Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 0.19 ACUITE C | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 12.31 ACUITE D | Downgraded | Issuer not co-operating* -
Total Outstanding 12.50 - -
 
Rating Rationale

­­Acuite has downgraded the long-term rating to ‘ACUITE D’ (read as ACUITE D) from ‘ACUITE B’ (read as ACUITE B)  on the Rs.12.31 crore bank facilities of L.G. Fibre Private Limited (LGPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

Acuite has also downgraded the long term rating to ‘ACUITE C’ (read as ACUITE C) from ‘ACUITE BB+’ (read as ACUITE double B plus) on the Rs 0.19 Crore bank facilities of L.G. Fibre Private Limited (LGPL)

The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information.
The downgrade is based on NCLT and other publicly available information about the company.

About the Company
­­L G Fibres Private Limited (LGPL) incorporated in the year 2013, was promoted by Finava family of Gujarat (Ahemdabad). Company is engaged in the manufacture of Recron fibre pillow and other related products.
 
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.
 
About the Rated Entity - Key Financials
­­The rated entity has not shared the latest financial statement for Acuite to comment.
 
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
­Not Applicable 
 
Status of non-cooperation with previous CRA
­­Not Applicable
 
Applicable Criteria
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.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
23 Aug 2023 Term Loan Long Term 5.81 ACUITE B ( Issuer not co-operating*)
Proposed Bank Facility Long Term 0.19 ACUITE B ( Issuer not co-operating*)
Cash Credit Long Term 4.00 ACUITE B ( Issuer not co-operating*)
Term Loan Long Term 2.50 ACUITE B ( Issuer not co-operating*)
07 Jun 2022 Term Loan Long Term 2.50 ACUITE B ( Issuer not co-operating*)
Proposed Bank Facility Long Term 0.19 ACUITE B ( Issuer not co-operating*)
Cash Credit Long Term 4.00 ACUITE B ( Issuer not co-operating*)
Term Loan Long Term 5.81 ACUITE B ( Issuer not co-operating*)
05 Mar 2021 Term Loan Long Term 2.50 ACUITE B (Issuer not co-operating*)
Proposed Bank Facility Long Term 0.19 ACUITE B (Issuer not co-operating*)
Cash Credit Long Term 4.00 ACUITE B (Issuer not co-operating*)
Term Loan Long Term 5.81 ACUITE B (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 4.00 Simple ACUITE D | Downgraded | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 0.19 Simple ACUITE C | Downgraded | Issuer not co-operating*
Bank of India Not Applicable Term Loan Not available Not available Not available 5.81 Simple ACUITE D | Downgraded | Issuer not co-operating*
Bank of India Not Applicable Term Loan Not available Not available Not available 2.50 Simple ACUITE D | Downgraded | Issuer not co-operating*

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