|
|
| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 28.36 | ACUITE D | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 28.36 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
| Acuité has reaffirmed the long-term rating at ‘ACUITE D (read as ACUITE D)’ on the Rs.28.36 crore bank facilities of Sharwin Cottex (SC). This rating is now an indicative rating and based on the best available information. |
| About the Company |
|
Sharwin Cottex (SC) is a partnership firm established by Mr. Soham Pulin Purohit and Mrs. Manisha Pulin Purohit in 2016. The Gujarat-based firm is engaged in cotton ginning, extraction of cottonseed oil and cakes. SC has 36 double rollers and 12 extruders. The installed capacity stands at 24,192 MTPA for cottonseed crushing and 45,619 MTPA for raw cotton processing.
|
| 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 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 Sensitivities |
| No information provided by the issuer / available for Acuite to comment upon. |
| Material Covenants |
| None. |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon. |
| Outlook |
| Not Applicable. |
| Particulars | Unit | FY 20 (Actual) | FY 19 (Actual) |
| Operating Income | Rs. Cr. | 249.80 | 193.30 |
| PAT | Rs. Cr. | 0.12 | 0.04 |
| PAT Margin | (%) | 0.05 | 0.02 |
| Total Debt/Tangible Net Worth | Times | 1.37 | 1.13 |
| PBDIT/Interest | Times | 1.51 | 1.86 |
| Status of non-cooperation with previous CRA |
| Sharwin Cottex captioned as Issuer not cooperating by CARE from past few years and on August 10, 2022 , it has stated as CARE D. |
| 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 |
|
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm • Trading Entitie: https://www.acuite.in/view-rating-criteria-61.htm |
| Note on Complexity Levels of the Rated Instrument |
| https://www.acuite.in/view-rating-criteria-55.htm |
|
| |
|
|
||||||||||||||||||||||||||||||||
|
|
Contacts |
| Analytical | Rating Desk |
| About Acuité Ratings & Research |
