|
|
| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 24.74 | ACUITE D | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 3.11 | - | ACUITE D | Downgraded | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 27.85 | - | - |
| Rating Rationale |
| Acuité has downgraded its long term rating to ‘ACUITE D (read as ACUITE D)’ from ‘ACUITE BB+’ (read as ACUITE double B plus) and the short term rating to ‘ACUITE D (read as ACUITE D)’ from ‘ACUITE A4+’ (read as ACUITE A four plus) on Rs 27.85 Cr bank facilities of Goal Closures. The downgrade is on the basis of bankers feebback confirming the NPA status of the account as the company has delayed in servicing of its debt obligation. This rating continues to be an indicative rating and is based on best available information. |
| About the Company |
| Tamil Nadu based, Goal Closures (GC) is a partnership firm formed in 2007 by Mrs. R. Vichitra and Mr. V. Ponnusamy. Firm is engaged in the business of manufacturing Aluminium caps used in the liquor and pharmaceutical industry. It has an installed capacity of 150 crore caps per year and has an average production of 100 crore caps per year. |
| 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 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 continues to be flagged as “Issuer notcooperating”, 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. |
| 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 |
| Material Covenants |
| None |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon |
| Outlook: |
| Not Applicable |
| 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 |
|
• 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. |
|
| |
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
Contacts |
| Analytical | Rating Desk |
| About Acuité Ratings & Research |
