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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 11.00 | ACUITE D | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 9.00 | - | ACUITE D | Downgraded | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 20.00 | - | - |
| Rating Rationale |
| Acuité has downgraded its long term rating to ‘ACUITE D' (read as ACUITE D)’ from ‘ACUITE C' (read as ACUITE C) and the short term rating to ‘ACUITE D' (read as ACUITE D)’ from‘ACUITE A4' (read as ACUITE A four) on the Rs.20.00 crore bank facilities of Padmey Impex Private Limited. The rating continues to be flagged as “Issue Not Cooperating”. The downgrade is on the account of the suit filed against the company as mentioned in the defaulter list published by CIBIL. |
| About the Company |
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Mumbai based, Padmey Impex Private Limited (PIPL) was established in 2005 and converted to private limited company in 2008. The company, promoted by Mr. Premal Doshi and Mr. Jinesh Doshi, is engaged in the manufacturing of plastic bags for garment industry. The manufacturing unit with an installed capacity of 6000 plastic bags/day is located at Daman. The company processes 2000 tonnes of plastic granules per month. The Directors are Mr. Premal Jaysukhlal Doshi & Mr. Anil Kumar Bohra. |
| 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. |
| 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 |
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| Key Financials |
| No information provided by the issuer / available for Acuite to comment upon. |
| Status of non-cooperation with previous CRA |
| No information provided by the issuer / available for Acuite to comment upon. |
| 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 |
| 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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