Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 15.00 ACUITE D | Downgraded | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 15.00 - -
 
Rating Rationale

Acuité has Downgraded the long term rating to ‘ACUITE D (read as ACUITE D)’ from ‘ACUITE B+’ (read as ACUITE B plus) on the Rs. 15.00 crore bank facilities of Avmark Polymers Private Limited (APPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.

The rating continues to be an indicative rating. The downgrade is based on the publicly available information.
The downgrade is on the account of the suit filed against the company as mentioned in the defaulter list published by CIBIL
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About the Company
The Kanpur-based APPL, promoted by Mr. Gaurav Agarwal, Saurabh Agarwal and Mr. Prateek Arora in 2013, is engaged in the production of tarpaulin.­
 
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 noncooperation by the issuer along with an 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 has endeavoured 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.­
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Material Covenants
None­
 
Liquidity Position
­No information provided by the issuer / available for Acuite to comment upon.­
 
Outlook
Not Applicable­
 
Other Factors affecting Rating
­None
 
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
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
04 Jul 2022 Term Loan Long Term 4.00 ACUITE B+ ( Issuer not co-operating*)
Cash Credit Long Term 11.00 ACUITE B+ ( Issuer not co-operating*)
05 Apr 2021 Term Loan Long Term 4.00 ACUITE B+ (Issuer not co-operating*)
Cash Credit Long Term 11.00 ACUITE B+ (Issuer not co-operating*)
10 Jan 2020 Cash Credit Long Term 11.00 ACUITE B+ (Issuer not co-operating*)
Term Loan Long Term 4.00 ACUITE B+ (Issuer not co-operating*)
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Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 11.00 Simple ACUITE D | Downgraded | Issuer not co-operating*
State Bank of India Not Applicable Term Loan Not available Not available Not available 4.00 Simple ACUITE D | Downgraded | Issuer not co-operating*

Contacts
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