PR

Press Release
CENTEX FABRICS EXPORT UNIT
March 22, 2022
Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	12.00	ACUITE B+ \| Reaffirmed \| Issuer not co-operating*	-
Total Outstanding Quantum (Rs. Cr)	12.00	-	-
Total Withdrawn Quantum (Rs. Cr)	0.00	-	-

Rating Rationale

Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs. 12.00 crore bank facilities of Centex Fabrics Export Unit (CFEU). This rating continues to be an indicative rating and is based on best available information.

About the Company

CFEU, established in 1969, is a Punjab-based proprietorship concern managed by Mr. Vineet Sood. The firm is engaged in the generation of solar and wind power.

Non-cooperation by the issuer/borrower:

Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before due date.
This rating continues to be flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability:

The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity / industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

About the Rated Entity - Key Financials

The rated entity has not shared the latest financial statements despite repeated requests.

Rating Sensitivity

No information provided by the issuer / available for Acuité to comment upon.

Material Covenants

Not Applicable

Liquidity Position

No information provided by the issuer / available for Acuité to comment upon.

Outlook

Not Applicable

Status of non-cooperation with previous CRA

None

Any other information

Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

Applicable Criteria

• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm

Note on Complexity Levels of the Rated Instrument

https://www.acuite.in/view-rating-criteria-55.htm

Rating History

Date	Name of Istruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
21 Dec 2020	Term Loan	Long Term	2.00	ACUITE B+ (Downgraded and Issuer not co-operating*)
	Proposed Long Term Loan	Long Term	5.00	ACUITE B+ (Downgraded and Issuer not co-operating*)
	Term Loan	Long Term	5.00	ACUITE B+ (Downgraded and Issuer not co-operating*)
26 Sep 2019	Term Loan	Long Term	2.00	ACUITE BB- (Issuer not co-operating*)
	Proposed Long Term Loan	Long Term	5.00	ACUITE BB- (Issuer not co-operating*)
	Term Loan	Long Term	5.00	ACUITE BB- (Issuer not co-operating*)
06 Jul 2018	Term Loan	Long Term	2.00	ACUITE BB- (Issuer not co-operating*)
	Term Loan	Long Term	5.00	ACUITE BB- (Issuer not co-operating*)
	Proposed Long Term Loan	Long Term	5.00	ACUITE BB- (Issuer not co-operating*)
23 May 2017	Term Loan	Long Term	2.00	ACUITE BB- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.00	ACUITE BB- \| Stable (Reaffirmed)
	Proposed Long Term Loan	Long Term	5.00	ACUITE BB- \| Stable (Reaffirmed)
20 Jan 2016	Term Loan	Long Term	2.79	ACUITE BB- \| Stable (Assigned)
	Term Loan	Long Term	4.90	ACUITE BB- \| Stable (Assigned)
	Proposed Long Term Loan	Long Term	4.31	ACUITE BB- \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Rating
Not Applicable	Not Applicable	Proposed Term Loan	Not Applicable	Not Applicable	Not Applicable	5.00	ACUITE B+ \| Reaffirmed \| Issuer not co-operating*
Punjab National Bank	Not Applicable	Term Loan	Not available	Not available	Not available	2.00	ACUITE B+ \| Reaffirmed \| Issuer not co-operating*
Punjab National Bank	Not Applicable	Term Loan	Not available	Not available	Not available	5.00	ACUITE B+ \| Reaffirmed \| Issuer not co-operating*

About Acuité Ratings & Research

Acuité Ratings & Research Limited is a full-service Credit Rating Agency registered with the Securities and Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI), for Bank Loan Ratings under BASEL-II norms in the year 2012. Since then, it has assigned more than 8,850 credit ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Acuité ratings are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind arising from the use of its ratings. Acuité ratings are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in)for the latest information on any instrument ratedby Acuité.