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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 6.10 | ACUITE B | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 0.50 | Not Applicable | Withdrawn | - |
| Bank Loan Ratings | 0.22 | - | ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating* |
| Bank Loan Ratings | 0.05 | - | Not Applicable | Withdrawn |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 6.87 | - | - |
| Rating Rationale |
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Acuité has reaffirmed & withdrawn the long-term rating of ‘ACUITE B’ (read as ACUITE B) on the Rs. 6.10 crore and withdrawn the outstanding long term rating on the Rs.0.50 crore and the short-term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 0.22 crore and also withdrawn the outstanding short term rating on the Rs. 0.05 crore bank facilities of Dovel Ceramics (DC). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NOC received from the banker. |
| About the Company |
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DC was established in 2016 as a partnership concern promoted by Mr. Pankajbhai Mavjibhai Jetpariya, Mr. Rajeshbhai Mavjibhai Jetpariya along with ten other partners. DC has setup a manufacturing facility in Rajkot district of Gujarat with a manufacturing capacity of 5400 tonnes per annum; primarily it manufactures ceramic sanitary ware products such as washbasins, closets, urinals, sinks among others. The commercial operations of the firm have started during FY2018. The firm is into trading of ceramic sanitary ware products such as washbasins, closets, urinals, sinks among others which have wide usage for commercial as well as domestic buildings.The registered office of the company is in Gujarat. |
| 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 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 |
| The rated entity has not shared the latest financial statements despite repeated requests. |
| Rating Sensitivity |
| "No information provided by the issuer / available for Acuite to comment upon." |
| All Covenants |
| None |
| Liquidity Position |
| Not Applicable |
| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| None |
| Status of non-cooperation with previous CRA |
| None |
| Any other information |
| 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 |
| 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. |
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