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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 4.44 | ACUITE B- | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 5.00 | - | ACUITE A4 | Reaffirmed | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 9.44 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
| Acuité has reaffirmed the long-term rating of ‘ACUITE B-’ (read as ACUITE B minus) and Short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 9.44 crore bank facilities of Shree Ambica Board Industries. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information. |
| About the Company |
| Gujarat-based SABI, a partnership firm was established in March 2008 by Mr. Haribhai Patel, Mr. Prakashbhai Bhagat, Mr. Sandipbhai Patel and others. From April 2018, there was a change in the leadership of the firm and new partners were appointed. Currently, the firm is promoted by Mr. Pravinbhai Patel, Mr. Ravi H Dholu, Mr. Sarthak Patel and others. The firm commenced operations in the manufacture of decorative veneer plywood from 2010 and has installed capacity of 2000 sheets per day. |
| Non-cooperation by the issuer/borrower: |
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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 |
| None |
| Liquidity Position |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| None |
| 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 |
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• 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 |
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