Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 6.00 ACUITE B | Reaffirmed | Issuer not co-operating* -
Total Outstanding 6.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE B’ (read as ACUITE B ) on the Rs.6.00 Crore bank facilities of Radiance Flex Images Private Limited . The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information


About the Company

­The Chandigarh based, Radiance Flex Images Private Limited (RFPL) was incorporated in 2016 by Mr. Rahul Aggarwal, Mr. Rohit Aggarwal, Mr. Rajath Seth and Mr. Harmesh Kumar Goel. The company is engaged in manufacturing of customised flex labels. The company currently caters to Pharma and Distillery companies such as Chandigarh Distillers and Bottlers Limited and King Distillers Private Limited, among others.

 
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:

­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.

 
Rating Sensitivity

­No information provided by the issuer / available for Acuité to comment upon.

 
All Covenants

­Not Applicable

 
Liquidity Position

­No information provided by the issuer / available for Acuité to comment upon.

 
Outlook

­Not Applicable

 
Other Factors affecting Rating

­Not Applicable

 

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 6.58 5.00
PAT Rs. Cr. 0.05 0.04
PAT Margin (%) 0.80 0.82
Total Debt/Tangible Net Worth Times 10.27 13.53
PBDIT/Interest Times 1.96 2.04
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

­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 

 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
15 Sep 2022 Cash Credit Long Term 1.00 ACUITE B ( Issuer not co-operating*)
Term Loan Long Term 4.85 ACUITE B ( Issuer not co-operating*)
Proposed Bank Facility Long Term 0.15 ACUITE B ( Issuer not co-operating*)
28 Jun 2021 Cash Credit Long Term 1.00 ACUITE B ( Issuer not co-operating*)
Term Loan Long Term 4.85 ACUITE B ( Issuer not co-operating*)
Proposed Bank Facility Long Term 0.15 ACUITE B ( Issuer not co-operating*)
27 Mar 2020 Proposed Bank Facility Long Term 0.15 ACUITE B (Issuer not co-operating*)
Term Loan Long Term 4.85 ACUITE B (Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE B (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Small Industries Development Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 1.00 Simple ACUITE B | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 0.15 Simple ACUITE B | Reaffirmed | Issuer not co-operating*
Small Industries Development Bank of India Not Applicable Term Loan Not available Not available Not available 4.85 Simple ACUITE B | Reaffirmed | Issuer not co-operating*

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