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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 17.50 | ACUITE BB- | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 17.50 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long-term rating to ‘ACUITE BB-’ (read as ACUITE double B minus) on the Rs. 17.50 crore bank facilities of Sibi PolymersThe rating continues to be flagged as “Issuer Not Co-operating” and is based on the best available information. |
| About the Company |
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Sibi Polymers Established in 1999, Sibi is a proprietary concern engaged in manufacture of PET plastic products. The entity manufactures wide variety of plastic products such as PET preforms, PET bottles, PET Jars and Caps. The entity is promoted by Mr. Subramanian. The entity has its unit located in Coimbatore (Tamil Nadu) with an installed capacity to manufacture 3600 tons of plastic products per annum. The products find use mainly in the packaging industry. |
| 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. |
| Limitation regarding information availability: |
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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 Sensitivity |
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No information provided by the issuer / available for Acuité to comment upon. |
| All Covenants |
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Not Applicable |
| Liquidity Position |
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No information provided by the issuer / available for Acuité to comment upon. |
| Outlook |
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Not Applicable |
| Other Factors affecting Rating |
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Not Applicable |
| Particulars | Unit | FY 18 (Actual) | FY 17 (Actual) |
| Operating Income | Rs. Cr. | 44.75 | 26.17 |
| PAT | Rs. Cr. | 3.18 | 1.61 |
| PAT Margin | (%) | 7.10 | 6.16 |
| Total Debt/Tangible Net Worth | Times | 0.79 | 0.45 |
| PBDIT/Interest | Times | 12.43 | 12.77 |
| Status of non-cooperation with previous CRA |
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Not Applicable |
| Any other information |
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None |
| 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 |
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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. |
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