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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 8.30 | ACUITE B- | Reaffirmed | Issuer not co-operating* | - |
Total Outstanding | 8.30 | - | - |
Total Withdrawn | 0.00 | - | - |
* The issuer did not co-operate; based on best available information. |
Rating Rationale |
Acuité has reaffirmed the long-term rating of ‘ACUITE B-’ (read as ACUITE B minus) on the Rs. 8.30 crore bank facilities of Chandan Textiles (CT). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information. |
About the Company |
Chandan Textiles (CT) is a Bangalore based proprietorship firm established in 2000 by Mr. Chandan Malhotra. The firm is engaged in the business of manufacturing and trading of pure silk fabrics such as chiffon, georgette and crape. It caters all over India but major customers are in Karnataka. CT procures its raw materials locally and imports from China as well. It has two manufacturing units in Karnataka with total installed capacity of 550000 meters for fabric and 12000 Kgs for twisted silk yarn. |
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 |
"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 17 (Actual) | FY 16 (Actual) |
Operating Income | Rs. Cr. | 28.15 | 23.68 |
PAT | Rs. Cr. | 0.08 | 0.16 |
PAT Margin | (%) | 0.29 | 0.66 |
Total Debt/Tangible Net Worth | Times | 3.66 | 3.02 |
PBDIT/Interest | Times | 1.48 | 1.39 |
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 |
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* The issuer did not co-operate; based on best available information. |
Contacts |
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