Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 15.50 - ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Bank Loan Ratings 19.50 ACUITE BB- | Downgraded | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 35.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
­Acuité has downgraded the long-term rating from ‘ACUITE BB’ (read as ACUITE double B) to 'ACUITE BB-' (read as ACUITE BB minus)  and reaffirmed the short term rating to ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 35.00 crore bank facilities. 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
­Incorporated in 2003 as a private limited company, West Bengal based ISPL is promoted by Mr. Gautam Gupta and his family members. It manufactures personal protection equipment, such as respiratory masks, protective suits, vests, industrial safety helmets, and masks. The company also supplies self-rescuing equipment mainly for entities engaged in the mining industry.
 
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 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.
 
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
 
Other Factors affecting Rating
­None
 
Key Financials:
The rated entity has not shared the latest financial statements despite repeated requests.
 
Status of non-cooperation with previous CRA
­None.
 
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
• 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
­https://www.acuite.in/view-rating-criteria-55.htm
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
19 Jan 2022 Bank Guarantee Short Term 8.33 ACUITE A4+ (Assigned)
Proposed Long Term Loan Long Term 6.98 ACUITE BB | Stable (Upgraded from ACUITE B+)
Cash Credit Long Term 0.85 ACUITE BB | Stable (Upgraded from ACUITE B+)
Proposed Bank Facility Long Term 10.02 ACUITE BB | Stable (Assigned)
Bank Guarantee Short Term 5.17 ACUITE A4+ (Upgraded from ACUITE A4)
Cash Credit Long Term 1.65 ACUITE BB | Stable (Assigned)
Proposed Bank Facility Short Term 2.00 ACUITE A4+ (Upgraded from ACUITE A4)
01 Oct 2020 Proposed Bank Facility Short Term 2.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 0.85 ACUITE B+ (Downgraded and Issuer not co-operating*)
Proposed Long Term Loan Long Term 6.98 ACUITE B+ (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 5.17 ACUITE A4 (Downgraded and Issuer not co-operating*)
10 Jul 2019 Proposed Long Term Loan Long Term 6.98 ACUITE BB- (Issuer not co-operating*)
Cash Credit Long Term 0.85 ACUITE BB- (Issuer not co-operating*)
Proposed Bank Facility Short Term 2.00 ACUITE A4+ (Issuer not co-operating*)
Bank Guarantee Short Term 5.17 ACUITE A4+ (Issuer not co-operating*)
17 Apr 2018 Cash Credit Long Term 0.85 ACUITE BB- (Issuer not co-operating*)
Proposed Long Term Loan Long Term 6.98 ACUITE BB- (Issuer not co-operating*)
Bank Guarantee Short Term 5.17 ACUITE A4+ (Issuer not co-operating*)
Proposed Short Term Loan Short Term 2.00 ACUITE A4+ (Issuer not co-operating*)
25 Jan 2017 Cash Credit Long Term 0.85 ACUITE BB- | Stable (Assigned)
Proposed Bank Facility Long Term 6.98 ACUITE BB- | Stable (Assigned)
Bank Guarantee Short Term 5.17 ACUITE A4+ (Assigned)
Proposed Bank Facility Short Term 2.00 ACUITE A4+ (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
State Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 5.17 ACUITE A4+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 8.33 ACUITE A4+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 0.85 ACUITE BB- | Downgraded | Issuer not co-operating*
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 1.65 ACUITE BB- | Downgraded | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Loan Not Applicable Not Applicable Not Applicable 10.02 ACUITE BB- | Downgraded | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Loan Not Applicable Not Applicable Not Applicable 6.98 ACUITE BB- | Downgraded | Issuer not co-operating*
Not Applicable Not Applicable Proposed Short Term Bank Facility Not Applicable Not Applicable Not Applicable 2.00 ACUITE A4+ | Reaffirmed | Issuer not co-operating*
­

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