Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 0.50 - ACUITE A4 | Downgraded | Issuer not co-operating*
Bank Loan Ratings 17.60 ACUITE B+ | Downgraded | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 18.10 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale

­Acuité has downgraded the long term rating to ‘ACUITE B+’ (read as ACUITE B plus) from ‘ACUITE BB-’ (read as ACUITE double B minus) and the short-term rating to ‘ACUITE A4’ (read as ACUITE A four) from ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 18.10 crore bank facilities of Maple Panels Private Limited (MPPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.


About the Company

­MPPL (formerly known as Resham Polyolefines Limited) is a Gujarat-based company incorporated in 2003. The company is engaged in the manufacture of plain and prelaminated particle boards since November 2011 and has an installed capacity of 54,000 cubicmeters per annum. The overall operations of the company are managed by Mr. Pradeep Lohia and Mr. Ankur Agarwal.

 
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 continues to be 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 statements despite repeated requests.

 
Rating Sensitivity

­"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

 
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
• 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
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
20 Jul 2021 Bank Guarantee Short Term 0.50 ACUITE A4+ ( Issuer not co-operating*)
Cash Credit Long Term 4.40 ACUITE BB- (Downgraded and Issuer not co-operating*)
Term Loan Long Term 13.20 ACUITE BB- (Downgraded and Issuer not co-operating*)
20 Apr 2020 Cash Credit Long Term 4.40 ACUITE BB (Issuer not co-operating*)
Bank Guarantee Short Term 0.50 ACUITE A4+ (Issuer not co-operating*)
Term Loan Long Term 13.20 ACUITE BB (Issuer not co-operating*)
07 Feb 2019 Term Loan Long Term 13.20 ACUITE BB (Issuer not co-operating*)
Cash Credit Long Term 4.40 ACUITE BB (Issuer not co-operating*)
Bank Guarantee Short Term 0.50 ACUITE A4+ (Issuer not co-operating*)
09 Jan 2018 Cash Credit Long Term 4.40 ACUITE BB (Issuer not co-operating*)
Term Loan Long Term 13.20 ACUITE BB (Issuer not co-operating*)
Bank Guarantee Short Term 0.50 ACUITE A4+ (Issuer not co-operating*)
13 Sep 2016 Cash Credit Long Term 4.40 ACUITE BB | Stable (Reaffirmed)
Term Loan Long Term 13.20 ACUITE BB | Stable (Reaffirmed)
Bank Guarantee Short Term 0.50 ACUITE A4+ (Reaffirmed)
29 Feb 2016 Cash Credit Long Term 4.40 ACUITE BB | Stable (Upgraded from ACUITE B+ | Stable)
Term Loan Long Term 13.20 ACUITE BB | Stable (Upgraded from ACUITE B+ | Stable)
Bank Guarantee Short Term 0.50 ACUITE A4+ (Upgraded from ACUITE A4)
05 Jun 2015 Term Loan Long Term 13.20 ACUITE B+ | Stable (Assigned)
Cash Credit Long Term 4.40 ACUITE B+ | Stable (Assigned)
Bank Guarantee Short Term 0.50 ACUITE A4 (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Indian Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 0.50 ACUITE A4 | Downgraded | Issuer not co-operating*
Indian Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 4.40 ACUITE B+ | Downgraded | Issuer not co-operating*
Indian Bank Not Applicable Term Loan Not available Not available Not available 13.20 ACUITE B+ | Downgraded | Issuer not co-operating*

Contacts
Analytical Rating Desk
About Acuité Ratings & Research

Acuité Ratings & Research Limitedwww.acuite.in