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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 7.31 | ACUITE B+ | Reaffirmed | Issuer not co-operating* | - |
Total Outstanding Quantum (Rs. Cr) | 7.31 | - | - |
Total Withdrawn Quantum (Rs.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. 7.31 crore bank facilities of Marshal Textiles Private Limited (MTPL). The rating continues to be flagged as “Issuer NotCooperating” and is based on the best available information. |
About the Company |
Marshal Textiles Private Limited is engaged in manufacturing of polyester yarn, which has 75 per cent polyester and 25 per cent pressed cotton since 1995. The company operates at Erode (Tamil Nadu) with an installed capacity of 20160 spindles per annum. Besides, MTPL is also an authorized dealer of polyester staple fibre for Bombay Dyeing, which contributes almost 17 per cent of their revenues. MTPL is promoted by Ms. J. S. Nirmala Devi and Mr. K. P. Senthil Kumar |
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 the due date. |
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 Acuite to comment upon |
Material Covenants |
Not Applicable |
Liquidity Position |
No information provided by the issuer / available for Acuite 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 |
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About Acuité Ratings & Research |
Acuité Ratings & Research Limited | www.acuite.in |