Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 21.90 ACUITE C | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 137.10 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 2.80 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Bank Loan Ratings 63.20 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 225.00 - -
 
Rating Rationale
­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and the shortterm rating of ‘ACUITE D’ (read as ACUITE D) on the Rs.200.30 crore bank facilities of Textrade International Limited (TIL). The rating continues to be flagged as “Issuer NotCooperating” and is based on the best available information.

Also, Acuité has reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) and the short-term rating of ‘ACUITE A4’ (read as ACUITE A4) on the Rs.24.70 crore bank facilities of Textrade International Limited (TIL). The rating continues to be flagged as “Issuer NotCooperating” and is based on the best available information.

About the Company
­The Gujarat based, Textrade International Limited (TIL), was incorporated in 2004 to take over the existing business of partnership firm which was established in 1984 by Mr. Bipin Doshi and Mr. Anish Doshi. The company is engaged in manufacturing of home textile products. The manufacturing unit is located in Surat (Gujarat). There are two more group companies apart from TIL viz. Textrade Inc. (WI) and Worldtex Manufacturing Private Limited (WMPL). TIL supplies mainly to the USA and European market.
 
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."
 
Material Covenants
­Not Applicable
 
Liquidity Position
­"No information provided by the issuer / available for Acuite to comment upon."
 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­­Not Applicable
 

Particulars Unit FY 19 (Actual) FY 18 (Actual)
Operating Income Rs. Cr. 239.88 387.82
PAT Rs. Cr. (88.41) 1.56
PAT Margin (%) (36.86) 0.40
Total Debt/Tangible Net Worth Times 4.62 1.74
PBDIT/Interest Times (3.41) 1.36
Status of non-cooperation with previous CRA
­­Not Applicable
 
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
• 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
06 Dec 2021 Post Shipment Credit Long Term 12.90 ACUITE C ( Issuer not co-operating*)
Proposed Bank Facility Long Term 9.00 ACUITE C ( Issuer not co-operating*)
Letter of Credit Short Term 5.50 ACUITE D ( Issuer not co-operating*)
Letter of Credit Short Term 18.00 ACUITE D ( Issuer not co-operating*)
Post Shipment Credit Long Term 29.00 ACUITE D ( Issuer not co-operating*)
Letter of Credit Short Term 12.00 ACUITE D ( Issuer not co-operating*)
Proposed Letter of Credit Short Term 2.80 ACUITE A4 ( Issuer not co-operating*)
Letter of Credit Short Term 3.60 ACUITE D ( Issuer not co-operating*)
Post Shipment Credit Long Term 25.80 ACUITE D ( Issuer not co-operating*)
Post Shipment Credit Long Term 14.50 ACUITE D ( Issuer not co-operating*)
Post Shipment Credit Long Term 43.80 ACUITE D ( Issuer not co-operating*)
Letter of Credit Short Term 15.60 ACUITE D ( Issuer not co-operating*)
Letter of Credit Short Term 8.50 ACUITE D ( Issuer not co-operating*)
Post Shipment Credit Long Term 24.00 ACUITE D ( Issuer not co-operating*)
08 Sep 2020 Letter of Credit Short Term 3.60 ACUITE D (Issuer not co-operating*)
Letter of Credit Short Term 18.00 ACUITE D (Issuer not co-operating*)
Post Shipment Credit Long Term 29.00 ACUITE D (Issuer not co-operating*)
Post Shipment Credit Long Term 24.00 ACUITE D (Issuer not co-operating*)
Proposed Bank Facility Long Term 9.00 ACUITE C (Issuer not co-operating*)
Proposed Letter of Credit Short Term 2.80 ACUITE A4 (Issuer not co-operating*)
Post Shipment Credit Long Term 12.90 ACUITE C (Issuer not co-operating*)
Letter of Credit Short Term 15.60 ACUITE D (Issuer not co-operating*)
Post Shipment Credit Long Term 43.80 ACUITE D (Issuer not co-operating*)
Letter of Credit Short Term 12.00 ACUITE D (Issuer not co-operating*)
Letter of Credit Short Term 8.50 ACUITE D (Issuer not co-operating*)
Letter of Credit Short Term 5.50 ACUITE D (Issuer not co-operating*)
Post Shipment Credit Long Term 25.80 ACUITE D (Issuer not co-operating*)
Post Shipment Credit Long Term 14.50 ACUITE D (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Canara Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 15.60 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Indian Overseas Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 18.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Canara Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 8.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Central Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 3.60 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
IDBI Bank Ltd. Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 5.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Exim Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 12.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Canara Bank Not Applicable Post Shipment Credit Not Applicable Not Applicable Not Applicable 43.80 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Indian Overseas Bank Not Applicable Post Shipment Credit Not Applicable Not Applicable Not Applicable 25.80 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Canara Bank Not Applicable Post Shipment Credit Not Applicable Not Applicable Not Applicable 29.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Central Bank of India Not Applicable Post Shipment Credit Not Applicable Not Applicable Not Applicable 24.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Indian Bank Not Applicable Post Shipment Credit Not Applicable Not Applicable Not Applicable 12.90 Simple ACUITE C | Reaffirmed | Issuer not co-operating*
IDBI Bank Ltd. Not Applicable Post Shipment Credit Not Applicable Not Applicable Not Applicable 14.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Letter of Credit Not Applicable Not Applicable Not Applicable 2.80 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 9.00 Simple ACUITE C | Reaffirmed | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research
Acuité Ratings & Research Limitedwww.acuite.in