Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 2.05 ACUITE B- | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 14.75 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 16.80 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

­­Acuité has downgraded the long-term rating to 'ACUITE B-’ (read as ACUITE B minus) from ‘ACUITE B’ (read as ACUITE B) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 16.80 crore bank facilities of ­Pioneer Leder Tex Private Limited (PLTPL) on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information.


About the Company

Pioneer Leder Tex Private Limited (PLTPL) was established in 1992 by Mr. A. Mohamed Farook, Mr. A. Abdul Kareem, Mr. A. Shafi Ahamed and Mrs. M. Regina Begum. The Chennai-based company is engaged in the manufacture and export of finished leather and has installed capacity of 6,00,000 sq. ft./month. PLTPL is also a registered exporter with the Government of India and Council for Leather Exports.

 
Unsupported Rating
­Not Applicable
 
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 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.

 
Limitation regarding information availability
Rating Sensitivity
­"No information provided by the issuer / available for Acuite to comment upon."
 
Liquidity Position
­"No information provided by the issuer / available for Acuite to comment upon."
 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 20 (Actual) FY 19 (Actual)
Operating Income Rs. Cr. 13.25 15.73
PAT Rs. Cr. 0.05 (0.05)
PAT Margin (%) 0.38 (0.32)
Total Debt/Tangible Net Worth Times 2.73 2.33
PBDIT/Interest Times 1.49 1.51
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• 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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
15 Jan 2024 PC/PCFC Short Term 10.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Stand By Line of Credit Short Term 2.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 2.75 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Working Capital Demand Loan (WCDL) Long Term 0.65 ACUITE B (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan Long Term 1.40 ACUITE B (Reaffirmed & Issuer not co-operating*)
26 Oct 2022 PC/PCFC Short Term 10.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Stand By Line of Credit Short Term 2.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 2.75 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Working Capital Demand Loan (WCDL) Long Term 0.65 ACUITE B (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan Long Term 1.40 ACUITE B (Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Bank of Baroda Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.75 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. PC/PCFC Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable Not avl. / Not appl. Proposed Long Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.40 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Bank of Baroda Not avl. / Not appl. Stand By Line of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Working Capital Demand Loan (WCDL) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.65 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
* The issuer did not co-operate; based on best available information.
­

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