­Incorporated in September 2020, Gujarat based PTNWPL proposed to pursue manufacturing and trading of non-woven fabric. The plant would have an installed capacity 12,500 MT p.a. The Company is promoted and managed by Mr. Chirag Pan, Mr. Alpesh Pan and Mr. Amber Patel of Pan Group.

­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 06 consecutive months. Acuité has also 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.

­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.

­No information provided by the issuer / available for Acuite to comment upon.

­None

­No information provided by the issuer / available for Acuite to comment upon

­Not applicable

­The previous long term rating of 'ACUITE BBB-'  and short term rating of 'ACUITE A3' was on account of the group notchup given to the company on account of support from the Pan Group. However, the standalone unsupported rating of the company stood at 'ACUITE BB+' and 'ACUITE A4+'  respectively. The rating has been downgraded considering the standalone rating of the entity. 

­The rated entity has not shared the latest financial statements despite repeated requests.

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups

­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