Axison Vitrified Pvt. Ltd

January 29, 2024
Axison Vitrified Pvt. Ltd.: Continues to remain under issuer Non-Cooperating category
Summary of rating action
Previous Rated Current Rated

Instrument^ Amount Amount Rating Action
(Rs. crore) (Rs. crore)
Long Term-Fund Based- [ICRA]B+ (Stable); ISSUER NOT COOPERATING*; Rating
3.70 3.70
Cash Credit continues to remain under ‘Issuer Not Cooperating’ category
Long Term-Fund Based- [ICRA]B+ (Stable); ISSUER NOT COOPERATING*; Rating
9.87 9.87
Term Loan continues to remain under ‘Issuer Not Cooperating’ category
Short Term-Non Fund [ICRA]A4; ISSUER NOT COOPERATING*; Rating continues to
1.50 1.50
Based-Others remain under ‘Issuer Not Cooperating’ category
Total 15.07 15.07
*Issuer did not cooperate; based on best available information.
^Instrument details are provided in Annexure-I
Rationale
ICRA has kept the Long-Term and Short-Term ratings of Axison Vitrified Pvt. Ltd. in the ‘Issuer Not Cooperating’ category. The
ratings are denoted as “[ICRA]B+ (Stable); ISSUER NOT COOPERATING/ [ICRA]A4; ISSUER NOT COOPERATING”.
As part of its process and in accordance with its rating agreement with Axison Vitrified Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance Further, ICRA has been sending repeated reminders to the entity
for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity’s management has remained
non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the rating has been
continued to the “Issuer Not Cooperating” category. The rating is based on the best available information.
Please refer to the following link for the previous detailed rationale that captures Key rating drivers and their description,
Liquidity position, Rating sensitivities: Click here ICRA is unable to provide the latest information because of non-cooperation
by the entity.
Analytical approach
Analytical Approach Comments
Policy in respect of non-cooperation by the rated entity

Applicable Rating Methodologies
Corporate Credit Rating Methodology
Parent/Group Support NA
Consolidation/Standalone Standalone
About the company

Incorporated in May 2016, Axison Vitrified Pvt. Ltd. manufactures vitrified tiles at its plant situated at Morbi (Gujarat). The
company manufactures glazed vitrified tiles (GVT) and polished glazed vitrified tiles (PGVT) in two sizes viz. 600 X 600 mm and
600 X 1,200 mm with annual installed capacity to manufacture 46,800 metric tonne of such tiles. It commenced its commercial
operations from July 18, 2017. The company is promoted by Mr. Ashwin Laljibhai Ghodasara, Mr. Chetan Morarjibhai Vadgasiya
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and Mr. Kirit Shivlal Bhalodiya, having significant experience in ceramic industry through their association with Patel’s Ceramic
Pvt. Ltd. (manufactures ceramic clay), Axiom Ceramic Pvt. Ltd. (manufactures ceramic tiles) and Bharat Minerals (manufactures
ceramic clay).
Key financial indicators
FY2022 FY2023
Operating income 47.6 43.0
PAT 1.1 0.7
OPBDIT/OI 9.4% 6.6%
PAT/OI 2.2% 1.5%
Total outside liabilities/Tangible net worth (times) 3.4 2.7
Total debt/OPBDIT (times) 3.2 4.1
Interest coverage (times) 3.9 3.0
Source – MCA Website
Status of non-cooperation with previous CRA:
CRA Status Date of Release

CRISIL CRISIL B (Stable)/CRISIL A4; ISSUER NOT COOPERATING July 26, 2023
Any other information: None
Rating history for past three years
Current Rating (FY2024) Chronology of Rating History for the past 3 years
Amount Amount Date & Rating in Date & Rating in Date & Rating in
Instrument Rated Outstanding Date & Rating in
Type FY2023 FY2022 FY2021
(Rs. (Rs. Crore)
Crore) 29-Jan-2024 17-Nov-2022 29-Oct-2021 21-Aug-2020
[ICRA]B+ (Stable); [ICRA]B+ (Stable); [ICRA]B+ (Stable); [ICRA]B+ (Stable);
Long
1 Cash Credit 3.70 - ISSUER NOT ISSUER NOT ISSUER NOT ISSUER NOT
Term
COOPERATING COOPERATING COOPERATING COOPERATING
[ICRA]B+ (Stable); [ICRA]B+ (Stable); [ICRA]B+ (Stable); [ICRA]B+ (Stable);
Long
2 Term Loan 9.87 - ISSUER NOT ISSUER NOT ISSUER NOT ISSUER NOT
Term
COOPERATING COOPERATING COOPERATING COOPERATING
Non Fund Short [ICRA]A4; ISSUER [ICRA]A4; ISSUER [ICRA]A4; ISSUER [ICRA]A4; ISSUER
3 1.50 -
Based term NOT COOPERATING NOT COOPERATING NOT COOPERATING NOT COOPERATING
Complexity level of the rated instrument
Instrument Complexity Indicator

Cash Credit Simple
Term Loan Simple
Non Fund Based Very Simple
The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated.
It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's
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credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or
complexity related to the structural, transactional, or legal aspects. Details on the complexity levels of the instruments, is
available on ICRA’s website: Click Here
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Annexure-I: Instrument details
ISIN Instrument Date of Issuance / Coupon Maturity Amount Rated

Current Rating and Outlook
No Name Sanction Rate Date (RS Crore)
NA [ICRA]B+ (Stable); ISSUER NOT
Cash Credit - - - 3.70
COOPERATING
NA [ICRA]B+ (Stable); ISSUER NOT
Term Loan - - - 9.87
COOPERATING
NA
Non Fund Based - - - 1.50 [ICRA]A4; ISSUER NOT COOPERATING
Source: Axison Vitrified Pvt. Ltd.
Annexure-II: List of entities considered for consolidated analysis: Not Applicable
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ANALYST CONTACTS
Rajeshwar Burla Subhechha Banerjee

+91 40 4067 6527 +91 33 7150 1130
rajeshwar.burla@icraindia.com subhechha.banerjee@icraindia.com
Sweety Shaw
+91 33 7150 1180
sweety.shaw@icraindia.com
RELATIONSHIP CONTACT
L. Shivakumar
+91-022-61693300
shivakumar@icraindia.com
MEDIA AND PUBLIC RELATIONS CONTACT

Ms. Naznin Prodhani
Tel: +91 124 4545 860
communications@icraindia.com
Helpline for business queries

+91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm)
info@icraindia.com
About ICRA Limited:

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services
companies as an independent and professional investment Information and Credit Rating Agency.
Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company,
with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit Rating Agency
Moody’s Investors Service is ICRA’s largest shareholder.
For more information, visit www.icra.in
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Contents may be used freely with due acknowledgement to ICRA.
ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance,
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January 29, 2024

Summary of rating action

Previous Rated Current Rated

Analytical Approach Comments

Policy in respect of non-cooperation by the rated entity

About the company

Key financial indicators

Status of non-cooperation with previous CRA:

CRA Status Date of Release

Any other information: None

Rating history for past three years

Complexity level of the rated instrument

Instrument Complexity Indicator

ISIN Instrument Date of Issuance / Coupon Maturity Amount Rated

Source: Axison Vitrified Pvt. Ltd.

Annexure-II: List of entities considered for consolidated analysis: Not Applicable

Rajeshwar Burla Subhechha Banerjee

MEDIA AND PUBLIC RELATIONS CONTACT

Helpline for business queries

About ICRA Limited:

For more information, visit www.icra.in

© Copyright, 2024 ICRA Limited. All Rights Reserved.

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