Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 65.00 ACUITE B- | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 65.00 - -
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE B-’ (read as ACUITE B minus) on the Rs. 65.00 crore bank facilities of AIFL Retails Private Limited (ARPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company

­Maharashtra based - AIFL Retails Private Limited (ARPL) is a 100 percent subsidiary of Ashapura Intimates Fashion Limited, incorporated in April 2018. With the Incorporation of ARPL, the company plans to open up 100 retail outlets. At present the company managed by Mr. Hitesh Subhash Punjani and Mr. Harshad Hirji Thakkar. The company will sell 3 brands under the ARPL. The company will purchase manufactured finished goods from the job workers and sell them in their retail outlets.

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.
Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating is, therefore, being 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.

Rating Sensitivity

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

Material Covenants
Liquidity Position

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

­Not Applicable
Other Factors affecting Rating
­Not Applicable

Particulars Unit FY 18 (Provisional) FY 17 (Actual)
Operating Income Rs. Cr. 384.30 312.30
PAT Rs. Cr. 62.20 26.95
PAT Margin (%) 16.19 8.63
Total Debt/Tangible Net Worth Times 0.42 0.73
PBDIT/Interest Times 5.39 3.85
Status of non-cooperation with previous CRA
­Not Applicable
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
• Trading Entities:
• Default Recognition:
• Application Of Financial Ratios And Adjustments:

Note on Complexity Levels of the Rated Instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on


Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
02 May 2022 Term Loan Long Term 45.00 ACUITE B- ( Issuer not co-operating*)
Cash Credit Long Term 20.00 ACUITE B- ( Issuer not co-operating*)
29 Jan 2021 Term Loan Long Term 45.00 ACUITE B- (Issuer not co-operating*)
Cash Credit Long Term 20.00 ACUITE B- (Issuer not co-operating*)

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Punjab National Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 20.00 Simple ACUITE B- | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not Applicable Term Loan Not available Not available Not available 45.00 Simple ACUITE B- | Reaffirmed | Issuer not co-operating*

Analytical Rating Desk
About Acuité Ratings & Research

Acuité Ratings & Research