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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 12.18 | ACUITE C | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 6.00 | - | ACUITE A4 | Downgraded | Issuer not co-operating* |
| Total Outstanding | 18.18 | - | - |
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Rating Rationale |
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Acuité has downgraded its long-term rating to ‘ACUITE C’ (read as ACUITE C) from 'ACUITE BBB+' (read as ACUITE Triple B Plus) and short-term rating to 'ACUITE A4' (read as ACUITE A Four) from 'ACUITE A2' (read as ACUITE A Two) on the Rs.18.18 Cr. bank facilities of Nirmala Monofil Private Limited (NMPL). This rating is now an indicative rating and is based on best available information. The downgrade is on account of information risk. |
| About the Company |
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Based in Tamil Nadu, Nirmala Monofil Private Limited (NMPL) is incorporated in the year 2002. It is engaged in the manufacturing of nylon monofilament yarn and fishing nets, polyester lines for staywire application, and nylon weed cutters. NMPL is promoted by Mr. Ginoy Joseph and Mr. Biju Thomas. |
| About the Group |
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Incorporated in 1998, Nirmala Filaments India Private Limited (NFIPL) is based in Kerala and engaged in the manufacturing of nylon yarn and lines which is being used for commercial fishing gears. The company is currently managed by Mr. Gisto Joseph and Mr. Biju Thomas. Incorporated in 2008 and based in Tamil Nadu, Nirmala Polyropes India Private Limited (NPIPL) is engaged in the manufacturing of HDPE twines, fishnet, and danline ropes in various grades for trawling, gill netting, aquaculture, agriculture, safety & various other commercial needs. Mr. Gisto Joseph, and Mr. Biju Thomas are the directors of the company. |
| Unsupported Rating |
| Not Applicable |
| Non-cooperation by the issuer/borrower |
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Acuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 03 consecutive months. 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 |
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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 Sensitivities |
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No information provided by the issuer / available for Acuite to comment upon. |
| Liquidity Position |
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No information provided by the issuer / available for Acuite to comment upon. |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 99.93 | 111.68 |
| PAT | Rs. Cr. | 5.24 | 7.91 |
| PAT Margin | (%) | 5.24 | 7.09 |
| Total Debt/Tangible Net Worth | Times | 0.04 | 0.06 |
| PBDIT/Interest | Times | 14.78 | 25.01 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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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| *Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) |
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