* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has downgraded the long term rating to‘ACUITE B-’ (read as ACUITE B minus) from ‘ACUITE B’ (read as ACUITE B) and reaffirmed the short-term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 25.00 crore bank loan facilities of Indoline Industries Private Limited. The rating is now flagged as “Issuer Not-Cooperating” and is based on the best available information. The rating has been downgraded on account of information risk.
About the Company
Maharashtra-based Indoline Industries Private Limited was incorporated in 1987. The company is engaged in the manufacturing of all types of wooden furniture, including modular kitchens, wardrobes, bedroom furniture, and hotel and household furniture. The company also offers various finishes like laminate, acrylic, UV lacquer, PU lacquer, PVC membrane, veneer, solid wood, 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.
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
Rating Sensitivities
Potential triggers (individual or collective) for an upward rating action:
No information provided by the issuer / available for Acuité to comment upon.
Potential triggers (individual or collective) for a downward rating action:
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.
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+ | Stable)
Working Capital Term Loan
Long Term
0.64
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+ | Stable)
Working Capital Demand Loan (WCDL)
Long Term
0.21
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+ | Stable)
Term Loan
Long Term
1.07
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+ | Stable)
Cash Credit
Long Term
8.00
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+ | Stable)
Proposed Long Term Bank Facility
Long Term
6.22
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+ | Stable)
25 Apr 2023
Letter of Credit
Short Term
6.00
ACUITE A4
(Reaffirmed)
Bills Discounting
Short Term
2.00
ACUITE A4
(Reaffirmed)
Working Capital Term Loan
Long Term
0.86
ACUITE B+ | Stable
(Reaffirmed)
Working Capital Term Loan
Long Term
0.64
ACUITE B+ | Stable
(Reaffirmed)
Working Capital Demand Loan (WCDL)
Long Term
0.21
ACUITE B+ | Stable
(Reaffirmed)
Term Loan
Long Term
1.07
ACUITE B+ | Stable
(Reaffirmed)
Cash Credit
Long Term
8.00
ACUITE B+ | Stable
(Reaffirmed)
Proposed Long Term Bank Facility
Long Term
6.22
ACUITE B+ | Stable
(Reaffirmed)
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Indian Bank
Not avl. / Not appl.
Bank Guarantee (BLR)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.50
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Indian Bank
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
7.00
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Indian Bank
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
11.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Long Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.09
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Indian Bank
Not avl. / Not appl.
Working Capital Demand Loan (WCDL)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.46
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Indian Bank
Not avl. / Not appl.
Working Capital Term Loan
Unlisted
RBI
27 May 2021
Not avl. / Not appl.
26 May 2025
0.58
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Indian Bank
Not avl. / Not appl.
Working Capital Term Loan
Unlisted
RBI
31 Dec 2021
Not avl. / Not appl.
30 Dec 2026
0.37
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
