Rating Rationale
December 20, 2019 | Mumbai
Kshitij Polyline Limited
Issuer not cooperating, based on best-available information; Rating continues to be 'CRISIL BB-/Stable Issuer not cooperating'
 
Rating Action
Total Bank Loan Facilities Rated Rs.9 Crore
Long Term Rating CRISIL BB-/Stable (ISSUER NOT COOPERATING)*
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
*Issuer did not cooperate; based on best-available information
Please note that the rating(s) are based on best available information with the credit rating agency: the entity whose debt is being published via this press release did not provide the requisite information needed to conduct the rating exercise and is therefore classified as 'non cooperative'.
Non cooperation by Issuer

CRISIL has been consistently following up with Kshitij Polyline Limited (KPPL) for obtaining information through letters and emails dated October 15, 2019 and November 29, 2019 among others, apart from telephonic communication. However, the issuer has remained non cooperative.
 
'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of KPPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on KPPL is consistent with 'Scenario 4' outlined in the 'Framework for Assessing Consistency of Information'.
 
Based on the last available information, the ratings on bank facilities of KPPL continues to be 'CRISIL BB-/Stable Issuer not cooperating'.
 
Furthermore, the company has not paid the fee for conducting rating surveillance as agreed to in the rating agreement.

About the Company

Incorporated in 2008, KPPL is promoted by Mr. Bharat Gala. The company manufactures and distributes various products such as smart identity cards, binding and lamination equipment, and related material and accessories, along with stationery products. Its manufacturing facility is at Silvasa.

Key Financial Indicators
Particulars Unit 2019 2018
Revenue Rs crore 36.24 27.43
Profit after tax (PAT) Rs crore 0.86 1.05
PAT margin % 2.37 3.83
Adjusted debt/adjusted networth Times 0.64 0.50
Interest coverage Times 2.16 2.47

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)*
ISIN Name of Instrument Date of Allotment Coupon
Rate (%)
Maturity Date Issue
Size
(Rs. Cr)
Rating Assigned  with Outlook
NA Cash Credit NA NA NA 4 CRISIL BB-/Stable/Issuer Not Cooperating
NA Long Term Loan NA NA Not available 2.18 CRISIL BB-/Stable/Issuer Not Cooperating
NA Proposed Long Term Bank Loan Facility NA NA NA 2.82 CRISIL BB-/Stable/Issuer Not Cooperating
*Issuer did not cooperate; based on best-available information
Annexure - Rating History for last 3 Years
  Current 2019 (History) 2018  2017  2016  Start of 2016
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund-based Bank Facilities  LT/ST  9.00  CRISIL BB-/Stable (Issuer Not Cooperating)*      03-09-18  CRISIL BB-/Stable (Issuer Not Cooperating)*  27-09-17  CRISIL BB-/Stable (Issuer Not Cooperating)*  20-05-16  CRISIL BB-/Stable  -- 
All amounts are in Rs.Cr.
*Issuer did not cooperate; based on best-available information
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Cash Credit 4 CRISIL BB-/Stable/Issuer Not Cooperating Cash Credit 4 CRISIL BB-/Stable
Long Term Loan 2.18 CRISIL BB-/Stable/Issuer Not Cooperating Long Term Loan 2.18 CRISIL BB-/Stable
Proposed Long Term Bank Loan Facility 2.82 CRISIL BB-/Stable/Issuer Not Cooperating Proposed Long Term Bank Loan Facility 2.82 CRISIL BB-/Stable
Total 9 -- Total 9 --
Links to related criteria
Framework for Assessing Information Adequacy Risk

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