Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 20.00 ACUITE B | Downgraded | Issuer not co-operating* -
Total Outstanding 20.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

­­Acuité has downgraded the long-term rating to ‘ACUITE B’ (read as ACUITE B) from 'ACUITE B+' (read as ACUITE B plus) on the Rs. 20.00 crore bank facilities of J D Associate (JDA) on account of information risk. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.


About the Company

­J D Associate was established as a proprietorship concern in 2013, promoted by Mr. L. David Paulraj. Later in March 2017, the constitution of the concern changed to partnership firm. The firm is engaged in mining and trading of blue metals used in household materials. The firm is promoted by Mr. L. David Paulraj (Managing Partner), Mrs. A. Prahba, Mr. N. V. S. Ramakrishnan and Mr. R. Vijay. The firm has two quarries located at Vandavasi and Mudichur in Tamil Nadu. The firm caters to local customers who are engaged in construction sector.

 
Unsupported Rating

­Not Applicable

 
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."

 
Liquidity Position

­"No information provided by the issuer / available for Acuite to comment upon."

 
Outlook

­Not Applicable

 
Other Factors affecting Rating

­None

 

Particulars Unit FY 17 (Provisional) FY 16 (Actual)
Operating Income Rs. Cr. 17.48 2.90
PAT Rs. Cr. 1.04 0.28
PAT Margin (%) 5.93 9.53
Total Debt/Tangible Net Worth Times 0.17 1.29
PBDIT/Interest Times 20.45 3506.10
Status of non-cooperation with previous CRA

­Not Applicable

 
Any other information

­None

 
Applicable Criteria
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
12 Jul 2023 Cash Credit Long Term 0.90 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Proposed Cash Credit Long Term 19.10 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
20 Apr 2022 Cash Credit Long Term 0.90 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB-)
Proposed Cash Credit Long Term 19.10 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB-)
18 Jan 2021 Cash Credit Long Term 0.90 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
Proposed Cash Credit Long Term 19.10 ACUITE BB- (Downgraded & Issuer not co-operating* from ACUITE BB)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Indian Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.90 Simple ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
Not Applicable Not avl. / Not appl. Proposed Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 19.10 Simple ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
* The issuer did not co-operate; based on best available information.

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