* 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 C’ (read as ACUITE C) and the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.33.34 Cr. bank facilities of Pragati Glass Private Limited (PGPL). The rating continues to be flagged as "Issuer not cooperating" and is based on the best available information.
About the Company
Incorporated in 1981, Pragati Glass Private Limited is a Gujarat based company engaged in manufacturing of glass bottles. The day to day operations are managed by its directors, Mr. Dinesh Kumar Gupta, Mr. Rajesh Shah and Mr. Ashish Gupta. The company has a manufacturing unit in bhiwandi with a capacity of 47500 metric tonne per annum. It has reputed clientele which includes Zandu Pharma, Emami, Godrej, Raymond (J.K. Helen Curtis), Marico, Lykis Ltd, Himalaya Drugs Ltd, Dabur India Ltd., to name a few.
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 A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Bank Guarantee (BLR)
Short Term
0.50
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Proposed Short Term Bank Facility
Short Term
2.34
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Cash Credit
Long Term
17.50
ACUITE C
(Downgraded & Issuer not co-operating* from ACUITE BB-)
Cash Credit
Long Term
7.00
ACUITE C
(Downgraded & Issuer not co-operating* from ACUITE BB-)
Term Loan
Long Term
2.00
ACUITE C
(Downgraded & Issuer not co-operating* from ACUITE BB-)
28 Feb 2023
Letter of Credit
Short Term
4.00
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Bank Guarantee (BLR)
Short Term
0.50
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Proposed Short Term Bank Facility
Short Term
2.34
ACUITE A4+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
17.50
ACUITE BB-
(Downgraded & Issuer not co-operating* from ACUITE BB | Stable)
Cash Credit
Long Term
7.00
ACUITE BB-
(Downgraded & Issuer not co-operating* from ACUITE BB | Stable)
Term Loan
Long Term
2.00
ACUITE BB-
(Downgraded & Issuer not co-operating* from ACUITE BB | Stable)
* 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.
Bank Guarantee (BLR)
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.50
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Deutsche Bank
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
7.00
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
Bank Of Baroda
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
17.50
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
Bank Of Baroda
Not avl. / Not appl.
Letter of Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
4.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable
Not avl. / Not appl.
Proposed Short Term Bank Facility
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.34
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
Deutsche Bank
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
2.00
Simple
ACUITE C | 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.
