Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 39.00 ACUITE BB+ | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 80.00 - ACUITE A4+ | Downgraded | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 119.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale
­Acuité has downgraded the long term rating to ‘ACUITE BB+’ (read as ACUITE double B plus) from  ‘ACUITE BBB-‘ (read as ACUITE triple B minus) and short term rating to ACUITE A4+ (read as ACUITE A Four plus) from  ‘ACUITE A3’ (read as ACUITE A three) on the Rs.119.00 crore bank facilities of Ketul Chem Private Limited (KCPL). The rating is now indicative and is based on the best available information. The rating downgrade is on account of information risk.

About the Company

Ketul Chem Private Limited (KCPL) was incorporated in the year 1990, is a Mumbai based company. It was set up by Mr. Hasmukh Shah and Mrs. Prerna H. Shah and is headed along with Bhupendra Chunilal Shah. The company is an importer of Petrochemicals, Polymers, Rubber & Specialty chemicals and is also involved in manufacturing of Aroma Chemicals & Pharmaceutical Intermediates.
 
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). Acuite endeavored to gather information about the entity/industry from the public domain. Therefore, Acuite cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.
 
Rating Sensitivities
"No information provided by the issuer / available for Acuite to comment upon."
 
Material Covenants
­None
 
Liquidity Position
­ "No information provided by the issuer / available for Acuite to comment upon."
 
Outlook
­Not Applicable
 
Other Factors affecting Rating
The rated entity has not shared the latest Financial Statements despite repeated attempts.The rated entity has not shared the latest Financial Statements despite repeated attempts.
 

Particulars Unit FY 20 (Actual) FY 19 (Actual)
Operating Income Rs. Cr. 337.31 520.37
PAT Rs. Cr. 1.90 3.97
PAT Margin (%) 0.56 0.76
Total Debt/Tangible Net Worth Times 0.54 0.54
PBDIT/Interest Times 2.00 2.33
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
Acuite is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
 
Applicable Criteria
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Trading Entitie: https://www.acuite.in/view-rating-criteria-61.htm
Note on Complexity Levels of the Rated Instrument
­None
 

Date Name of Istruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
22 Jan 2021 Cash Credit Long Term 3.00 ACUITE BBB- (Withdrawn)
Letter of Credit Short Term 35.00 ACUITE A3 (Downgraded from ACUITE A3+)
Letter of Credit Short Term 36.00 ACUITE A3 (Withdrawn)
Letter of Credit Short Term 30.00 ACUITE A3 (Downgraded from ACUITE A3+)
Letter of Credit Short Term 15.00 ACUITE A3 (Downgraded from ACUITE A3+)
Proposed Bank Facility Long Term 34.00 ACUITE BBB- | Stable (Assigned)
Cash Credit Long Term 5.00 ACUITE BBB- | Stable (Downgraded from ACUITE BBB | Stable)
27 Apr 2019 Letter of Credit Short Term 36.00 ACUITE A3+ (Reaffirmed)
Letter of Credit Short Term 25.00 ACUITE A3+ (Reaffirmed)
Letter of Credit Short Term 35.00 ACUITE A3+ (Reaffirmed)
Cash Credit Long Term 5.00 ACUITE BBB | Stable (Reaffirmed)
Letter of Credit Short Term 15.00 ACUITE A3+ (Reaffirmed)
Cash Credit Long Term 3.00 ACUITE BBB | Stable (Reaffirmed)
05 Feb 2018 Cash Credit Long Term 3.00 ACUITE BBB | Stable (Assigned)
Cash Credit Long Term 5.00 ACUITE BBB | Stable (Assigned)
Letter of Credit Short Term 36.00 ACUITE A3+ (Assigned)
Letter of Credit Short Term 35.00 ACUITE A3+ (Assigned)
Letter of Credit Short Term 15.00 ACUITE A3+ (Assigned)
Letter of Credit Short Term 25.00 ACUITE A3+ (Assigned)
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Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
DBS Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 5.00 ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB- )
Yes Bank Ltd Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 35.00 ACUITE A4+ | Downgraded | Issuer not co-operating* ( from ACUITE A3 )
DBS Bank Ltd Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 15.00 ACUITE A4+ | Downgraded | Issuer not co-operating* ( from ACUITE A3 )
HDFC Bank Ltd Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 30.00 ACUITE A4+ | Downgraded | Issuer not co-operating* ( from ACUITE A3 )
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 34.00 ACUITE BB+ | Downgraded | Issuer not co-operating* ( from ACUITE BBB- )
­
About Acuité Ratings & Research
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