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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 3.00 | ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 7.84 | Not Applicable | Withdrawn | - |
| Bank Loan Ratings | 2.00 | - | ACUITE D | Reaffirmed & Withdrawn | Issuer not co-operating* |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 12.84 | - | - |
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Rating Rationale |
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Acuité has reaffirmed & withdrawn the long-term rating to ‘ACUITE D’ (read as ACUITE D) on the Rs.3.00 crore bank facilities also reaffirmed & withdrawn the short term rating to ‘ACUITE D’ (read as ACUITE D) on the Rs.2.00 crore bank facilities of Nuvocraft Apparels India Private Limited (NAIPL). Acuité has also withdrawn the long term proposed rating on the Rs.1.41 crore bank facilities without assigning any rating of Nuvocraft Apparels India Private Limited (NAIPL). The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the company and NOC received from the banker.
Acuité has also withdrawn the long term rating on the Rs.6.43 crore bank facilities without assigning any rating of Nuvocraft Apparels India Private Limited (NAIPL)as the instrument is fully repaid.The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the company and NDC received from the banker. The rating continues to be flagged as “Issuer Not Cooperating” and is based on best available information. |
| About the Company |
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Incorporated in 2006, Nuvocraft Apparels India Private Limited (NAIPL) is a Bangalore, Karnataka based company engaged in manufacturing of readymade garments. It is promoted by Mr. Stephen Verghese and Mr. Govindaraju Yedla. Promoters have an experience of more than two decades in the Textiles and Apparels industry.
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| Unsupported Rating |
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Not Applicable
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| 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 non-cooperation 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: |
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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.
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| Rating Sensitivity |
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No information provided by the issuer / available for Acuité to comment upon.
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| Liquidity Position |
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No information provided by the issuer / available for Acuité to comment upon.
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| Outlook |
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Not Applicable
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| Other Factors affecting Rating |
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None
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| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 14.20 | 18.32 |
| PAT | Rs. Cr. | (3.10) | (1.43) |
| PAT Margin | (%) | (21.86) | (7.82) |
| Total Debt/Tangible Net Worth | Times | 2.80 | 1.83 |
| PBDIT/Interest | Times | (1.55) | 0.71 |
| Status of non-cooperation with previous CRA |
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Not Applicable
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| Any other information |
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None
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| 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 http://www.acuite.in
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