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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 18.00 | ACUITE D | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 18.00 | - | - |
| Rating Rationale |
| Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs.18.00 crore bank facilities of Pinnacle Nexus Limited (PNL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information. |
| About the Company/Group |
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The PNL Group consists of two companies - United Fortune International Private Limited and Pinnacle Nexus Limited. The companies are engaged in the export of readymade garments, fabrics, imitation jewellery among others to Africa, Asia and the Middle East. PNL was incorporated in 2007 in Mumbai and is led by Mr. Sohail Munshi (Chairman and Managing Director) while United Fortune International Private Limited (UFIPL) established in 2011, is headed by Mr. Ahteshman Munshi, CMD.
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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 (inthe 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 ratingis based.
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| About the Rated Entity - Key Financials |
| The company has not shared the latest financial statement for Acuite to comment. |
| Rating Sensitivity |
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No information provided by the issuer / available for Acuite to comment upon. |
| Material Covenants |
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None |
| Liquidity Position |
| No information has been given by the issuer/borrower for Acuite to comment. |
| Outlook: |
| Not Applicable |
| Other Factors affecting Rating |
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Not Applicable |
| Status of non-cooperation with previous CRA |
| Crisil vide its press release dated 15.07.2022, had denoted the company to CRISIL D; Issuer Not Cooperating. |
| 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. |
| 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 |
| 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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