Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 25.00 ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 0.00 - -
Total Withdrawn Quantum (Rs. Cr) 25.00 - -
 
Rating Rationale
­Acuité has downgraded & withdrawn the long-term rating from ‘ACUITE BB-’ (read as ACUITE double B minus) to 'ACUITE B+'  (read as ACUITE B plus)  on the Rs. 25.00 crore bank facilities of Frystal Pet Private Limited (FPPL). The rating continues to be flagged as “Issuer Not-Cooperating”.

The rating withdrawal is in accordance with Acuité’s policy on withdrawal of rating. The rating continues to be flagged as “Issuer Not Cooperating”. The rating is being withdrawn on account of request received from the company and NOC received from the banker.
The rating has been downgraded on account of information risk.

About the Company
­FPPL is a Delhi-based company incorporated in 2010. Promoted by Mr. Nishit Singhal, Mr. Rakesh Kumar and Mr. Mayur Singhal, the company manufactures pet preform used in the production of plastic bottles. The manufacturing facility is located at Rajasthan with installed capacity of 7,200 Metric Ton (MT) per annum. FPPL caters to companies in the beverages industry.
 
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 entity has not shared the latest financial statements for Acuite to comment upon
 
Rating Sensitivity
­No information provided by the issuer / available for Acuite to comment upon.
 
Material Covenants
­None
 
Liquidity Position
No information provided by the issuer / available for Acuite to comment upon.­
 
Outlook
­Not Applicable.
 
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
• 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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
29 Jul 2021 Proposed Cash Credit Long Term 4.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Term Loan Long Term 11.50 ACUITE BB- (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 9.50 ACUITE BB- (Downgraded and Issuer not co-operating*)
07 May 2020 Proposed Cash Credit Long Term 4.00 ACUITE BB (Issuer not co-operating*)
Cash Credit Long Term 9.50 ACUITE BB (Issuer not co-operating*)
Term Loan Long Term 11.50 ACUITE BB (Issuer not co-operating*)
14 Mar 2019 Proposed Cash Credit Long Term 4.00 ACUITE BB (Issuer not co-operating*)
Cash Credit Long Term 9.50 ACUITE BB (Issuer not co-operating*)
Term Loan Long Term 11.50 ACUITE BB (Issuer not co-operating*)
04 Jan 2018 Term Loan Long Term 11.50 ACUITE BB | Stable (Assigned)
Cash Credit Long Term 9.50 ACUITE BB | Stable (Assigned)
Proposed Cash Credit Long Term 4.00 ACUITE BB | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Punjab National Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 9.50 ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*
Not Applicable Not Applicable Proposed Cash Credit Not Applicable Not Applicable Not Applicable 4.00 ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*
Punjab National Bank Not Applicable Term Loan Not available Not available Not available 11.50 ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research

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