Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 79.20 ACUITE D | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 6.00 - ACUITE D | Downgraded | Issuer not co-operating*
Total Outstanding 85.20 - -
 
Rating Rationale

­­Acuité has downgraded the long-term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE B+’ (read as ACUITE B plus)  and also downgraded the short term rating to ‘ACUITE D’ (read as ACUITE D)  from ‘ACUITE A4’ (read as ACUITE A four)  on the Rs.85.20 crore bank facilities of Anunay Fab Limited (AFL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
The downgrade is basis of public domain information, there have been delays in servicing debt in April 2024.

About the Company
Incorporated in 1992, Anunay Fab Limited (AFL) is a Ahmedabad, Gujrat manufactures made-up home textile products managed by Anjani Radheshyam Agarwal, Purushottam Radheshyam Agarwal, Khetaram Hansaji Purohit and Ashok Mahabirprasad Agarwal. . It is also engaged in the trading of grey cloth. The company purchases grey fabric, which is then processed on job work basis. They also have in-house manufacturing facility for grey fabric. The company then cuts and stitches the processed material to largely bed sheets and comforters, then packages the same. Majority of the final products are exported.
 
Unsupported Rating
­Not Applicable
 
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.
 
Liquidity Position
­­No information provided by the issuer / available for Acuite to comment upon.
 
Outlook: Not Applicable
­
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 182.07 192.10
PAT Rs. Cr. 0.65 0.47
PAT Margin (%) 0.36 0.24
Total Debt/Tangible Net Worth Times 2.50 2.66
PBDIT/Interest Times 1.31 1.28
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
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 www.acuite.in
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
07 Aug 2023 Cash Credit Long Term 66.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Working Capital Term Loan Long Term 13.20 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 6.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
20 Oct 2022 Cash Credit Long Term 66.00 ACUITE B+ | Stable (Reaffirmed)
Working Capital Term Loan Long Term 13.20 ACUITE B+ | Stable (Reaffirmed)
Letter of Credit Short Term 6.00 ACUITE A4 (Reaffirmed)
28 Jul 2021 Letter of Credit Short Term 6.00 ACUITE A4 (Reaffirmed)
Cash Credit Long Term 79.20 ACUITE B+ | Stable (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
Bank of Baroda Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 66.00 Simple ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
Bank of Baroda Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 6.00 Simple ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE A4 )
Bank of Baroda Not avl. / Not appl. Working Capital Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 13.20 Simple ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
­

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