Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 5.50 ACUITE B- | Reaffirmed & Withdrawn | Issuer not co-operating* -
Bank Loan Ratings 7.00 Not Applicable | Withdrawn -
Bank Loan Ratings 6.50 - ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding 0.00 - -
Total Withdrawn 19.00 - -
 
Rating Rationale

­Acuité has reaffirmed and withdrawn its long-term rating of ‘ACUITE B-’ (read as ACUITE B minus) on the Rs 5.50 crore bank facilities and also reaffirmed and withdrawn the short-term rating of  'ACUITE A4' (read as ACUITE A four ) on the Rs 6.50 crore bank facilities of Brilliant International LLP. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information. Further, Acuité has withdrawn its long-term rating on the Rs. 7 crore proposed bank facilites of Brilliant International LLP without assigning any rating. 

The rating has been withdrawn as per Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility. The rating has been withdrawn on account of the request received from the company, and the NOC(No Objection Certificate) received from the banker.


About the Company

­­Established in 2014, the Mumbai based Brilliant International LLP (BIL) is promoted by Mr. Satyajit Bipin Chainani and Mr. Bipin Ramchand Chainani. BIL is engaged in the manufacturing and trading of a wide range of electronic goods and household products including switches, socket and non-stick cookware. BIL imports household products such as non-stick cookware from China and sells through the dealer network and to reputed retail chains in India.

 
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 noncooperation 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 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 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. 50.63 24.38
PAT Rs. Cr. 1.48 0.34
PAT Margin (%) 2.93 1.40
Total Debt/Tangible Net Worth Times 2.71 17.39
PBDIT/Interest Times 2.26 1.55
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
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.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

­­­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
21 Mar 2023 Cash Credit Long Term 5.50 ACUITE B- | Not Applicable (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 2.50 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
PC/PCFC Short Term 4.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility Long Term 7.00 ACUITE B- | Not Applicable (Reaffirmed & Issuer not co-operating*)
29 Dec 2021 Cash Credit Long Term 5.50 ACUITE B- | Not Applicable (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 2.50 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
PC/PCFC Short Term 4.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility Long Term 7.00 ACUITE B- | Not Applicable (Reaffirmed & Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Union Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.50 Simple ACUITE B- | Reaffirmed & Withdrawn | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.50 Simple ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. PC/PCFC Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.00 Simple ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.00 Simple Not Applicable|Withdrawn
­

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