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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 15.00 | ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 15.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed & withdrawn its long term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs.15.00 crore bank facilities of Petrole Services India Private Limited. The rating withdrawal is in accordance with the Acuité’s policy on withdrawal of rating. This rating continues to be an indicative rating and is based on the best available information. The rating is withdrawn on account of request received from the company and NOC received from the banker. |
| About the Company |
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Haryana based Petrole Services India Private Limited (PSIPL) was incorporated in 1984. The company was taken over by Mohan Clothing Company Private Limited (MCCPL) in 2015 with a consideration of Rs. 21.00 crore. PSIPL is a wholly owned subsidiary of MCCPL which is engaged in manufacturing of men’s apparels under the brand name ‘Blackberrys’. PSIPL is developing a four storied building and has entered into a nine-year lease agreement with MCCPL. It is managed by Deepak Jha and Sachin Gupta. |
| About the Group |
| Incorporated in 1991, Mohan Clothing Company Private Limited is a Haryana-based company incorporated by Mr. Mohan and family. The company is engaged in the manufactures of men’s apparels under the brand name ‘Blackberrys’. Its clothing line includes formals, casuals, party wear among others. The company has an annual manufacturing capacity of 37.5 lakh pieces of suits, trousers and shirts with current utilisation of about 80 percent. |
| 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 continues to be flagged as “Issuer notcooperating”, 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. |
| About the Rated Entity - Key Financials |
| The issuer has not provided the latest financials for Acuite to comment upon. |
| 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. |
| Status of non-cooperation with previous CRA |
| None. |
| Any other information |
| Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups |
| 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 |
| https://www.acuite.in/view-rating-criteria-55.htm |
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