­Spintex Jute India Private Limited (SJIPL) incorporated in 2004 based in Kolkata, Mr. Rabi Sankar Ghosh, Mr. Surendra Kumar Agarwal and Mr. Sunil Jain, Spintex Jute India Private Limited (SJIPL) is engaged in trading of thermoware disposable utensils. The directors of SJIPL are also associated as directors in Sree Durga Fibre Products Private Limited (SDFPPL), a company engaged in the manufacturing of jute yarn, twines, ropes and thermoware disposable utensils. Thermoware disposable utensils traded by SJIPL are supplied entirely by SDFPPL. SJIPL is setting up a unit for weaving of Hessian fabric with installed capacity of 2400 MT per annum in 24 Parganas, West Bengal. Major raw material jute yarn used for manufacturing hessian fabric will be entirely supplied by SDFPPL.

­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 continues to be flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

­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.

­The rated entity has not shared the latest financial statements despite repeated requests.

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

­­Not Applicable

­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.