* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has downgraded the long-term rating to ‘ACUITE B’ (read as ACUITE B) from 'ACUITE B+' (read as ACUITE B plus) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 24.00 crore bank facilities of Bagla Polifilms Limited (BPL) on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information.
About the Company
The Kolkata-based Bagla Polifilms Limited (BPL) is led by Mr. Madhusudan Bagla, Mr. Lalit Kumar Bagla, Mr. Dinesh Chandra Ray and Mrs. Pushpadevi Bagla since 2009. The company is engaged in the manufacture of heat shrinkable polyolefin display films used for wrapping of FMCG goods. The installed capacity stands at 3350 MTPA. The manufacturing facility is located at Haridwar.
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
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Bank Guarantee/Letter of Guarantee
Short Term
1.00
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Term Loan
Long Term
0.63
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
Term Loan
Long Term
8.37
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
Cash Credit
Long Term
9.00
ACUITE B+
(Downgraded & Issuer not co-operating* from ACUITE BB-)
23 Nov 2023
Letter of Credit
Short Term
5.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Bank Guarantee/Letter of Guarantee
Short Term
1.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
0.63
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Term Loan
Long Term
8.37
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
9.00
ACUITE BB-
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Indian Bank
Not avl. / Not appl.
Bank Guarantee/Letter of Guarantee
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Indian Bank
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
9.00
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
Indian Bank
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Indian Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.63
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
Indian Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
8.37
Simple
ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
