By Deepak Joshi

India Ratings and Research (Ind-Ra) has downgraded G.C. Threads Private Limited Long-Term Issuer Rating to ‘IND BB(ISSUER NOT COOPERATING)’ from ‘IND BBB-(ISSUER NOT COOPERATING)’. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. The instrument-wise rating action is as follows:

Instrument Type

Date of Issuance

Coupon Rate

Maturity Date

Size of Issue (million)

Rating/Outlook

Rating Action

Fund Based Working Capital LimitINR 129IND A4+(Issuer Not Cooperating)/ IND BB(Issuer Not Cooperating)Downgraded
Non-Fund Based Working Capital LimitINR 5.55IND A4+(Issuer Not Cooperating)Downgraded
Term loanINR 177.24IND BB(Issuer Not Cooperating)Downgraded

KEY RATING DRIVERS

The downgrade is pursuant to SEBI Circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated 3rd January 2020. As per Circular any issuer having investment grade rating remains non cooperative with rating agency for more than 6 months should be downgraded to sub investment grade rating. Please refer agency’s website www.indiarating.co.in. G.C. Threads Private Limited has been non cooperative with the agency from  03 Nov 2017 

Current outstanding rating of IND BB(Issuer Not Cooperating) may not reflect it’s credit strength as the issuer has been non cooperative with agency, therefore, investors and other users are advised to take appropriate caution while using these ratings.


COMPANY PROFILE

Incorporated in August 2010, GCTPL manufactures cotton yarn at its facility in Samana, Punjab.
 


RATING HISTORY

Instrument Type

Rating Type

Rated Limits (million)

Current Ratings

Historical Rating/Outlook*

01 Nov 2018 03 Nov 2017 07 Oct 2016
Fund Based Working Capital LimitLong Term INR 129IND A4+(ISSUER NOT COOPERATING)/ IND BB(ISSUER NOT COOPERATING)IND A3(ISSUER NOT COOPERATING)/ IND BBB-(ISSUER NOT COOPERATING)IND A3(ISSUER NOT COOPERATING)/ IND BBB-(ISSUER NOT COOPERATING)IND A3/ IND BBB-/Stable
Non-Fund Based Working Capital LimitShort Term INR 5.55IND A4+(ISSUER NOT COOPERATING)IND A3(ISSUER NOT COOPERATING)IND A3(ISSUER NOT COOPERATING)IND A3
Term loanLong Term INR 177.24IND BB(ISSUER NOT COOPERATING)IND BBB-(ISSUER NOT COOPERATING)IND BBB-(ISSUER NOT COOPERATING)IND BBB-/Stable
Long Term Issuer RatingLong Term IND BB(ISSUER NOT COOPERATING)IND BBB-(ISSUER NOT COOPERATING)IND BBB-(ISSUER NOT COOPERATING)IND BBB-/Stable

COMPLEXITY LEVEL OF INSTRUMENTS

 For details on the complexity levels of the instruments, please visit https://www.indiaratings.co.in/complexity-indicators.

SOLICITATION DISCLOSURES

Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings. 

Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.

ABOUT INDIA RATINGS AND RESEARCH

About India Ratings and Research: India Ratings and Research (Ind-Ra) is India's most respected credit rating agency committed to providing India's credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market. 

Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies and project finance companies. 

Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India, the Reserve Bank of India and National Housing Bank. 

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For more information, visit www.indiaratings.co.in.

PARTICIPATION DISCLOSURES

Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings. 

Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.

DISCLAIMER

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Applicable Criteria

Analyst Names

  • Primary Analyst

    Deepak Joshi

    Analyst
    India Ratings and Research Pvt Ltd Room no - 1201, 12th Floor, OM Towers, 32 Chowringhee Road, Kolkata-700071, India

    Media Relation

    Ankur Dahiya

    Manager – Corporate Communication
    +91 22 40356121