Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 180.64 ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating* -
Bank Loan Ratings 29.10 - ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Total Outstanding 0.00 - -
Total Withdrawn 209.74 - -
 
Rating Rationale

­Acuité has reaffirmed and withdrawn the long-term rating of ‘ACUITE BB+’ (read as ACUITE double B plus) and short-term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 209.74 Cr. bank facilities of Vishakha Polyfab Private Limited (VPPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
The withdrawal is in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the company, and NOC (No Objection Certificate) received from the banker.
The rating is reaffirmed on account of information risk.

About the Company
­Vishakha Polyfab Private Limited (VPPL) is a joint venture between Vishakha Group & Adani Wilmar Limited incorporated in the year 1993. Adani Wilmar Limited (AWL) holds 50 per cent stake and the rest is held by the Doshi Family (Vishakha Group). It is headed by Mr. Jigish Doshi. VPPL is one of the largest high barrier multilayer flexible film manufacturers in India. It manufactures 3, 5, 7 and 9 layer films, rolls and pouches (printed and plain) that are used for edible oil packaging. The company has a manufacturing facility in Vadsar, Gujarat. It currently has an installed capacity of 16,000 tons. It primarily caters to domestic market and also exports to Europe and USA.
 
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 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 521.80 387.36
PAT Rs. Cr. 0.76 12.11
PAT Margin (%) 0.14 3.13
Total Debt/Tangible Net Worth Times 1.43 1.19
PBDIT/Interest Times 1.76 2.92
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
19 Jul 2023 Letter of Credit Short Term 29.10 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 21.00 ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 58.87 ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 12.00 ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 12.00 ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 28.00 ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 11.00 ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 5.50 ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
External Commercial Borrowing Long Term 22.27 ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
25 Apr 2022 Cash Credit Long Term 12.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable)
Cash Credit Long Term 12.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable)
Cash Credit Long Term 28.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable)
Term Loan Long Term 11.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable)
Term Loan Long Term 5.50 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable)
External Commercial Borrowing Long Term 22.27 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable)
Letter of Credit Short Term 29.10 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A2)
Term Loan Long Term 21.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable)
Cash Credit Long Term 10.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable)
Term Loan Long Term 58.87 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ | Stable)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Indusind Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Standard Chartered Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 12.00 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating*
RBL Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 12.00 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating*
State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 28.00 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating*
EDC Canada Not avl. / Not appl. External Commercial Borrowing Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 22.27 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating*
State Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 29.10 Simple ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating*
RBL Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 21.00 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Indusind Bank Ltd Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 58.87 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating*
Standard Chartered Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 11.00 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating*
State Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.50 Simple ACUITE BB+ | Reaffirmed & Withdrawn | Issuer not co-operating*
­

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