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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 72.70 | ACUITE BB+ | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 3.00 | - | ACUITE A4+ | Reaffirmed | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 75.70 | - | - |
| Rating Rationale |
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Acuité has reaffirmed its long-term rating of ‘ACUITE BB+’ (read as ACUITE double B plus) and the short term rating of 'ACUITE A4+' (read as ACUITE A four plus) on the Rs.75.70 crore bank facilities of Pan healthcare private limited. The ratings continues to be flagged as "Issuer Not-Cooperating" and is based on best available information
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| About the Company |
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Incorporated in the year 2016, Pan healthcare private limited is engaged in manufacturing of baby diapers, adult diapers and sanitary napkins. The directors of the company Mr. Alpeshbhai V allabhbhai Pan, Mr. Chirag Mansukhbhai Pan, Mr. Amber Anilbhai Patel and Mr. Riteshbhai Mansuk hbhai Patel. The manufacturing facility of the company is located at Rajkot, Gujarat. The company caters to retail segment under the brand name of “Little Angel” for baby diapers, “Liberty” for adult diapers and “Ev erteen” for sanitary napkins. PHPL is distributing its goods in Pan India through distribution centers located at 23 different location in the country. The company is a part of ‘Pan Health Group’ which is a subset of Pan group, which has div erse business interests across cotton ginning, cement manufacturing, laminate manufacturing, agricultural equipment manufacturing, agro commodity trading, etc.
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| About the Group |
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Pan Health Group is a subset of Pan Group and consists of PHPL and PHHPL. While Pan Group consists of Jaydeep Cotton Fibres Priv ate Limited [JCFPL] (ACUITE BBB+/ Stable/ ACUITE A2), Pan Agri Exports [PAE] (ACUITE BBB+/ Stable/ ACUITE A2), PHPL, PHHPL and Pan Tex Nonwov en Private Limited (PTNWPL). JCFPL and PAE are engaged in the ginning, pressing & trading of raw cotton and trading of cotton bales and other agro-based commodities. PHPL started its operations in FY2018 while PHHPL is proposed to start operations in phased manner div ided into 4 phases. Both the entities are engaged in the manufacturing of baby diapers, adult diapers and sanitary napkins. The group is promoted by Mr. Mansukhbhai Pan, Mr. Arv indbhai Pan and Dr. Anil Patel, who hav e more than three decades of experience in v aried line of businesses. PTNWPL is proposed to manufacture non-wov en textiles in order to backward integrate the process of manufacturing of hygiene products and is proposed to commence operations in April 2022.
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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 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.
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| About the Rated Entity - Key Financials |
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The rated entity has not shared the latest financial statements despite repeated attempts.
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| Rating Sensitivity |
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No information provided by the issuer / available for Acuite to comment upon."
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| All Covenants |
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Not Applicable
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| Liquidity Position |
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"No information provided by the issuer / available for Acuite 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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Not Applicable
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| Status of non-cooperation with previous CRA |
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Not Applicable
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| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
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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 • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.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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