Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 5.00 ACUITE D | Reaffirmed | Issuer not co-operating* -
Total Outstanding 5.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs.5.00 crore bank facilities of Thermoset Poly Products India Private Limited (TPPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.


About the Company

­Raigarh based, Thermoset Poly Products (I) Pvt Ltd. (Thermoset), established in 1993, is promoted by Mr. Jitendra Amrutlal Shah, Mr. Atul Shah, and Mr. Miten Shah among others. It is engaged in manufacturing of FRP/GRP manhole covers, STP tank covers and Overhead tank covers from synthetic resin, sand and fibreglass under the brand name of “Thermodrain”. The company has a manufacturing facility located at Panvel, Raigarh.

 
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:

­­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 21 (Actual) FY 20 (Actual)
Operating Income Rs. Cr. 14.76 18.97
PAT Rs. Cr. 0.04 0.05
PAT Margin (%) 0.30 0.27
Total Debt/Tangible Net Worth Times 2.99 2.96
PBDIT/Interest Times 1.45 1.72
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
30 Jan 2023 Cash Credit Long Term 5.00 ACUITE D | Not Applicable (Reaffirmed & Issuer not co-operating*)
02 Nov 2021 Cash Credit Long Term 5.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Bank of Maharashtra Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*

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