Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 19.50 ACUITE BB- | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 15.50 - ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Total Outstanding 35.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of 'ACUITE BB-' (read as ACUITE BB minus) and the short term rating to ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 35.00 crore bank facilities of Intech Safety Private Limited (ISPL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.


About the Company

­Incorporated in 2003 as a private limited company, West Bengal based Intech Safety Private Limited (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.

 
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 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 Sensitivity

­"No information provided by the issuer / available for Acuite to comment upon."

 
All Covenants (Applicable only for CE & SO Ratings)

­Not Applicable

 
Liquidity Position

­"No information provided by the issuer / available for Acuite to comment upon."

 
Outlook

­Not Applicable

 
Other Factors affecting Rating

­Not Applicable

 

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 31.38 33.78
PAT Rs. Cr. 1.11 1.93
PAT Margin (%) 3.52 5.72
Total Debt/Tangible Net Worth Times 3.05 2.49
PBDIT/Interest Times 2.16 2.77
Status of non-cooperation with previous CRA

­Not Applicable

 
Any other information

­None

 
Applicable Criteria
• 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

­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.

 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
17 Oct 2022 Proposed Long Term Loan Long Term 10.02 ACUITE BB- (Downgraded and Issuer not co-operating*)
Proposed Long Term Loan Long Term 6.98 ACUITE BB- (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 1.65 ACUITE BB- (Downgraded and Issuer not co-operating*)
Proposed Bank Facility Short Term 2.00 ACUITE A4+ ( Issuer not co-operating*)
Cash Credit Long Term 0.85 ACUITE BB- (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 5.17 ACUITE A4+ ( Issuer not co-operating*)
Bank Guarantee Short Term 8.33 ACUITE A4+ ( Issuer not co-operating*)
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*)
­

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

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