* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has reaffirmed the long-term rating of ‘ACUITE B-’ (read as ACUITE B minus) and 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). 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
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE B-
(Downgraded & Issuer not co-operating* from ACUITE B)
Proposed Long Term Loan
Long Term
1.40
ACUITE B-
(Downgraded & Issuer not co-operating* from ACUITE B)
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*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Bank Of Baroda
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
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
Unlisted
RBI
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
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.40
Simple
ACUITE B- | Reaffirmed | Issuer not co-operating*
Bank Of Baroda
Not avl. / Not appl.
Stand By Line of Credit
Unlisted
RBI
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)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.65
Simple
ACUITE B- | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
