Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 6.00 ACUITE B | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 6.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
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 NotCooperating” 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 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 statements despite repeated requests.
 
Rating Sensitivity
­"No information provided by the issuer / available for Acuite to comment upon."
 
Material Covenants
­Not Applicable
 
Liquidity Position
­"No information provided by the issuer / available for Acuite to comment upon."
 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­Not Applicable
 
Status of non-cooperation with previous CRA
­None
 
Any other information
­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
 
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
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
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*)
22 Jan 2019 Cash Credit Long Term 1.00 ACUITE B | Stable (Assigned)
Term Loan Long Term 4.85 ACUITE B | Stable (Assigned)
Proposed Bank Facility Long Term 0.15 ACUITE B | Stable (Assigned)
­

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

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