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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 10.00 | ACUITE B+ | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 10.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs. 10.00 crore bank facilities of Aditya Auto Industries (AAI). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information. |
| About the Company |
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Aditya Auto Industries based in Greater Noida (Uttar Pradesh) is a proprietorship concern established in the year 2003, promoted by Mrs. Neetu Rajput. It is engaged in the manufacture of Sheet metal components and plastic components for consumer durables such as parts for microwave ovens, washing machines and refrigerator. The firm has two plants located in Greater Noida (Uttar Pradesh) and Dehradun. The firm has two group entities viz Aditya Thermopack Private Limited and Aditya Metal Coat Private Limited. |
| Non-cooperation by the issuer/borrower: |
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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. |
| Limitation regarding information availability: |
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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.
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| Rating Sensitivity |
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"No information provided by the issuer / available for Acuite to comment upon." |
| Material Covenants |
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None |
| Liquidity Position |
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"No information provided by the issuer / available for Acuite to comment upon."
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| Outlook |
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Not Applicable
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| Other Factors affecting Rating |
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Not Applicable |
| Particulars | Unit | FY 17 (Actual) | FY 16 (Actual) |
| Operating Income | Rs. Cr. | 43.63 | 44.32 |
| PAT | Rs. Cr. | 1.25 | 1.52 |
| PAT Margin | (%) | 2.86 | 3.44 |
| Total Debt/Tangible Net Worth | Times | 1.62 | 2.25 |
| PBDIT/Interest | Times | 1.81 | 1.98 |
| Status of non-cooperation with previous CRA |
| None |
| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups. |
| Applicable Criteria |
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• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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 |
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In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in. |
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