Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 9.00 ACUITE BB- | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 10.00 - ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Total Outstanding 19.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

­Acuité has downgraded the long-term rating to ‘ACUITE BB-’ (read as ACUITE double B minus) from 'ACUITE BB' (read as ACUITE double B) and reaffirmed the short term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 19.00 Crore bank facilities of Blow Packaging India Private Limited 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

­Blow Packaging India Private Limited (­BPIPL) was established in 1992 by Mr. C M Baid having over five decades of experience in the plastic industry. The company is engaged in manufacturing of High Molecular High Density Polyethylene (HMHDPE) containers/plastic containers at its manufacturing units at Ambattur (Tamil Nadu), Sriperumbudur (Tamil Nadu) and Rohtak (Haryana). The registered office is located at Chennai.

 
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 ratingis 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. 285.30 286.44
PAT Rs. Cr. 38.32 38.69
PAT Margin (%) 13.43 13.51
Total Debt/Tangible Net Worth Times 0.00 0.02
PBDIT/Interest Times 268.20 57.10
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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
03 Oct 2023 Letter of Credit Short Term 9.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 1.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 9.00 ACUITE BB (Reaffirmed & Issuer not co-operating*)
05 Jul 2022 Letter of Credit Short Term 9.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR) Short Term 1.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 9.00 ACUITE BB (Reaffirmed & Issuer not co-operating*)
07 Apr 2021 Bank Guarantee (BLR) Short Term 1.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 9.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 9.00 ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BB+)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 9.00 Simple ACUITE BB- | Downgraded | Issuer not co-operating* ( from ACUITE BB )
Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 9.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.

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