Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 14.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 14.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

­Acuité has reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.14.00 crore bank facilities of S P International. The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.


About the Company

­Established in 1998­S P International is a proprietorship firmpromoted by Mr Promod Mahapatra is a Kolkata based firm engaged in manufacturing and exporting of leather products such as wallets, purses, cardholders and handbags. The firm is a ‘Star Export House’ recognized by the Government of India and exports products mainly to Germany, U.K., Switzerland and others. The manufacturing facility is located at Kolkata.

 
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 & 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
Rating Sensitivity

­"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

 

Particulars Unit FY 16 (Actual) FY 15 (Actual)
Operating Income Rs. Cr. 63.62 68.42
PAT Rs. Cr. 1.90 1.85
PAT Margin (%) 2.99 2.71
Total Debt/Tangible Net Worth Times 1.62 1.21
PBDIT/Interest Times 2.98 3.94
Status of non-cooperation with previous CRA

­Not Applicable

 
Any other information

­None

 
Applicable Criteria
• 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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
03 Jun 2024 PC/PCFC Short Term 14.00 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+)
06 Mar 2023 PC/PCFC Short Term 14.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Indian Overseas Bank Not avl. / Not appl. PC/PCFC Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 14.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.

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


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