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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 50.00 | ACUITE BB+ | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 5.00 | - | ACUITE A4+ | Downgraded | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 55.00 | - | - |
| Rating Rationale |
| Acuité has downgraded its 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. 55.00 crore bank facilities of Ajit Singh Om Parkash Private Limited (ASOPL). This rating is now an indicative rating and is based on best available information. Rating has been downgraded on account of information risk. |
| About the Company |
| Ajit Singh Om Prakash Private Limited is incorporated on 31 March 1989 as a private limited company. However, before that they have started with a small shop back in 1958. A family owned company is engaged in grading and trading of pulses, edible oils, dry fruits and nuts and other grocery items. Company is selling its products under different Brand names, like Pulses, Rice, Edible oils and many other grocery items are sold in the Brand name of A+Plus, Century and Angan whereas dry fruits and nuts are sold in the brand name of Nuts About You. Directors of Ajit Singh Om Parkash Private Limited are Vinod Kumar, Gurcharan Dass, Rajan Arora, Parmod Kumar, Rahul Arora, Manik Arora, Ankit Arora, Shobhit Arora and Om Prakash. The main promoters of the company Mr Gurcharan Dass and Mr Om Prakash have an experience of more than 50 years in this line of business. Company has a grading and processing plants located at Nawanshahr, Punjab with a capacity of 200 Tonne Per Day and at Indore, Madhya Pradesh with a 30 Tonne Per Day. |
| 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 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 endeavoured 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 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 |
| None |
| Key Financials: |
| The rated entity has not shared the latest financial statements despite repeated requests. |
| Status of non-cooperation with previous CRA |
| Not Applicable. |
| Any other information |
| Acuite is yet to receive the latest No Default Statement from the rated entity despite repeated requests and followups. |
| Applicable Criteria |
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• 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 |
| 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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