Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 205.00 ACUITE C | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 82.91 ACUITE D | Reaffirmed | Issuer not co-operating* -
Non Convertible Debentures (NCD) 100.00 ACUITE C | Reaffirmed | Issuer not co-operating* -
Non Convertible Debentures (NCD) 500.00 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 678.63 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank Loan Ratings 310.00 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 1876.54 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) on Rs. 205.00 crore bank facilities of Sintex Prefab and Infra Limited (SPIL). Further, Acuite has reaffirmed the long term rating of ‘ACUITE D’ (read and ACUITE D) on Rs. 82.91 Cr bank facilities of Sintex Prefab and Infra Limited (SPIL).

Acuité has further reaffirmed the long term rating of ‘ACUITE C’ (read as ACUITE C) on Rs. 100.00 crore of proposed Non - Convertible Debentures. Acuité has also reaffirmed the long term rating of ‘ACUITE D’ (read as ACUITE D) on of Rs. 137.50 crore, Rs. 112.50 crore and Rs. 250 crore of Non - Convertible Debentures of Sintex Prefab and Infra Limited (SPIL).

Additionally, Acuité has reaffirmed the short-term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 678.63 crore bank facilities of Sintex Prefab and Infra Limited (SPIL). Acuité has also reaffirmed the short-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 310.00 crore bank facilities of SPIL. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company

Sintex Prefab and Infra Limited (­SPIL) is a wholly-owned subsidiary of Sintex Plastics Technology Limited (plastic business arm of the Sintex group), SPTL is listed on BSE. Sintex Prefab and Infra Limited (Erstwhile Sintex Infra Projects Limited), incorporated in December 2009, is a Gujarat-based company engaged in the manufacturing of prefab structures and monolithic construction material. The company also undertakes execution of various centre and state sponsored infrastructure and power projects such as affordable housing. SPIL caters to government and semi government departments. Moreover, after the merger and demerger scheme monolithic construction business and Prefab business of Sintex industry Limited was transfer to Sintex Prefab. Sintex Prefab has an installed capacity of 76,800 numbers per annum of prefabricated structure with manufacturing facility located at Kalol near Ahmedabad, Bhachau (Kutch) and Daman. Directors of Sintex Prefab And Infra Limited are Rahul Arunprasad Patel, Amit DineshchandraPatel, Sonika Sharma, Krishan Singh Pratap, Bijaya Kushasan Behera.
 
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 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:

­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

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

­Not Applicable
 
Liquidity Position

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

­Not Applicable
 
Other Factors affecting Rating

­Not Applicable
 

Particulars Unit FY 21 (Actual) FY 20 (Actual)
Operating Income Rs. Cr. 0.78 25.14
PAT Rs. Cr. (356.67) (565.03)
PAT Margin (%) (45726.92) (2247.53)
Total Debt/Tangible Net Worth Times 0.96 0.63
PBDIT/Interest Times (0.23) (9.99)
Status of non-cooperation with previous CRA

­Not Applicable
 
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
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.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.
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
24 Feb 2022 Proposed Bank Facility Short Term 543.63 ACUITE A4 ( Issuer not co-operating*)
Term Loan Long Term 72.91 ACUITE D ( Issuer not co-operating*)
Bank Guarantee Short Term 30.00 ACUITE A4 ( Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 100.00 ACUITE C ( Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE C ( Issuer not co-operating*)
Cash Credit Long Term 45.00 ACUITE C ( Issuer not co-operating*)
Non Convertible Debentures Long Term 112.50 ACUITE D ( Issuer not co-operating*)
Term Loan Long Term 50.00 ACUITE C ( Issuer not co-operating*)
Proposed Non Convertible Debentures Long Term 85.00 ACUITE C ( Issuer not co-operating*)
Non Convertible Debentures Long Term 137.50 ACUITE D ( Issuer not co-operating*)
Non Convertible Debentures Long Term 250.00 ACUITE D ( Issuer not co-operating*)
Bank Guarantee Short Term 100.00 ACUITE D ( Issuer not co-operating*)
Proposed Non Convertible Debentures Long Term 15.00 ACUITE C ( Issuer not co-operating*)
Letter of Credit Short Term 210.00 ACUITE D ( Issuer not co-operating*)
Letter of Credit Short Term 105.00 ACUITE A4 ( Issuer not co-operating*)
24 Feb 2021 Cash Credit Long Term 10.00 ACUITE D (Issuer not co-operating*)
Non Convertible Debentures Long Term 112.50 ACUITE D (Issuer not co-operating*)
Non Convertible Debentures Long Term 250.00 ACUITE D (Issuer not co-operating*)
Proposed Bank Facility Short Term 543.63 ACUITE A4 (Issuer not co-operating*)
Letter of Credit Short Term 105.00 ACUITE A4 (Issuer not co-operating*)
Non Convertible Debentures Long Term 137.50 ACUITE D (Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE C (Issuer not co-operating*)
Bank Guarantee Short Term 100.00 ACUITE D (Issuer not co-operating*)
Cash Credit Long Term 100.00 ACUITE C (Issuer not co-operating*)
Term Loan Long Term 50.00 ACUITE C (Issuer not co-operating*)
Cash Credit Long Term 45.00 ACUITE C (Issuer not co-operating*)
Term Loan Long Term 72.91 ACUITE D (Issuer not co-operating*)
Bank Guarantee Short Term 30.00 ACUITE A4 (Issuer not co-operating*)
Letter of Credit Short Term 210.00 ACUITE D (Issuer not co-operating*)
Proposed Non Convertible Debentures Long Term 15.00 ACUITE C (Issuer not co-operating*)
Proposed Non Convertible Debentures Long Term 85.00 ACUITE C (Issuer not co-operating*)
12 Mar 2020 Cash Credit Long Term 100.00 ACUITE C (Issuer not co-operating*)
Term Loan Long Term 50.00 ACUITE C (Issuer not co-operating*)
Proposed Non Convertible Debentures Long Term 15.00 ACUITE C (Issuer not co-operating*)
Cash Credit Long Term 45.00 ACUITE C (Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE D (Issuer not co-operating*)
Letter of Credit Short Term 105.00 ACUITE A4 (Issuer not co-operating*)
Non Convertible Debentures Long Term 112.50 ACUITE D (Issuer not co-operating*)
Proposed Bank Facility Short Term 543.63 ACUITE A4 (Issuer not co-operating*)
Letter of Credit Short Term 210.00 ACUITE D (Issuer not co-operating*)
Non Convertible Debentures Long Term 250.00 ACUITE D (Issuer not co-operating*)
Proposed Non Convertible Debentures Long Term 85.00 ACUITE C (Issuer not co-operating*)
Bank Guarantee Short Term 100.00 ACUITE A4 (Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE C (Issuer not co-operating*)
Bank Guarantee Short Term 30.00 ACUITE A4 (Issuer not co-operating*)
Non Convertible Debentures Long Term 137.50 ACUITE D (Issuer not co-operating*)
Term Loan Long Term 72.91 ACUITE D (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
State Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 100.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
IDBI Bank Ltd. Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 30.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 100.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Axis Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 45.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
IDBI Bank Ltd. Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 210.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Axis Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 105.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Non-Convertible Debentures (NCD) Not Applicable Not Applicable Not Applicable 112.50 Simple / Complex ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Non-Convertible Debentures (NCD) Not Applicable Not Applicable Not Applicable 137.50 Simple / Complex ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Non-Convertible Debentures (NCD) Not Applicable Not Applicable Not Applicable 250.00 Simple / Complex ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Non Convertible Debentures Not Applicable Not Applicable Not Applicable 15.00 Simple / Complex ACUITE C | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Non Convertible Debentures Not Applicable Not Applicable Not Applicable 85.00 Simple / Complex ACUITE C | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Short Term Bank Facility Not Applicable Not Applicable Not Applicable 543.63 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not Applicable Term Loan Not available Not available Not available 72.91 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Aditya Birla Finance Limited Not Applicable Term Loan Not available Not available Not available 50.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
­

Contacts
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