Filatex India: Credit Rating


August 17, 2022

Mr. Madhu Sudhan Bhageria0

Chairman and CEO0

Filatex India Ltd0

43 Community Center, New Friends Colony, 110025, New Delhi

Dear Sir ,

Sub: Your request for withdrawal of rating assigned to Filatex India Ltd bank loan facility totaling Rs.1191.17 Crs. (Rupees one thousand one hundred ninety one crores and seventeen lakhs only).

Ref: Previous letter BWR/BLR/DELCRC/TS/1299/2021-22 of May 27, 2021 with the ratings BWR A/Stable /BWR A1

We refer to your email dated requesting withdrawal of note for bank loan facility of Rs.1191.17 Crs. of Filatex India Ltd, considering the request for withdrawal of ratings via email dated June 23, 2022. Brickwork Ratings notes that the company has obtained no objection certificates from various lenders in this regard.

Based on your request, Brickwork Ratings has reaffirmed and simultaneously withdrawn the ratings of BWR A/Stable/BWR A1 assigned to the bank loan facility totaling Rs.1191.17Crs. (Rupees one thousand one hundred ninety-one crores and seventeen lakhs only) with immediate effect.

A copy of the press release issued by Brickwork Ratings in this regard is attached and also available at

Ensure the best of masonry evaluations.


Sudeep Sanwal0

Associate Director – Assessments0


Masonry Ratings India Pvt. ltd. (BWR), a Securities and Exchange Board of India [SEBI] Credit rating agency registered and accredited by the Reserve Bank of India [RBI]provides credit ratings for bank loan facilities, non-convertible/convertible/partially convertible debentures and other capital market instruments and obligations, commercial paper, perpetual bonds, asset-backed and bond-backed securities mortgages, partial guarantees and other structured/credit-enhanced debt instruments, security receipts, securitization products, municipal bonds, etc. [ hereafter referred to as “Instruments”]. BWR also assesses NGOs, education

Institutions, Hospitals, Property Developers, Local Urban Authorities and Municipal Corporations. 0

BWR wishes to inform all persons who may find rating evidence and rating reports provided by BWR that the ratings assigned by BWR are based on information obtained from the issuer of the instrument and other reliable sources, which , in BWR’s best judgment, are believed to be reliable. The rating rationale/rating report and other rating communications are intended for the jurisdiction of India only. The reports should not form the sole or primary basis of an investment decision within the meaning of any

law or regulation (including applicable laws and regulations in Europe and also in the United States). 0

BWR also wishes to inform that access to or use of said documents does not create a customer relationship between the user and BWR. 0

Ratings assigned by BWR are only the expression of BWR’s opinion on the entity/instrument and should in no way be

be construed as a recommendation to buy, hold or sell the instrument. 0

BWR also wishes to make it abundantly clear that these ratings should not be considered investment advice in any jurisdiction or be used as the basis or alternative to independent financial advice and judgments obtained from the User’s financial advisors. BWR shall not be liable for any losses suffered by users of such rating justifications, rating reports or their content. REB

reserves the right to vary, modify, suspend or withdraw the evaluations at any time without giving reasons. 0

BWR’s ratings reflect the opinion of BWR on the day the ratings are published and do not reflect factual circumstances which may have arisen at a later date. BWR is under no obligation to update its opinion based on any public notice in any form or format, although

BWR may disseminate its opinion and analysis when it deems appropriate. 0

Neither BWR nor its affiliates, third party suppliers, directors, officers, shareholders, employees or agents (collectively, “BWR Party”) warrant the accuracy, completeness or adequacy of the Ratings, and no BWR Party shall be liable for any

errors, omissions or interruptions howsoever caused, or for results obtained from the use of any part of the rating rationales or rating reports. Each BWR Party disclaims all express or implied warranties, including, but not limited to, any warranties of merchantability, fitness, or fitness for a particular purpose or purpose. In no event shall a BWR Party be liable to any person for direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including, without limited thereto, loss of revenue or opportunity profits and costs) in connection with any use of any part of the rating rationales and/or rating reports, even if we have been advised of the possibility of such damages. However, BWR or its associates

may have other business dealings with the company/entity. BWR and its affiliates do not act as trustees. 0

BWR keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of the respective activity. Therefore, some BWR business units may have information that is not available to other BWR business units. BWR has established policies and procedures to maintain the confidentiality of certain non-public information received in

link with each analytical process. 0

BWR clarifies that it may have been paid by the issuers or underwriters of the instruments, facilities, securities, etc., or by the debtors. BWR’s public ratings and analysis are available on its website, ( More detailed information can be provided for a fee. BWR’s rating criteria are also generally made available free of charge on the BWR website.

This disclaimer forms part of any rationale for ratings/ratings reports or other press releases, notices, communications

issued by BWR and dissemination of the rankings without this disclaimer is prohibited. 0

BWR is bound by the Code of Conduct for Credit Rating Agencies issued by the Securities and Exchange Board of India and is governed by the applicable regulations issued by the Securities and Exchange Board of India, as amended from time to time.


Filatex India Ltd. published this content on August 18, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on August 18, 2022 06:33:01 UTC.

Public now 2022


2022 sales 38,674 million
2022 net income 3,227 million
40.6 million
40.6 million
Net debt 2022

PER 2022 ratio 7.91x
2022 return
Capitalization 25,396 million
320 million
320 million
capi. / Sales 2022 0.66x
capi. / Sales 2023 0.59x
# of employees 2,349
Floating 25.5%


Duration :

Period :

Filatex India Limited Technical Analysis Chart |  MarketScreener

Technical Analysis Trends FILATEX INDIA LIMITED

Short term Middle term Long term
Tendencies Bullish Neutral Neutral

Evolution of the income statement

Medium consensus
Number of analysts 0
Last closing price 114.65
Average target price
Average Spread / Target

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