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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 26.50 | ACUITE C | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 6.84 | - | ACUITE A4 | Downgraded | Issuer not co-operating* |
| Total Outstanding | 33.34 | - | - |
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Rating Rationale |
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Acuité has downgraded the long-term rating to ‘ACUITE C’ (read as ACUITE C) from ‘ACUITE BB-’ (read as ACUITE double B minus) and downgraded the short term rating to ACUITE A4 (read as ACUITE A four) from ACUITE A4+( read as ACUITE A four plus) on the Rs.33.34 Cr. bank facilities of Pragati Glass Private Limited(PGPL). The rating continues to be flagged as "Issuer not corporating' and is based on the best avaliable information. The downgrade is basis delays reported in credit bureau information report of the company. |
| About the Company |
| Incorporated in 1981, PGPL 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 noncooperation 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: |
| 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 rated entity has not shared the latest financial statement for Acuite to comment. |
| Rating Sensitivity |
| No information provided by the issuer / available for Acuite to comment upon. |
| All Covenants |
| Not Applicable |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon. |
| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| None |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| Acuite is yet to receive the latest No Default Statement (NDS) from the rated entity despite repeated requests and followups. |
| 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 |
| 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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