* 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. 50.00 Cr bank facilities of Rohan Dyes and Intermediates Limited (RDIL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.
About the Company
Rohan Dyes and Intermediates Limited (RDIL) is an Ahmedabad based company incorporated in 1992. The company is promoted by Mr. Radhe Shyam Agarwal and his son Mr. Rohan Agarwal. The company is engaged in manufacturing and export of synthetic organic dyes such as acid dyes, direct dyes and reactive dyes. The company mainly exports to European countries, China, South Korea and Taiwan to name few. RDIL has two manufacturing units in Gujarat with an aggregate installed capacity of 15,000 MT of dyes and intermediates at Khambhat and an installed capacity of 6000 MT of dyes at Vatva.
Further, company has ongoing backward integration project for manufacturing of inorganic products located at Anand, Gujarat. RDIL is installing a manufacturing unit for production of Sulphuric Acid 98% (300 TPD), Oleum 65 % (30 TPD), Chlorosulphonic acid (100 TPD), and Thionyl chloride (15 TPD). It is also under implementation of captive solar power plant of 2.10 MW.
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
About the Rated Entity - Key Financials
The rated entity has not shared the latest financial statements despite repeated requests.
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+)
Packing Credit
Short Term
4.00
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Letter of Credit
Short Term
4.00
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Proposed Short Term Loan
Short Term
0.25
ACUITE A4
(Downgraded & Issuer not co-operating* from ACUITE A4+)
Cash Credit
Long Term
0.75
ACUITE C
(Downgraded & Issuer not co-operating* from ACUITE BB)
Term Loan
Long Term
32.00
ACUITE C
(Downgraded & Issuer not co-operating* from ACUITE BB)
* 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
State Bank of India
Not avl. / Not appl.
Bills Discounting
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
9.00
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
State Bank of India
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.75
Simple
ACUITE C | Reaffirmed | Issuer not co-operating*
State Bank of India
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*
State Bank of India
Not avl. / Not appl.
Packing 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 Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
0.25
Simple
ACUITE A4 | Reaffirmed | Issuer not co-operating*
State Bank of India
Not avl. / Not appl.
Term Loan
Unlisted
RBI
15 Feb 2019
10.30
14 Jan 2028
32.00
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.
