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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 57.00 | ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 15.00 | - | ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating* |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 72.00 | - | - |
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Rating Rationale |
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Acuité has reaffirmed and withdrawn the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) and short-term rating of 'ACUITE A4' (read as ACUITE A four) on the Rs. 72.00 crore bank facilities of Kushal Polysacks Private Limited (KPPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information. The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NOC (No Objection Certificate) received from the banker.
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| About the Company |
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Kushal Polysacks Private Limited (KPPL) is a Kolkata based company incorporated in 1996, by Mr. Naresh Kumar Agarwalla. Currently, the company is managed by Mr. Naresh Kumar Agarwalla, Mr. Bishnu Kumar Agarwala and Mr. Kushal Agarwal. The company was initially engaged in manufacturing of various types of PP/HDPE products. During 2011, KPPL started operating as a Del Credere Agent of Indian Oil Corporation Limited (IOCL) for Polypropylene granules. The company is engaged in the distribution of these polymer products in West Bengal, Bihar, Jharkhand, Odisha and North-Eastern states. Furthermore, the company has entered into the business of executing dredging projects and undertakes projects mainly from the government of India and the government of Bangladesh.
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| Unsupported Rating |
| Not Applicable |
| Non-cooperation by the issuer/borrower: |
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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.
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| 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 ratingis based. |
| Rating Sensitivity |
| The rated entity has not shared the latest financial statements despite repeated requests. |
| Liquidity Position |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 11.33 | 9.71 |
| PAT | Rs. Cr. | 1.15 | 1.03 |
| PAT Margin | (%) | 10.11 | 10.59 |
| Total Debt/Tangible Net Worth | Times | 3.64 | 2.72 |
| PBDIT/Interest | Times | 1.43 | 1.50 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• 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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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.
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