Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 7.00 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Total Outstanding 7.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs. 7.00 crore bank facilities of Techografix Printpack Private Limited (TPPL). The rating continues to be flagged as “Issuer Not Co-operating” 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 aluminum packaging for pharmaceutical companies and Mr. Anshu Agrawal.
 
Unsupported Rating
­None
 
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."
 
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 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 12.01 9.30
PAT Rs. Cr. 0.72 (0.15)
PAT Margin (%) 5.96 (1.60)
Total Debt/Tangible Net Worth Times 1.05 1.24
PBDIT/Interest Times 4.61 2.07
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
­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
21 Oct 2022 Term Loan Long Term 6.00 ACUITE B+ ( Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE B+ ( Issuer not co-operating*)
26 Jul 2021 Term Loan Long Term 6.00 ACUITE B+ ( Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE B+ ( Issuer not co-operating*)
24 Apr 2020 Term Loan Long Term 6.00 ACUITE B+ (Issuer not co-operating*)
Cash Credit Long Term 1.00 ACUITE B+ (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Small Industries Development Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 1.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Small Industries Development Bank of India Not Applicable Term Loan Not available Not available Not available 6.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
­

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