By Nistha Jatakia

India Ratings and Research (Ind-Ra) has withdrawn the rating on Polycab India Limited’s (PIL) commercial paper (CP) as follows: 

Instrument Type

Date of Issuance

Coupon Rate

Maturity Date

Size of Issue (million)

Rating

Rating Action

CP

-

-

-

INR1,000

WD

Withdrawn

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating as PIL did not proceed with the instrument as envisaged.


COMPANY PROFILE

PIL manufactures wires, cables and fans at its manufacturing facilities in Halol.


RATING HISTORY

Instrument Type

Current Rating/Outlook

Historical Rating/Outlook

Rating Type

Rates Limits
 (million)

Rating

14 January 2019

9 August 2018

3 May 2017

Issuer rating

Long-term

-

IND AA/Stable

IND AA/Stable

IND AA/Stable

IND AA-/Stable

Term loan

Long-term

INR7740

IND AA/Stable

IND AA/Stable

IND AA/Stable

IND AA-/Stable

External commercial
 borrowings

Long-term

INR1,329

IND AA/Stable

IND AA/Stable

IND AA/Stable

IND AA-/Stable

Fund-based limits

Long-term/Short-term

INR8,000

IND AA/Stable/IND A1+

IND AA/Stable/IND A1+

IND AA/Stable/IND A1+

IND AA-/Stable/IND A1+

Non-fund-based limits

Short-term

INR17,400

IND A1+

IND A1+

IND A1+

IND A1+

Proposed non-fund
-based limits

Short-term

INR4,600

Provisional IND A1+

Provisional IND A1+

Provisional IND A1+

-

Proposed fund
-based limits

Long-term/Short-term

INR500

Provisional IND AA/Stable/Provisional IND A1+

Provisional IND AA/Stable/Provisional IND A1+

Provisional IND AA/Stable/Provisional IND A1+

-

CP

Short-term

INR1,000

WD

IND A1+

IND A1+

IND A1+


COMPLEXITY LEVEL OF INSTRUMENTS

For details on the complexity level of the instruments please visit https://www.indiaratings.co.in/complexity-indicators.

SOLICITATION DISCLOSURES

Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings. 

Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.

ABOUT INDIA RATINGS AND RESEARCH

About India Ratings and Research: India Ratings and Research (Ind-Ra) is India's most respected credit rating agency committed to providing India's credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market. 

Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies and project finance companies. 

Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India, the Reserve Bank of India and National Housing Bank. 

India Ratings is a 100% owned subsidiary of the Fitch Group.

For more information, visit www.indiaratings.co.in.

DISCLAIMER

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