* 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 reaffirmed the short term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs.15.00 Cr. bank facilities of Vibrant Fab Private Limited (VFPL). The rating continues to be flagged as an ‘Issuer Not-Cooperating’and is based on the best available information.
About the Company
Vibrant Fab Private Limited (VFPL) was incorporated in 2011 by Mr. Nirmal Desai and Mr. Hitesh Desai. VFPL is engaged in manufacture and wholesale exports of fabric & garments. The company outsources the manufacturing activity to manufacturers located in Surat. The company exports to countries including Dubai, UAE, Kuwait, Jeddah, Trininad, Panama, Hong Kong, Singapore and Malaysia along with the domestic market.
About the Group
Vibrant Group is promoted by Mr. Anil Gupta, Mr. Hitesh Desai, Mr. Nirmal Desai and Mr. Himanshu Choksi. The group is engaged in trading and manufacturing of textile products including fabrics, scarfs, duppatta, kurti, salwar, dress material, suiting and readymade garments. The group mainly outsources the manufacturing activity to units located in Surat. Vibrant group comprises of five companies Vibrant Fab Private Limited (VFPL), Vibrant Fashion Private Limited (Vibrant Fashion), Allure Tex Trend Private Limited (ATTPL), Jashank Impex Private Limited (JIPL) and Swayam Exim Private Limited (SEPL).
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
About the Rated Entity - Key Financials
The rated entity has not shared the latest financial statements despite repeated requests.
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."
* 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
BANK OF INDIA (BOI)
Not avl. / Not appl.
Bills Discounting
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
8.30
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
BANK OF INDIA (BOI)
Not avl. / Not appl.
PC/PCFC
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
6.70
Simple
ACUITE D | Reaffirmed | Issuer not co-operating*
* 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.
