Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 50.00 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 8.50 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 58.50 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
­Acuité has reaffirmed 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.58.50 crore bank facilities of Gujarat Pickers Industries Limited. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company
­Gujarat Pickers Industries Limited (GPIL) was established in 1962 as Gujarat Pickers Industries (GPI), as a partnership firm with Mr. Rathi Makwana and his brothers as partners. The firm was later converted into a limited company in the year 2001. The company was initially engaged in manufacturing of various types of Pickers and other accessories (used in textile industry). Later around 1978 the company started distributorship of polymers of Indian Petrochemicals Corporation Limited (IPCL). However after IPCL was taken over by Reliance in 2002, GPIL discontinued the distributorship and started trading of chemicals and other products. The company has its manufacturing facility located at 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 an 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."
 
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
­Not Applicable.
 
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
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.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
02 Sep 2021 Cash Credit Long Term 8.50 ACUITE B+ ( Issuer not co-operating*)
Bank Guarantee Short Term 8.50 ACUITE A4 ( Issuer not co-operating*)
Cash Credit Long Term 41.50 ACUITE B+ ( Issuer not co-operating*)
25 Jun 2020 Cash Credit Long Term 8.50 ACUITE B+ (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 41.50 ACUITE B+ (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 8.50 ACUITE A4 (Downgraded and Issuer not co-operating*)
16 Apr 2019 Cash Credit Long Term 8.50 ACUITE BB- (Issuer not co-operating*)
Cash Credit Long Term 41.50 ACUITE BB- (Issuer not co-operating*)
Bank Guarantee Short Term 8.50 ACUITE A4+ (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
State Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 8.50 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 41.50 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 8.50 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*

Contacts
Analytical Rating Desk
About Acuité Ratings & Research
Acuité Ratings & Research Limitedwww.acuite.in