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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 15.00 | ACUITE D | Reaffirmed | Issuer not co-operating* | - |
Total Outstanding | 15.00 | - | - |
Total Withdrawn | 0.00 | - | - |
* The issuer did not co-operate; based on best available information. |
Rating Rationale |
Acuité has reaffirmed the long-term rating of ‘ACUITE D' (read as ACUITE D) on the Rs. 15.00 crore bank facilities of Keerthi Enterprises (KE). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information |
About the Company |
Incorporated in 2011 by Mr. K Baranidharan, Keerthi Enterprises (KE) is a proprietorship concern engaged in manufacturing of safety gloves. The entity trades in industrial safety gloves, safety gadgets such as gloves, ear plugs, nose protection, eye protection, head protection, cotton aprons, and feet protection, among others. The entity has installed capacity to manufacture 42,240 pairs/day of safety gloves at its facility in Kanchipuram (Tamil Nadu). |
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. |
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." |
Liquidity Position |
"No information provided by the issuer / available for Acuite to comment upon." |
Outlook |
Not Applicable |
Other Factors affecting Rating |
None |
Particulars | Unit | FY 17 (Actual) | FY 16 (Actual) |
Operating Income | Rs. Cr. | 245.19 | 91.54 |
PAT | Rs. Cr. | 7.27 | 1.20 |
PAT Margin | (%) | 2.96 | 1.31 |
Total Debt/Tangible Net Worth | Times | 1.25 | 1.29 |
PBDIT/Interest | Times | 6.46 | 6.33 |
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 |
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* The issuer did not co-operate; based on best available information. |
Contacts |
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