Press Release
3B Binani Glassfibre SARL
October 11, 2019
Ratings
Amount 1
Facilities Rating Rating Action
(Rs. crore)
Bank Facilities- Term Loan -
- Reaffirmed at CARE D and Withdrawn
Detailed Rationale, Key Rating Drivers and Detailed description of the key rating drivers
CARE has reaffirmed and withdrawn the outstanding ratings of ‘CARE D’ assigned to the bank facilities of 3B Binani
Glassfibre SARL with immediate effect. The above action has been taken at the request of 3B Binani Glassfibre SARL and
‘No Objection Certificate’ received from the banks that have extended the facilities rated by CARE.
Analytical approach: Standalone
Applicable Criteria
Policy on Withdrawal of ratings
Policy on Default Recognition
About the Company
3B Binani Glassfibre Sarl (3B Binani SARL), headquartered in Battice, Belgium and a part of Braj Binani group, is one of the
leading manufacturer of fiberglass in Europe for reinforcement of thermoplastics and thermoset polymer applications and
is a preferred supplier mainly to automotive and wind energy sectors. 3B Binani SARL is a holding company. The group has
three manufacturing facilities:
a) At Battice (Belgium)
b) At Birkeland (Norway)
c) At Goa (India)
3B Binani's product portfolio comprises of dry use chopped strands, continuous filament mats, direct rovings, speciality
wet-use shopped strands, milled fibres and tartarised yarns. The company's products offer qualities such as high strength
to weight ratio as well as chemical resistance and electrical insulation that render them perfectly suited to a wide range of
applications and competitive alternative to traditional materials such as metal and more expensive alternatives.
Euro (MN)
Brief Financials (Rs. crore) FY17 (A) FY18 (A)
Total operating income 186.9 209.2
PBILDT 30.4 43.9
PAT -8.3 12.8
Overall gearing (times) NM NM
Interest coverage (times) 1.54 2.35
NM: Not Meaningful
Status of non-cooperation with previous CRA: Not applicable
Any other information: Not applicable
Rating History for last three years: Please refer Annexure-2
Annexure-1: Details of Instruments/Facilities
Name of the Date of Coupon Maturity Size of the Rating assigned along
Instrument Issuance Rate Date Issue with Rating Outlook
(Rs. crore)
Fund-based - LT-Term - - - 0.00 Withdrawn
Loan
1
Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications
1 CARE Ratings Limited
Press Release
Annexure-2: Rating History of last three years
Sr. Name of the Current Ratings Rating history
No. Instrument/Bank Type Amount Rating Date(s) & Date(s) & Date(s) & Date(s) &
Facilities Outstanding Rating(s) Rating(s) Rating(s) Rating(s)
(Rs. crore) assigned in assigned in assigned in assigned in
2019-2020 2018-2019 2017-2018 2016-2017
1. Fund-based - LT-Term LT - - - 1)CARE D 1)CARE BB; 1)CARE BB
Loan (27-Dec-18) Stable (18-Jul-16)
2)CARE D (11-Aug-17)
(02-Nov-18)
Annexure-3: Financial Covenants
Not Available
Note on complexity levels of the rated instrument: CARE has classified instruments rated by it on the basis of complexity.
This classification is available at www.careratings.com. Investors/market intermediaries/regulators or others are welcome
to write to
[email protected] for any clarifications.
Contact us
Media Contact
Mradul Mishra
Contact no. – +91-22-6837 4424
Email ID –
[email protected]Analyst Contact
Sharmila Jain
Contact no. - +91-22-6754 3638
Email ID – [email protected]
Business Development Contact
Meenal Sikchi
Contact no. - +91-22-6754 3455
Email ID:
[email protected]About CARE Ratings:
CARE Ratings commenced operations in April 1993 and over two decades, it has established itself as one of the leading
credit rating agencies in India. CARE is registered with the Securities and Exchange Board of India (SEBI) and also
recognized as an External Credit Assessment Institution (ECAI) by the Reserve Bank of India (RBI). CARE Ratings is proud of
its rightful place in the Indian capital market built around investor confidence. CARE Ratings provides the entire spectrum
of credit rating that helps the corporates to raise capital for their various requirements and assists the investors to form
an informed investment decision based on the credit risk and their own risk-return expectations. Our rating and grading
service offerings leverage our domain and analytical expertise backed by the methodologies congruent with the
international best practices.
Disclaimer
CARE’s ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not
recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security.
CARE’s ratings do not convey suitability or price for the investor. CARE’s ratings do not constitute an audit on the rated
entity. CARE has based its ratings/outlooks 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. CARE or its subsidiaries/associates may also have other commercial transactions with the entity. In
case of partnership/proprietary concerns, the rating /outlook assigned by CARE is, inter-alia, based on the capital
deployed by the partners/proprietor and the financial strength of the firm at present. The rating/outlook 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. CARE is not responsible for any errors and states that it has no financial
liability whatsoever to the users of CARE’s rating.
Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may
involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if
triggered, the ratings may see volatility and sharp downgrades.
**For detailed Rationale Report and subscription information, please contact us at www.careratings.com
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