Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 21.00 ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating* -
Bank Loan Ratings 13.00 - ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding 0.00 - -
Total Withdrawn 34.00 - -
 
Rating Rationale

­Acuité has reaffirmed and withdrawn the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) and the short-term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 34.00 Cr. bank facilities of Gopsons Printers Private Limited. The rating continues to be flagged as “Issuer Not Co-operating” and is based on the best available information. 

The withdrawal is in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the company, and NOC (No Objection Certificate) received from the banker. The rating is reaffirmed on account of information risk.
 


About the Company

­­Delhi based, Gopsons Printers Private Limited was incorporated in 2011 and is engaged in the business of printing of security documents including national ID documents, Optical mark recognition sheets(OMR), Answer books, cheque books, lottery ticket, book printing, and thermal paper printing of POS and ATM roll. It has two printing facilities located in Noida and Maharashtra with an installed capacity of 12000 MT of writing paper and 12000 metric tons of thermal paper. Mrs. Chanchal Goel, Mr. Gaurav Goel and Mr. Nitin Goel are directors of the entity.

 
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:

­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.

 
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. 98.99 83.12
PAT Rs. Cr. 0.22 0.19
PAT Margin (%) 0.22 0.23
Total Debt/Tangible Net Worth Times 1.18 1.27
PBDIT/Interest Times 2.36 2.11
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
• Service Sector: https://www.acuite.in/view-rating-criteria-50.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
03 Oct 2023 Bank Guarantee (BLR) Short Term 5.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 8.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.70 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 6.75 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Working Capital Term Loan Long Term 3.55 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
05 Jul 2022 Bank Guarantee (BLR) Short Term 5.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB- | Stable)
Letter of Credit Short Term 8.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.70 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB- | Stable)
Term Loan Long Term 6.75 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB- | Stable)
Working Capital Term Loan Long Term 3.55 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB- | Stable)
15 Apr 2021 Bank Guarantee (BLR) Short Term 5.00 ACUITE A4 (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE BB- | Stable (Reaffirmed)
Letter of Credit Short Term 8.00 ACUITE A4 (Reaffirmed)
Term Loan Long Term 6.75 ACUITE BB- | Stable (Reaffirmed)
Term Loan Long Term 0.70 ACUITE BB- | Stable (Reaffirmed)
Working Capital Term Loan Long Term 3.55 ACUITE BB- | Stable (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Punjab National Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 8.00 Simple ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Term Loan 29 Jul 2020 Not avl. / Not appl. 31 Jul 2024 6.75 Simple ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 15 Apr 2023 0.70 Simple ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Working Capital Term Loan 14 Dec 2021 Not avl. / Not appl. 30 Nov 2026 3.55 Simple ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating*
­

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