Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 1.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank Loan Ratings 4.90 ACUITE B | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 5.90 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
­Acuité has reaffirmed the long-term rating of ‘ACUITE B’ (read as ACUITE B) and short-term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.5.90 Cr bank facilities of Sindhiya Plastic Industries (SPI). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company
­SPI is a proprietorship concern established in 2010 by Mrs. Sindhiya. The firm is engaged in the manufacturing and trading of plastic chairs in Coimbatore (Tamil Nadu). The day to day operations are managed by Mr. Suresh Sankar (CEO).
 
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.
 
About the Rated Entity - Key Financials
­The rated entity has not shared the latest financial statements despite repeated requests.
 
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
 
Status of non-cooperation with previous CRA
­None
 
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
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
08 Jun 2021 Term Loan Long Term 0.12 ACUITE B ( Issuer not co-operating*)
Term Loan Long Term 0.42 ACUITE B ( Issuer not co-operating*)
Term Loan Long Term 0.10 ACUITE B ( Issuer not co-operating*)
Cash Credit Long Term 4.25 ACUITE B ( Issuer not co-operating*)
Term Loan Long Term 0.01 ACUITE B ( Issuer not co-operating*)
Bank Guarantee Short Term 1.00 ACUITE A4 ( Issuer not co-operating*)
17 Mar 2020 Term Loan Long Term 0.01 ACUITE B (Issuer not co-operating*)
Cash Credit Long Term 4.25 ACUITE B (Issuer not co-operating*)
Term Loan Long Term 0.10 ACUITE B (Issuer not co-operating*)
Term Loan Long Term 0.42 ACUITE B (Issuer not co-operating*)
Term Loan Long Term 0.12 ACUITE B (Issuer not co-operating*)
Bank Guarantee Short Term 1.00 ACUITE A4 (Issuer not co-operating*)
05 Jan 2019 Term Loan Long Term 0.42 ACUITE B (Issuer not co-operating*)
Term Loan Long Term 0.01 ACUITE B (Issuer not co-operating*)
Term Loan Long Term 0.12 ACUITE B (Issuer not co-operating*)
Term Loan Long Term 0.10 ACUITE B (Issuer not co-operating*)
Cash Credit Long Term 4.25 ACUITE B (Issuer not co-operating*)
Bank Guarantee Short Term 1.00 ACUITE A4 (Issuer not co-operating*)
30 Nov 2017 Cash Credit Long Term 4.25 ACUITE B (Issuer not co-operating*)
Term Loan Long Term 0.42 ACUITE B (Issuer not co-operating*)
Term Loan Long Term 0.01 ACUITE B (Issuer not co-operating*)
Term Loan Long Term 0.10 ACUITE B (Issuer not co-operating*)
Term Loan Long Term 0.12 ACUITE B (Issuer not co-operating*)
Bank Guarantee Short Term 1.00 ACUITE A4 (Issuer not co-operating*)
22 Aug 2016 Cash Credit Long Term 4.25 ACUITE B | Stable (Assigned)
Term Loan Long Term 0.42 ACUITE B | Stable (Assigned)
Term Loan Long Term 0.01 ACUITE B | Stable (Assigned)
Term Loan Long Term 0.10 ACUITE B | Stable (Assigned)
Term Loan Long Term 0.12 ACUITE B | Stable (Assigned)
Bank Guarantee Short Term 1.00 ACUITE A4 (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Tamil Nadu Mercantile Bank Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 1.00 ACUITE A4 | Reaffirmed | Issuer not co-operating*
Tamil Nadu Mercantile Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 4.25 ACUITE B | Reaffirmed | Issuer not co-operating*
Tamil Nadu Mercantile Bank Not Applicable Term Loan Not available Not available Not available 0.42 ACUITE B | Reaffirmed | Issuer not co-operating*
Tamil Nadu Mercantile Bank Not Applicable Term Loan Not available Not available Not available 0.01 ACUITE B | Reaffirmed | Issuer not co-operating*
Tamil Nadu Mercantile Bank Not Applicable Term Loan Not available Not available Not available 0.10 ACUITE B | Reaffirmed | Issuer not co-operating*
Tamil Nadu Mercantile Bank Not Applicable Term Loan Not available Not available Not available 0.12 ACUITE B | Reaffirmed | Issuer not co-operating*

Contacts
Analytical Rating Desk
About Acuité Ratings & Research

Acuité Ratings & Research Limited www.acuite.in