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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 15.56 | Not Applicable | Withdrawn | - |
| Bank Loan Ratings | 0.41 | - | Not Applicable | Withdrawn |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 15.97 | - | - |
| Rating Rationale |
|
Acuité has withdrawn the rating on the Rs.15.97 Cr bank facilities of Asansol Polyfabs Private Limited (APPL). The rating has been withdrawn on Acuite's policy of withdrawal of raitngs. The rating has been withdrawn on account of the request recieved from the company. |
| About Company |
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Asansol Polyfabs Private Limited (APPL) was incorporated in 2002 by Mr. Sajjan Bansal and Mr. Rakesh Kumar Sharma. The company is engaged in manufacturing polypropylene (PP) and high density polypropylene (HDPE) bags. The company has its manufacturing facility located in Asansol, West Bengal with an installed capacity of 3200 MTPA. The company is merged with its group company viz. Shri Maa Polyfabs Limited (SMPL) with effect from 1st April 2021 and hence SMPL has taken over all the assets and liabilities of APPL. |
| About the Group |
|
Not Applicable |
Analytical Approach
| Extent of Consolidation : Not Applicable |
| Rationale for Consolidation or Parent / Group / Govt. Support |
| Not Applicable |
Key Rating Drivers
| Strengths |
| Not Applicable |
| Weaknesses |
| Not Appliable |
| Rating Sensitivities |
|
Not Applicable |
| Material Covenants |
| None |
| Liquidity Position |
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Not Applicable |
| Outlook: |
| Not Applicable |
| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 648.90 | 484.73 |
| PAT | Rs. Cr. | 23.37 | 24.94 |
| PAT Margin | (%) | 3.60 | 5.15 |
| Total Debt/Tangible Net Worth | Times | 1.36 | 1.20 |
| PBDIT/Interest | Times | 4.07 | 4.16 |
| Status of non-cooperation with previous CRA (if applicable) |
| None |
| Any Other Information |
| None |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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. 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 |
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