Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 35.00 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 35.00 - -
 
Rating Rationale

­­Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs. 35.00 crore bank facilities of Zenith Die Makers Private Limited (ZDMPL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.


About the Company

­The Karnataka based, Zenith Die Makers Private Limited (ZDMPL) was established as a proprietorship firm in 1985 by Mr. Vishwanath Sanil and the constitution was changed into private limited company in 1996. The company is engaged in manufacturing of tools and dies for printing and packaging industry. The manufacturing unit is located in Karnataka having an installed capacity of 40000 units per annum with average utilisation of ~70 percent. The directors of the company are Mr. Yashoda Sanil Vishwanath, Mr. Kemmannu Avinash Sanil,Ms. Pramila K Sanil,Mr. Kemmannu Gauthami Sanil  and Mr. Vishwanath Angarapoojary Sanil.

 
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."

 
All Covenants
­None
 
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 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 6.55 6.87
PAT Rs. Cr. 0.15 0.09
PAT Margin (%) 2.25 1.26
Total Debt/Tangible Net Worth Times 1.20 1.19
PBDIT/Interest Times 3.33 3.26
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
02 Sep 2022 Proposed Cash Credit Long Term 8.00 ACUITE B+ ( Issuer not co-operating*)
Proposed Term Loan Long Term 25.00 ACUITE B+ ( Issuer not co-operating*)
Cash Credit Long Term 2.00 ACUITE B+ ( Issuer not co-operating*)
14 Jun 2021 Proposed Term Loan Long Term 25.00 ACUITE B+ ( Issuer not co-operating*)
Cash Credit Long Term 2.00 ACUITE B+ ( Issuer not co-operating*)
Proposed Cash Credit Long Term 8.00 ACUITE B+ ( Issuer not co-operating*)
16 Mar 2020 Proposed Term Loan Long Term 25.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Proposed Cash Credit Long Term 8.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 2.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Bank of Baroda Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 2.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Cash Credit Not Applicable Not Applicable Not Applicable 8.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Loan Not Applicable Not Applicable Not Applicable 25.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
­

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