Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 17.25 - ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Bank Loan Ratings 32.75 ACUITE BB | Downgraded | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 50.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
­Acuité has downgraded the long term rating to ‘ACUITE BB’ (read as ACUITE double B ) from ‘ACUITE BB+’ (read as ACUITE double B plus) and reaffirmed short term rating to ‘ACUITE A4+’ (read as ACUITE A four plus)  on the Rs. 50.00 crore bank facilities of Rohan Dyes and Intermediates Limited (RDIL). The rating continues to be an indicative rating and is based on the best available information. The rating has been downgraded on account of information risk

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.
 
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 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 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 rating is based
 
About the Rated Entity - Key Financials
­The rated entity has not shared the latest Financial Statements despite repeated attempts
 
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
30 Jun 2021 Bills Discounting Short Term 9.00 ACUITE A4+ (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 0.75 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Term Loan Long Term 32.00 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Packing Credit Short Term 4.00 ACUITE A4+ (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 4.00 ACUITE A4+ (Downgraded and Issuer not co-operating*)
Proposed Short Term Loan Short Term 0.25 ACUITE A4+ (Downgraded and Issuer not co-operating*)
23 Apr 2020 Term Loan Long Term 32.00 ACUITE BBB | Stable (Assigned)
Proposed Short Term Loan Short Term 0.25 ACUITE A3+ (Upgraded from ACUITE A4+)
Cash Credit Long Term 0.75 ACUITE BBB | Stable (Upgraded from ACUITE BB+)
Packing Credit Short Term 4.00 ACUITE A3+ (Upgraded from ACUITE A4+)
Bills Discounting Short Term 9.00 ACUITE A3+ (Upgraded from ACUITE A4+)
Letter of Credit Short Term 4.00 ACUITE A3+ (Upgraded from ACUITE A4+)
28 Nov 2019 Proposed Bank Facility Short Term 0.25 ACUITE A4+ (Issuer not co-operating*)
Cash Credit Long Term 0.75 ACUITE BB+ (Issuer not co-operating*)
Bills Discounting Short Term 4.00 ACUITE A4+ (Issuer not co-operating*)
Packing Credit Short Term 4.00 ACUITE A4+ (Issuer not co-operating*)
Letter of Credit Short Term 4.00 ACUITE A4+ (Issuer not co-operating*)
10 Sep 2018 Cash Credit Long Term 0.75 ACUITE BBB (Issuer not co-operating*)
Bills Discounting Short Term 4.00 ACUITE A3+ (Issuer not co-operating*)
Packing Credit Short Term 4.00 ACUITE A3+ (Issuer not co-operating*)
Letter of Credit Short Term 4.00 ACUITE A3+ (Issuer not co-operating*)
Proposed Bank Facility Short Term 0.25 ACUITE A3+ (Issuer not co-operating*)
08 Jul 2017 Cash Credit Long Term 0.75 ACUITE BBB | Stable (Upgraded from ACUITE BBB- | Stable)
Bills Discounting Short Term 4.00 ACUITE A3+ (Upgraded from ACUITE A3)
Packing Credit Short Term 4.00 ACUITE A3+ (Upgraded from ACUITE A3)
Letter of Credit Short Term 4.00 ACUITE A3+ (Upgraded from ACUITE A3)
Proposed Short Term Loan Short Term 0.25 ACUITE A3+ (Assigned)
12 Mar 2016 Term Loan Long Term 5.44 ACUITE BBB- | Stable (Withdrawn)
Cash Credit Long Term 3.00 ACUITE BBB- | Stable (Reaffirmed)
Bills Discounting Short Term 11.00 ACUITE A3 (Reaffirmed)
Standby Line of Credit Short Term 1.00 ACUITE A3 (Withdrawn)
Packing Credit Short Term 7.00 ACUITE A3 (Reaffirmed)
Letter of Credit Short Term 11.00 ACUITE A3 (Reaffirmed)
10 Dec 2014 Term Loan Long Term 5.44 ACUITE BBB- | Stable (Upgraded from ACUITE BB | Stable)
Cash Credit Long Term 3.00 ACUITE BBB- (Upgraded from ACUITE BB | Stable)
Bills Discounting Short Term 11.00 ACUITE A3 (Upgraded from ACUITE A4+)
Standby Line of Credit Short Term 1.00 ACUITE A3 (Upgraded from ACUITE A4+)
Packing Credit Short Term 6.00 ACUITE A3 (Upgraded from ACUITE A4+)
Letter of Credit Short Term 11.31 ACUITE A3 (Upgraded from ACUITE A4+)
17 Jan 2014 Term Loan Long Term 8.04 ACUITE BB | Stable (Assigned)
Cash Credit Long Term 3.00 ACUITE BB | Stable (Assigned)
Bills Discounting Short Term 11.00 ACUITE A4+ (Assigned)
Standby Line of Credit Short Term 1.00 ACUITE A4+ (Assigned)
Packing Credit Short Term 6.00 ACUITE A4+ (Assigned)
Letter of Credit Short Term 11.31 ACUITE A4+ (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
State Bank of India Not Applicable Bills Discounting Not Applicable Not Applicable Not Applicable 9.00 ACUITE A4+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 0.75 ACUITE BB | Downgraded | Issuer not co-operating*
State Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 4.00 ACUITE A4+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Packing Credit Not Applicable Not Applicable Not Applicable 4.00 ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Short Term Loan Not Applicable Not Applicable Not Applicable 0.25 ACUITE A4+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Term Loan 15-02-2019 10.30 14-01-2028 32.00 ACUITE BB | Downgraded | Issuer not co-operating*
­

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