August 18, 2017
Gujarat Tea Processors and Packers Limited
Summary of rated instruments
Instrument* Rated Amount Rating Action
(in Rs. crore)
Fund-based 90.00 [ICRA]AA (Stable) Withdrawn
Non Fund-based 8.00 [ICRA]A1+ Withdrawn
Total 98.00
*Instrument Details are provided in Annexure-1
Rating action
ICRA has withdrawn the long term rating of [ICRA]AA (pronounced ICRA double A) assigned to the Rs.
90-crore fund based facility and the short term rating of [ICRA]A1+ (pronounced ICRA A one plus)
assigned to the Rs. 8-crore non fund based facility of Gujarat Tea Processors and Packers Ltd (GTPPL).
Rationale
The rating is withdrawn in accordance with ICRA’s policy on withdrawal and suspension and as
requested by the company.
Analytical approach: For arriving at the ratings, ICRA has applied its rating methodologies as indicated
below.
Links to applicable Criteria
ICRA Policy on Withdrawal and Suspension of Credit Rating
Corporate Credit Rating Methodology
About the company:
GTPPL was incorporated in 1980 by the Desai family in Gujarat, which has vast experience in the local
packet-tea business. The senior management team of the company consists of members from the Desai
family, with Mr. Piyushkumar O. Desai as the Chairman, Mr. Pankajkumar R. Desai as the Vice
Chairman & Managing Director and Mr. Raseshkumar R. Desai as the Managing Director. Mr. Paragbhai
R. Desai and Mr. Parasbhai P. Desai are Executive Directors of the company. GTPPL commands a 70%
market share in the Gujarat market, where its flagship brand ‘Wagh Bakri’ has a dominant presence.
Status of non-cooperation with previous CRA: Not Applicable
Any other information: Not Applicable
Rating history for last three years:
Table:
S.No Name of Current Rating Chronology of Rating History for the past
Instrument 3 years
Type (Long Amount Month-year Month- year Month- Month-
term/ Short Rated (Rs. & & Rating in year & year &
term) crore) Rating FY2017 Rating in Rating in
FY2016 FY2015
August 2017 July 2016 April 2015
1 Fund based Long term 90.00 [ICRA]AA [ICRA]AA [ICRA]AA
(Stable) (Stable) (Stable)
Withdrawn
2 Non Fund Short term 8.00 [ICRA]A1+ [ICRA]A1+ [ICRA]A1+
based Withdrawn
Complexity level of the rated instrument:
ICRA has classified various instruments based on their complexity as "Simple", "Complex" and "Highly
Complex". The classification of instruments according to their complexity levels is available on the
website www.icra.in
Annexure-1
Details of Instrument
Instrument Date of Coupon Maturity Amount Current Rating and
Issuance/ rate Date Rated Outlook
Sanction (Rs. Crore)
Fund based - - - 90.00 [ICRA]AA (Stable)
Withdrawn
Non fund - - - 8.00 [ICRA]A1+ Withdrawn
based
Source: Gujarat Tea Processors and Packers Limited
Analyst Contacts
Mr. Jayanta Roy
+91 33 7150 1120
[email protected]Mr. Kaushik Das
+91 33 7150 1190
[email protected]Relationship Contact
Mr. L Shivakumar
+91 22 6114 3406
[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
© Copyright, 2017, 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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Email: [email protected]
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