* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has downgraded the long-term rating to ‘ACUITE B-’ (read as ACUITE B minus) from 'ACUITE B' (read as ACUITE B) on the Rs. 7.00 crore bank facilities of Techografix Printpack Private Limited (TPPL) on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information.
About the Company
Techografix Printpack Private Limited (TPPL) was incorporated on 24th May, 2011 and has its operations located in Ahmedabad, Gujarat. The company initially planned to start operations as a drug testing laboratory but has now changed its business plan. It had planned to manufacture pharmaceutical packaging material and expected to begin operations from April, 2019. The company is promoted by Mr. Sharad Pokharna who has prior experience of more than two decades in aluminium packaging for pharmaceutical companies and Mr. Anshu Agrawal.
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
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
Cash Credit
Long Term
1.00
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
09 Jan 2024
Term Loan
Long Term
6.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
Cash Credit
Long Term
1.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA
Not avl. / Not appl.
Cash Credit
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
1.00
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
6.00
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
