­­Santoshi Polymers is the first partnership firm incorporated in 2003 by Mr. Dinesh Atkare and Mr. Amresh Shah having its registered office at Daman and its factory lies in the same location. The firm is into manufacturing of Plastic Laminations Films and tubings etc which are used in varied industries from FMCG, agri business, logistics etc. The firm has a 3 layer plastic film manufacturing facility.

­­Acuité has consolidated the business and financial risk profiles of Santoshi Polymers (SP), Santoshi Barriers Film India Private limited (SBFIPL) and Raghav Agri-Tech (RA), referred to as ‘Santoshi group’. Santoshi Polymers is the first partnership firm incorporated in 2003 by Mr. Dinesh Atkare and Mr. Amresh Shah having its registered office at Daman and its factory lies in the same location. The firm is into manufacturing of Plastic Laminations Films and tubings etc which are used in varied industries from FMCG, agri business, logistics etc. The firm has a 3 layer plastic film manufacturing facility. ­Santoshi Barrier Film India Private Limited, part of Santoshi group, was incorporated in 2009 by Mr. Dinesh Atkare, Mrs. Dipali Atkare and Mr. Madan Atkare (Directors). The company is located at Nagpur (Maharashtra). The company is engaged in the manufacturing of plastic lamination films and has a capacity of 15 tonnes per day with pan India presence across various states including Gujarat, Maharashtra, Uttar Pradesh, Madhya Pradesh and Punjab. Raghav Agri-Tech, incorporated in 2015, is engaged in manufacturing of agro shade nets, aquaculture, tea withering nets, ground covers, mulch films etc. in Valsad, Gujarat. The partners are Mr. Madan K. Atkare, Mr. Dinesh K. Atkare and Mrs. Dipali D. Atkare. The total installed capacity is around 30 TPD. The commercial operations commenced from 30th December 2018.

­Not Applicable

­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.

­­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.

­The rated entity has not shared the latest financial statements despite repeated requests.

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

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

­­Not Applicable

­Not Applicable

­­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.