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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 9.00 | ACUITE D | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 3.00 | - | ACUITE D | Reaffirmed | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 12.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long-term rating ‘ACUITE D (read as ACUITE D)’ and short term rating ACUITE D (read as ACUITE D) on the Rs.12.00 crore bank facilities of Himalyan Plastics Limited.
This rating is now an indicative rating and is based on best available information. Rating has been reaffirmed factoring the banker's feedback. |
| About the Company |
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Himachal Pradesh based, Himalyan Plastics Limited (HPL) was incorporated in 1980 as a private limited company and later converted to a public limited company in 2001. HPL is engaged in the manufacturing of Telecom Ducts, HDPE Pipes, MDPE pipes and sprinklers. The major clientele of the company for telecom ducts includes Vodafone, Jio, Airtel, and various government departments & private organizations. The directors of the company are Mr Madan Sharma, Mr Ajay Sharma and Mr Sridhar Bihara.
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| Non-cooperation by the issuer/borrower |
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Acuité has been requesting for information critical for rating exercise from the rated entity. 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 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 notcooperating”, 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 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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| Rating Sensitivities |
| 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 |
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| Key Financials: |
| The rated entity has not shared the latest financial statements for Acuite to comment |
| Status of non-cooperation with previous CRA |
| None |
| Any other information |
| Acuite is yet to receive the latest NDS (No Default Statement) despite repeated requests and followups. |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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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