Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 13.00 ACUITE B | Reaffirmed & Withdrawn | Issuer not co-operating* -
Bank Loan Ratings 5.00 - ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 0.00 - -
Total Withdrawn Quantum (Rs. Cr) 18.00 - -
 
Rating Rationale
­Acuité has reaffirmed & withdrawn the long term rating of ‘ACUITE B' (read as ACUITE B) and the short term rating of ACUITE A4' (read as ACUITE A  four) on the Rs.18.00 crore bank facilities of Nahar Textiles Private Limited.The rating withdrawal is in accordance with the Acuité’s policy on withdrawal of rating. This rating continues to be an indicative rating and is based on best available information. The rating is being withdrawn on account of request received from the company and NOC received from the banker.

About the Company
­Nahar Textiles Private Limited was incorporated in 1982 by Mr. Navinchandra Nahar in Mumbai. Nahar Textiles Private Limited is engaged in manufacturing and exporting of fabrics and garments (Mens wear), which includes T-shirts, Shirts, Shirting and Suiting. The company has over 3 decades (36 years) of experience in the garment business and have been exporting to most of the European countries, Latin America, South Asia, Middle East, Far East and Africa over the past two and half decades. It sells its products under the brand name 'NIVADA' since 2000.
 
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. This rating is therefore being flagged as “Issuer notcooperating”, 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 financials despite of 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
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
27 Jul 2022 Packing Credit Long Term 11.00 ACUITE B ( Issuer not co-operating*)
Buyers Credit Short Term 5.00 ACUITE A4 ( Issuer not co-operating*)
Cash Credit Long Term 0.50 ACUITE B ( Issuer not co-operating*)
Proposed Bank Facility Long Term 1.50 ACUITE B ( Issuer not co-operating*)
28 Apr 2021 Packing Credit Long Term 11.00 ACUITE B (Issuer not co-operating*)
Proposed Bank Facility Long Term 1.50 ACUITE B (Issuer not co-operating*)
Buyers Credit Short Term 5.00 ACUITE A4 (Issuer not co-operating*)
Cash Credit Long Term 0.50 ACUITE B (Issuer not co-operating*)
10 Feb 2020 Cash Credit Long Term 0.50 ACUITE B (Downgraded and Issuer not co-operating*)
Buyers Credit Short Term 5.00 ACUITE A4 (Downgraded and Issuer not co-operating*)
Proposed Bank Facility Long Term 1.50 ACUITE B (Downgraded and Issuer not co-operating*)
Packing Credit Long Term 11.00 ACUITE B (Downgraded and Issuer not co-operating*)
29 Nov 2018 Cash Credit Long Term 0.50 ACUITE B+ | Stable (Assigned)
Packing Credit Long Term 11.00 ACUITE B+ | Stable (Assigned)
Buyers Credit Short Term 5.00 ACUITE A4 (Assigned)
Proposed Bank Facility Long Term 1.50 ACUITE B+ | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Bank of India Not Applicable Buyers Credit Not Applicable Not Applicable Not Applicable 5.00 Simple ACUITE A4 | Reaffirmed & Withdrawn | Issuer not co-operating*
Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 0.50 Simple ACUITE B | Reaffirmed & Withdrawn | Issuer not co-operating*
Bank of India Not Applicable Packing Credit Not Applicable Not Applicable Not Applicable 11.00 Simple ACUITE B | Reaffirmed & Withdrawn | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 1.50 Simple ACUITE B | Reaffirmed & Withdrawn | Issuer not co-operating*

Contacts
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