.

CREDIT ANAL,YSrS & RESEARCH

CORPORATEOFFiCE, 4~ Floo" Godrej Coliseum, ~maiya Ho'pital Road,
Off Easte,n hp,e" Highway. Sion (E).Mumbai 400 022.
Tel.: +91-22-6754 3456; Fa~, +91.22.6754 3457
Email: ca.e@ca.e.atings.comlw_.ca
ating$.com

lTD.
32, Titanium, P,ahaladnaga, Corpo,at" Road
5al"I1II", Ahmedabad - 380 01 5
Te"p-S3il-tw45656
Fa~:+9~-79.40265657

6. CARE ratings do not take into account the sovereign risk, if any, attached to the foreign
currency loans, and the ratings are applicable only to the rupee equivalent of these loans.
7. Users of this rating may kindly refer our website www.careratings.comforlatest
the outstanding

update on

rating.

8. CARE ratings are not recommendations

to sanction, renew, disburse or recall the concerned

bank facilities.
If you need any clarification,
Thanking you,
Yours faithfully,

you are welcome to approach us in this regard.

iO

~~'

1~~1'(~

--

..

IKunal B. Shah]
Sr. Manager
kuna Ib.shah@careratings.com

[TeJ3sh Desai]
Dy. Manager
tejash. desa i@careratings.com
Encl.: As above
Disclaimer
CARE's ratings are opinions

on credit quality and are not recommendations

to sanction,

renew, disburse or recall

the concerned bank facilities or to buy, sell or hold any security. CARE has based its ratings on information
obtained from sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy,
adequacy or completeness of any information and is not responsible for any errors or omissions or for the results
obtained from the use of such information.
Most entities whose bank facilities/instruments
are rated by CARE
have paid a credit rating fee, based on the amount and type of bank facilities/instruments.
In case of partnership/proprietary
concerns, the rating assigned by CARE is based on the capital deployed

by the

partners/proprietor
and the financial strength of the firm at present. The rating may undergo change in case of
withdrawal
of capital or the unsecured loans brought in by the partners/proprietor
in addition to the financial
performance

and other relevant factors.

CREDIT ANALYSIS & RESEARCH l TO.

32. Titanium, P,ahaladnaga. Corpo.ate Road, Satellite, Ahmedabad
Tel: +91-79.4021>5651> J F.: .91.79-4021>51>57 I Email: care@ca,e.ating'.com

_380015

I www.care.ating,.com

Page 2 of 4

Annexure 1
Details of Rated Facilities
1.

long.term

facilities

1.A. Rupee Term loan

(Rs. Crore)
Sr.
No.

Rated
Amount'"

Name of Bank

1.

State Bank of India

2.

Kotak Mahindra

9.00
13.69

Bank

quarterly
equal
Repayable
in 20
commencing from November 2012
monthly
Repayable
in
36 equal

installments
installments

commencing from December 2014

22.69

Total
.Outstanding

Debt Repayment Terms

as an May 14, 2015

1.B. Fund Based Working Capital limits

(RS. Crore)
Cash Credit

Name of Bank

Sr. No.

75.00
75.00

State Bank of India

Total
Figures in parenthesis

EPC/PCFC
(2.00)

FBD/EBR
(2.00)

Total

75.00

indicates sub-limits

EPC-Export Pocking Credit, PCFC-Pocking Credit Foreign Currency, FBD-Foreign Bill Discounting,

EBR-

Export Bills Receivables

Total long-term facilities (l.A.+l.B.)

2.

RS.97.69 crore

Short-term facilities

2.A. Fund Based Working Capital limits

(Rs. Crore)
Sr. No.
1

Name of Bank
State Bank of India

E-Vendor Financing Facility (E-VFS)

2S.00

25.00

Total

Total short.term

facilities (2.A.)

RS.25.00 crore

CREDIT ANALYSIS & RESEARCH lTD.

31, Titanium, P,haladn"9ar Corporale Road, Salellite, Ahmedabad - 380015
Tel: +9t_79_40265656 I Fa", +91_79.40265657 I Email:cre@lcarerating .com I www.ca,erating .com

Page30f4

Annexure 1 (Continued)

3. long-term /Short-term

Facilities

3.A. Non-Fund Based limits

(Rs. Crore)

Sr.
No.

Letter of
Name of Bank

State Bank of India

Credit
(LC)

15.00

Bank
Guarantee

(BG)

10.00

Revolving
Letter of
Credit

2.00

Remarks

Total

27.00

way
Both
interchangea bility
between LC and BG
limit to the extent of
Rs.S.OOcrore.
is
LC
Revolving
towards ONGCjGAIL.
LC tenure of up to
180 days

27.00

TOTAL

Total long-term /short-term

facilities (3.A.) RS.27.00 crore

CREDIT ANALYSIS & RESEARCH lTD.

]2, Titanium, Prahatadnagar Co.po.ate Road. Satellite, Ahmedabad. 380015
lel:+91.79.4026S656I
f&J<:+91.79.40265657 I Email:u.e@ea.eratin9Homlwww.ca.e.atln9

Page4of4
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