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Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs45.50cr of Natraj Proteins Ltd.

Long term ratings has been reaffirmed to BWR BB with stable outlook and short term rating reaffirmed to BWR A4.

According to the rationale, BWR has considered the audited financial statements upto FY2020, published provisional financials till December, 2020, projected financials upto FY23 and publicly available information and clarifications provided by the Company’s  management.

The rating continues to draw strength from the long experience of the promoters in the edible oil industry, location advantage, consistent performance despite heavy competition and adequate net worth.

However, the rating remains constrained by thin profit margins, susceptibility of its operating profitability to fluctuation in raw material prices and inherent risks associated with agro based industries and competition from other players in the industry and from substitute products like palm oil.

For arriving at its ratings, BWR has considered NPL’s FY20 financials, provisionals upto December, 2020, projections and applied its rating methodology.

At around 2:20 PM, Natraj Proteins was trading at Rs47.50 apiece down by Rs0.95 or 1.96% on the BSE.

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