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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 18.50 | Not Applicable | Withdrawn | - |
| Bank Loan Ratings | 1.00 | - | Not Applicable | Withdrawn |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 19.50 | - | - |
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Rating Rationale |
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Acuité has withdrawn the long term and the short term rating on the Rs.19.50 Cr bank facilities of Artimas Fashions Private Limited (AFPL).
The rating has been withdrawn as per Acuite's policy of withdrawal of ratings. The withdrawal is on account of the request received from the company and the No Due Certificate received from the banker. The rating will be 'Not Applicable' as the facilities have been repaid in full. |
| About the Company |
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Incorporated in 2010, Artimas Fashions Private Limited (AFPL) is based in Kolkata and is a subsidiary of Lux Industries Limited (rated at ACUITE AA/Stable/A1+). The company is engaged in the production of hosiery innerwear through an in-house manufacturing facility and sells under the brand “One8” owned by Virat Kohli. The company is promoted by Mr. Nischal Puri and the current directors of Lux Industries Limited, i.e., Mr. Ashok Kumar Todi and Mr. Pradip Kumar Todi.
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| Unsupported Rating |
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Not Applicable
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| Analytical Approach |
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Not Applicable
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| Key Rating Drivers |
| Strengths |
| Not Applicable
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| Weaknesses |
| Not Applicable
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| Rating Sensitivities |
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Not Applicable
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| All Covenants |
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Not Applicable
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| Liquidity Position: Not Applicable |
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| Outlook: Not Applicable |
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| Other Factors affecting Rating |
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None
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| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 24.78 | 25.97 |
| PAT | Rs. Cr. | (9.30) | (3.29) |
| PAT Margin | (%) | (37.53) | (12.68) |
| Total Debt/Tangible Net Worth | Times | (1.56) | (2.35) |
| PBDIT/Interest | Times | (2.19) | (0.21) |
| Status of non-cooperation with previous CRA (if applicable) |
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Not Applicable
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| Any other information |
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None
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| Applicable Criteria |
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• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on complexity levels of the rated instrument |
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In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuité'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.
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