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Netmatrix Crop Care-31012019

Netmatrix Crop Care Limited's bank facilities totaling Rs. 70.20 crore have been moved to the 'Issuer Not Cooperating' category by ICRA, with ratings of [ICRA]BB-(Stable) and [ICRA]A4. The company has not provided requested information for performance monitoring, leading to this rating action based on the best available information. Investors are advised to exercise caution as the ratings may not accurately reflect the credit risk profile of the entity.

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Sandeep Kulkarni
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11 views4 pages

Netmatrix Crop Care-31012019

Netmatrix Crop Care Limited's bank facilities totaling Rs. 70.20 crore have been moved to the 'Issuer Not Cooperating' category by ICRA, with ratings of [ICRA]BB-(Stable) and [ICRA]A4. The company has not provided requested information for performance monitoring, leading to this rating action based on the best available information. Investors are advised to exercise caution as the ratings may not accurately reflect the credit risk profile of the entity.

Uploaded by

Sandeep Kulkarni
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Netmatrix Crop Care Limited

January 31, 2019

Summary of Rated Instrument:


Previous Rated Current Rated
Instrument Amount Amount Rating Action
(Rs. crore) (Rs. crore)
[ICRA]BB-(Stable) ISSUER NOT COOPERATING; Rating
Fund Based Cash Credit 11.25 11.25
moved to ‘Issuer Not Cooperating’ category
[ICRA]BB-(Stable) ISSUER NOT COOPERATING; Rating
Fund Based Term Loan 16.95 16.95
moved to ‘Issuer Not Cooperating’ category
[ICRA]A4; Rating moved to ‘Issuer Not Cooperating’
Short Term Non-Fund Based 3.50 3.50
category
[ICRA]BB-(Stable) ISSUER NOT COOPERATING; Rating
Unallocated 38.50 38.50
moved to ‘Issuer Not Cooperating’ category
Total 70.20 70.20
*Issuer did not co-operate; based on best available information.

Rationale
The ratings for the Rs. 70.20 crore bank facilities of Netmatrix Crop Care Limited(NCCL) has been moved to ‘Issuer Not
Cooperating’ category. The rating is denoted as “[ICRA]BB-/Stable/[ICRA]A4; ISSUER NOT COOPERATING”.

ICRA has been trying to seek information from the entity to monitor its performance, but despite repeated requests by
ICRA, the entity’s management has remained non-cooperative. The current rating action has been taken by ICRA basis
best available information on the issuers’ performance. Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk
profile of the entity. In the absence of requisite information, and in line with SEBI’s Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA’s Rating Committee has taken a rating view based on
the best available information.

Analytical approach
Analytical Approach Comments
Corporate Credit Rating Methodology
Applicable Rating Methodologies
Policy in respect of non-cooperation by the rated entity
Parent/Group Support Not Applicable
Consolidation / Standalone The ratings are based on standalone financial profile of the company

About the company:


Incorporated in 2000, Netmatrix Crop Care Limited (NMCCL, formerly Netmatrix Limited) is a manufacturer of crop-care
products, primarily Chlorpyrifos Technical which is the single largest used organophosphate insecticide. The company
operates through its manufacturing facilities at Vapi, Gujarat and Visakhapatnam, Andhra Pradesh. The company is
managed by Mr. B. Chandrasekar, who has more than 25 years of experience in the agro-chemical industry.

The previous detailed rating rationale is available on the following link: Click here

1
Key financial indicators:

Not Applicable

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ANALYST CONTACTS
K. Ravichandran R Srinivasan
+91 44 4596 4301 +91 44 4596 4315
[email protected] [email protected]

Sai Kireeti S K Nithya Debbadi


+91-40-40676530 +91-40-40676515
[email protected] [email protected]

RELATIONSHIP CONTACT
Jayanta Chatterjee
+91 80 4332 6401
[email protected]

MEDIA AND PUBLIC RELATIONS CONTACT


Ms. Naznin Prodhani
Tel: +91 124 4545 860
[email protected]

Helpline for business queries:


+91-124-2866928 (open Monday to Friday, from 9:30 am to 6 pm)

[email protected]

About ICRA Limited:


ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services
companies as an independent and professional investment Information and Credit Rating Agency.

Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited
Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit
Rating Agency Moody’s Investors Service is ICRA’s largest shareholder.

For more information, visit www.icra.in

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ICRA Limited
Corporate Office
Building No. 8, 2nd Floor, Tower A; DLF Cyber City, Phase II; Gurgaon 122 002
Tel: +91 124 4545300
Email: [email protected]
Website: www.icra.in

Registered Office
1105, Kailash Building, 11th Floor; 26 Kasturba Gandhi Marg; New Delhi 110001
Tel: +91 11 23357940-50

Branches

Mumbai + (91 22) 24331046/53/62/74/86/87


Chennai + (91 44) 2434 0043/9659/8080, 2433 0724/ 3293/3294,
Kolkata + (91 33) 2287 8839 /2287 6617/ 2283 1411/ 2280 0008,
Bangalore + (91 80) 2559 7401/4049
Ahmedabad+ (91 79) 2658 4924/5049/2008
Hyderabad + (91 40) 2373 5061/7251
Pune + (91 20) 2556 0194/ 6606 9999

© Copyright, 2019 ICRA Limited. All Rights Reserved.

Contents may be used freely with due acknowledgement to ICRA.

ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of
surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s current opinion on the relative capability of the issuer
concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA
office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to
be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it.
While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any
kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such
information. Also, ICRA or any of its group companies may have provided services other than rating to the issuer rated. All information contained
herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication
or its contents

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