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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 15.00 | ACUITE BB- | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 15.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long-term rating of ‘ACUITE BB-' (read as ACUITE double B minus) on the Rs.15.00 crore bank facilities of Harish Textile Engineers Limited.The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
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| About the Company |
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Harish Textile Engineers Limited (formerly, Harish Textile Engineers Private Limited), based out at Lower Parel, Mumbai was established in the year 2010 by the Gandhi family. It is engaged in designing and manufacturing of textile machines along with manufacturing of polyester staple fibre (PSF) and trading of non-ferrous metals like zinc and nickel. The group caters to domestic market like- Sri Lanka, Malaysia, Bangladesh, Vietnam, Indonesia, Brazil, etc. The group has a dedicated division for research and development, headed by Mr. Kirti Gandhi. The Directors of the company are Mr Ritesh Harshad Patel, Mr Sandeep Kirtikumar Gandhi, Mr Nainesh Trivedi, Mr Hitendra Desai Chimanlal, and Ms Meena Ramesh Mistry.
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| Non-cooperation by the issuer/borrower: |
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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.
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| Limitation regarding information availability: |
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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 has endeavoured 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.
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| About the Rated Entity - Key Financials |
| The rated entity has not shared the latest financial statements despite repeated requests |
| Rating Sensitivity |
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No information provided by the issuer / available for Acuité to comment upon.
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| Material Covenants |
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None
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| Liquidity Position |
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No information provided by the issuer / available for Acuité to comment upon.
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| Outlook |
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Not Applicable.
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| Status of non-cooperation with previous CRA |
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None
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| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
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| 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 |
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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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