![]() |
![]() |
Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 17.00 | ACUITE B | Downgraded | Issuer not co-operating* | - |
Bank Loan Ratings | 8.00 | - | ACUITE A4 | Reaffirmed | Issuer not co-operating* |
Total Outstanding | 25.00 | - | - |
Rating Rationale |
Acuité has downgraded long-term ratings to 'ACUITE B' (read as ACUITE B) from 'ACUITE B+' (read as ACUITE B plus) and reaffirmed the short-term ratings to 'ACUITE A4' (read as ACUITE A four) on the Rs. 25.00 Crore bank facilities of Indoline Industries Private Limited. The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available. The downgrade is on account of information risk.
|
About the Company |
Maharashtra-based, IIPL was incorporated in 1987. The company is engaged in manufacturing of all types of wooden furniture including modular kitchens, wardrobes, bedroom furniture, hotel and household furniture. The company also offers various finishes like Laminate, Acrylic, UV Lacquer, PU Lacquer, PVC Membrane, Veneer, Solid Wood and Back Painted Glass etc. The company is promoted by Mr. Husain Sultan Ali Nensey, Mr. Saif Husain Nensey, Mrs. Nissa Husain Nensey and Mr. Adnan Latif Nensey. The manufacturing facilities are located at Ambad, Nashik and Dindori.
|
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 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 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.
|
Rating Sensitivities |
No information provided by the issuer / available for Acuité to comment upon. |
Liquidity Position |
No information provided by the issuer / available for Acuité to comment upon.
|
Outlook |
Not Applicable. |
Other Factors affecting Rating |
None. |
Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
Operating Income | Rs. Cr. | 88.38 | 74.88 |
PAT | Rs. Cr. | (5.08) | (0.01) |
PAT Margin | (%) | (5.75) | (0.01) |
Total Debt/Tangible Net Worth | Times | 7.28 | 2.27 |
PBDIT/Interest | Times | (1.10) | 2.55 |
Status of non-cooperation with previous CRA |
Not Applicable. |
Any other information |
None. |
Applicable Criteria |
• 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 |
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 |
|
|
About Acuité Ratings & Research |
© Acuité Ratings & Research Limited. All Rights Reserved. | www.acuite.in |