Press Release December 16, 2024 TIRUPUR TEXTILES PRIVATE LIMITED Rating Reaffirmed, Withdrawn & Issuer Not Cooperating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	64.65	ACUITE C | Reaffirmed & Withdrawn | Issuer not co-operating*	-
Bank Loan Ratings	11.35	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	76.00	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

­­Acuité has reaffirmed and withdrawn its long-term rating of ‘ACUITE C’ (read as ACUITE C) on the Rs. 64.65 Cr. bank facilities of Tirupur Textiles Private Limited (TTPL). Acuité has also withdrawn its long-term rating on the Rs. 11.35 Cr. bank facilities of Tirupur Textiles Private Limited (TTPL) without assigning any rating as it is a proposed long-term facility. The rating has been withdrawn as per Acuite's policy of withdrawal of ratings as applicable to the respective instrument/facility. The rating has been withdrawn on account of the request received from the entity, and NOC (No Objection Certificate) received from the banker. The rating is now flagged as “Issuer Not-Cooperating” on account of information risk and is based on the best available information.

About the Company

­­Based in Tamil Nadu, Tirupur Textiles Private Limited was incorporated in 1956 with registered office at Anupparpalayam, Tirupur. The company is engaged in the manufacturing of Cotton Hosiery Yarn. It is managed by Mr. Kasthuriswamynaidu Chelladurai, Mr. Sivasubramaniam Vijaykrishna, Mr. Krishnaswamy Devarajan and Mr. Narayanasamy. The installed capacity is 59,712 spindle. The Company’s installed capacity is to produce 16,435 Kg of cotton per day. The company manufactures 40’s, 60’s and 70's cotton count range. Out of 59,712 spindles, 12,000 spindles are compact and remaining being combed yarn.

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 co-operation 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 endeavoured 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 Sensitivities

­­­­"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

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 23 (Provisional)	FY 22 (Actual)
Operating Income	Rs. Cr.	109.96	142.03
PAT	Rs. Cr.	1.59	25.46
PAT Margin	(%)	1.45	17.93
Total Debt/Tangible Net Worth	Times	1.24	0.86
PBDIT/Interest	Times	1.57	5.68

Status of non-cooperation with previous CRA

­Not Applicable

Any other information

­None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 03 Jun 2024 Covid Emergency Line. Long Term 8.65 ACUITE C (Downgraded from ACUITE B+ | Stable) Cash Credit Long Term 23.00 ACUITE C (Downgraded from ACUITE B+ | Stable) Proposed Long Term Bank Facility Long Term 11.35 ACUITE C (Downgraded from ACUITE B+ | Stable) Term Loan Long Term 20.00 ACUITE C (Downgraded from ACUITE B+ | Stable) Term Loan Long Term 2.00 ACUITE C (Downgraded from ACUITE B+ | Stable) Term Loan Long Term 11.00 ACUITE C (Downgraded from ACUITE B+ | Stable) 07 Sep 2023 Covid Emergency Line. Long Term 8.65 ACUITE B+ | Stable (Reaffirmed) Cash Credit Long Term 23.00 ACUITE B+ | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 11.35 ACUITE B+ | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE B+ | Stable (Reaffirmed) Term Loan Long Term 2.00 ACUITE B+ | Stable (Reaffirmed) Term Loan Long Term 11.00 ACUITE B+ | Stable (Assigned) 05 Jan 2023 Bank Guarantee (BLR) Short Term 0.25 ACUITE A4 (Assigned) Letter of Credit Short Term 10.10 ACUITE A4 (Assigned) Working Capital Term Loan Long Term 10.33 ACUITE B+ | Stable (Assigned) Term Loan Long Term 3.52 ACUITE B+ | Stable (Assigned) Cash Credit Long Term 15.00 ACUITE B+ | Stable (Assigned) Proposed Long Term Bank Facility Long Term 25.80 ACUITE B+ | Stable (Assigned)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Federal Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 23.00 Simple ACUITE C | Reaffirmed & Withdrawn | Issuer not co-operating* Federal Bank Not avl. / Not appl. Covid Emergency Line. Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 8.65 Simple ACUITE C | Reaffirmed & Withdrawn | Issuer not co-operating* Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 11.35 Simple Not Applicable|Withdrawn State Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE C | Reaffirmed & Withdrawn | Issuer not co-operating* HDFC Bank Ltd Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE C | Reaffirmed & Withdrawn | Issuer not co-operating* HDFC Bank Ltd Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 11.00 Simple ACUITE C | Reaffirmed & Withdrawn | Issuer not co-operating*

* The issuer did not co-operate; based on best available information.

Contacts

Mohit Jain Senior Vice President - Rating Operations Kirti Berlia Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.