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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 12.00 | ACUITE B+ | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 12.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B Plus) on the Rs.12.00 Crore bank facilities of Bright Style Fabrics Private Limited (BSPL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information. |
| About the Company |
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BSPL was incorporated by Mr. Hari Agarwal in 2008. The company is engaged in the processing and finishing of fabrics at Bhilwara (Rajasthan). It has 60 airjet power looms with installed capacity of 5 lakh metres per month to produce grey and finished fabrics. The company caters to customers across several states including Punjab, Delhi and Uttar Pradesh through distributors. BSPL procures most of its raw materials from the local market. |
| 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 unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. |
| Limitation regarding information availability: |
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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 rating is based. |
| About the Rated Entity - Key Financials |
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The rated entity has not shared the latest financial statements despite repeated requests. |
| Rating Sensitivity |
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"No information provided by the issuer / available for Acuite to comment upon." |
| Material Covenants |
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None |
| Liquidity Position |
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"No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
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None |
| Other Factors affecting Rating |
| None |
| Status of non-cooperation with previous CRA |
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None |
| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups. |
| Applicable Criteria |
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• 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 |
| https://www.acuite.in/view-rating-criteria-55.htm |
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