Press Release

Press Release

September 22, 2025

SHRI MAA POLYFABS LIMITED
Rating Downgraded and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	118.12	ACUITE BB+ \| Downgraded \| Issuer not co-operating*	-
Bank Loan Ratings	12.91	-	ACUITE A4+ \| Downgraded \| Issuer not co-operating*
Total Outstanding	131.03	-	-
Total Withdrawn	0.00	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

A?cuité has downgraded the long-term rating to ‘ACUITE BB+’ (read as ACUITE double B plus) from ‘ACUITE A-’(read as ACUITE A minus) and its short-term rating to ‘ACUITE A4+' (read as ACUITE A four plus) from ‘ACUITE A2+' (read as ACUITE A two plus) on Rs.131.03 Cr. bank facilities of Shri Maa Polyfabs Limited.
This rating is now flagged as issuer not cooperating on account of information risk and is based on best available information. The rating has been downgraded on account of information risk.

About the Company

Shri Maa Polyfabs Limited was incorporated in 2005 by Mr. Sajjan Bansal and Mr. Rakesh Kumar Sharma. The company is engaged in manufacturing of bulk packaging material such as woven sacks, fabrics and leno bags made of polypropylene (PP) and high-density polypropylene (HDPE). Currently the company has installed capacity of 16100 MTPA and working at ~99% capacity in the FY24(Prov). The company is also a delcredere agent for Brahmaputra Crackers and Polymer limited (rated ACUITE AA+/Stable/A1+). The registered office of the company is in Kolkata.

About the Group

Shri Dakshineshwari Maa Polyfabs Limited was incorporated in 2016 by Mr. Sajjan Bansal and Mr. Rakesh Kumar Sharma. The company is engaged in manufacturing of printed plastic bags, Leno bags, Cement bags and Adprotex Bags made of polypropylene (PP) and high density polypropylene (HDPE). The company has its manufacturing facility located in Hooghly, West Bengal with an installed capacity of 19500 MTPA and working at ~97% capacity in the FY24(Prov).

Manhar Polymers Private Limited was incorporated in 2017 by Mr. Sajjan Bansal and Mr. Rakesh Kumar Sharma and started its commercial operation form June 2020 onwards. The company is engaged in manufacturing polypropylene (PP) and high-density polypropylene (HDPE) bags and fabrics. The company has its manufacturing facility located in Asansol, West Bengal with an installed capacity of 7200 MTPA and working at ~76% capacity in the FY24(Prov).

Hariom Polypacks Limited was incorporated in 2010 by Mr. Sajjan Bansal and Mr. Rakesh Kumar Sharma. The company is engaged in manufacturing non-woven sacks and fabrics. The company has its manufacturing facility located in Asansol, West Bengal with an installed capacity of 7705 MTPA and working at ~86% capacity in the FY24(Prov).

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 & reviewof 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

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. 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."

Liquidity Position

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

Outlook-Not applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 24 (Provisional)	FY 23 (Actual)
Operating Income	Rs. Cr.	728.26	699.40
PAT	Rs. Cr.	18.44	13.12
PAT Margin	(%)	2.53	1.88
Total Debt/Tangible Net Worth	Times	1.16	1.39
PBDIT/Interest	Times	2.77	2.39

Status of non-cooperation with previous CRA

Not applicable

Any other information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm

Note on complexity levels of the rated instrument

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.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
04 Jul 2024	Cash Credit	Long Term	47.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Assigned)
	Stand By Line of Credit	Long Term	8.00	ACUITE A- \| Stable (Reaffirmed)
	Channel/Dealer/Vendor Financing	Long Term	13.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	0.24	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	0.26	ACUITE A- \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	0.95	ACUITE A- \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	3.67	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	14.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	26.00	ACUITE A- \| Stable (Assigned)
	Bank Guarantee (BLR)	Short Term	0.41	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	5.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	7.50	ACUITE A2+ (Reaffirmed)
06 Apr 2023	Cash Credit	Long Term	9.20	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	34.80	ACUITE A- \| Stable (Reaffirmed)
	Stand By Line of Credit	Long Term	2.00	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	4.53	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	4.11	ACUITE A- \| Stable (Assigned)
	Channel/Dealer/Vendor Financing	Long Term	19.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Assigned)
	Working Capital Demand Loan (WCDL)	Long Term	1.03	ACUITE A- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	0.45	ACUITE A- \| Stable (Assigned)
	Letter of Credit	Short Term	6.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	8.50	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	0.41	ACUITE A2+ (Assigned)
24 Mar 2023	Working Capital Demand Loan (WCDL)	Long Term	4.53	ACUITE A- \| Stable (Reaffirmed)
	Channel/Dealer/Vendor Financing	Long Term	19.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	9.20	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	34.80	ACUITE A- \| Stable (Reaffirmed)
	Stand By Line of Credit	Long Term	2.00	ACUITE A- \| Stable (Reaffirmed)
	Letter of Credit	Short Term	6.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	8.50	ACUITE A2+ (Reaffirmed)
03 Mar 2022	Cash Credit	Long Term	29.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Stand By Line of Credit	Long Term	2.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	12.61	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Channel/Dealer/Vendor Financing	Long Term	19.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Proposed Long Term Bank Facility	Long Term	1.07	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	0.65	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Letter of Credit	Short Term	4.00	ACUITE A2+ (Upgraded from ACUITE A2)
	Bank Guarantee (BLR)	Short Term	6.50	ACUITE A2+ (Upgraded from ACUITE A2)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
State Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	7.50	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A2+ )
Axis Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.41	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A2+ )
State Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	52.00	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A- )
Axis Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	14.00	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A- )
State Bank of India	Not avl. / Not appl.	Channel/Dealer/Vendor Financing	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	13.00	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A- )
State Bank of India	Not avl. / Not appl.	Covid Emergency Line.	Not avl. / Not appl.	Not avl. / Not appl.	31 Jul 2024	0.95	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A- )
State Bank of India	Not avl. / Not appl.	Covid Emergency Line.	Not avl. / Not appl.	Not avl. / Not appl.	31 Oct 2026	3.67	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A- )
State Bank of India	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A4+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A2+ )
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.24	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A- )
State Bank of India	Not avl. / Not appl.	Stand By Line of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.00	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A- )
Axis Bank	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Sep 2032	26.00	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A- )
Axis Bank	Not avl. / Not appl.	Working Capital Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	30 Sep 2024	0.26	Simple	ACUITE BB+ \| Downgraded \| Issuer not co-operating* ( from ACUITE A- )

* The issuer did not co-operate; based on best available information.

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr No	Name of the entity
1	Shri Maa Polyfabs Limited
2	Hariom Polypacks Limited
3	Manhar Polymers Private Limited
4	Shri Dakshineshwari Maa Polyfabs Limited

Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Divya Bagmar
Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.