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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 10.85 | ACUITE BB- | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 5.00 | - | ACUITE A4 | Reaffirmed | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 15.85 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long-term rating of ‘ACUITE BB-’ (read as ACUITE double B minus) and the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 15.85 crore bank facilities of Prism Design And Tooling Technology Private Limited (PDTTPL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on best available information.
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| About the Company |
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Prism Design And Tooling Technology Private Limited (PTPL) is a Mumbai based company promoted by Mr. Raakesh Chheda, Mr. Nathalal Dudhagara, Ms. Neena Chheda and Mr. Divyaansh Chheda. Though the company was incorporated in 1964, the company commenced its operations in 2005, as a mould supplier to the flagship company of its group 'Prince Corp Private Limited'. Currently, company is engaged in designing and manufacturing of high precision moulds and manufacturing of plastic moulds through injection moulding.
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| About the Group |
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Prism Design And Tooling Technology Private Limited (PDTTPL) is a part of Prince Group. Apart from PTPL, the group consists of six more companies' viz. Prince Corp Private Limited (PCPL), Prince Plastics India Private Limited (PPIPL), Association for Development of Luggage and Accessories (ADLA), Prince Africa Limited (PAL), Prince ware Africa (Kenya) Ltd (PAL) and Prince ware Global Holdings Ltd (PGHL). PCPL is mainly present into three product categories viz. plastic house ware, thermo ware and luggage.
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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 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.
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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 (in the absence of information provided by the issuer/borrower). Acuité endeavoured 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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| Rating Sensitivity |
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"No information provided by the issuer / available for Acuite to comment upon."
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| Material Covenants |
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Not Applicable.
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| Liquidity Position |
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"No information provided by the issuer / available for Acuite to comment upon."
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| Outlook |
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Not Applicable.
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| Other Factors affecting Rating |
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Not Applicable.
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| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 9.09 | 14.92 |
| PAT | Rs. Cr. | 0.20 | 0.49 |
| PAT Margin | (%) | 2.21 | 3.32 |
| Total Debt/Tangible Net Worth | Times | 0.74 | 0.84 |
| PBDIT/Interest | Times | 2.12 | 2.29 |
| Status of non-cooperation with previous CRA |
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Not Applicable.
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| 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.
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| 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 • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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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