Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 48.00 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 2.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 50.00 - -
 
Rating Rationale

­ACUITE has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ‘ACUITE Single B plus) and the short term rating of ‘ACUITE A4’ (read as ‘ACUITE A four) on the Rs. 50.00 Crore bank facilities of Ample Technologies Private Limited (ATPL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.


About the Company

­Karnataka based Ample Technologies Private Limited (ATPL), the company has a wholly owned subsidiary Ample Digital Private Limited. (ADPL) together referred to as Ample Group (AG). ATPL was established in 1999, it is an Apple premium reseller and service provider under the retail brand store name Image and Icare. The company is also engaged in selling products of sports brand such as ACSIS and Under Armour. ATPL is currently operating retail stores in Karnataka, Madhya Pradesh, Delhi, Maharashtra, Tamil Nadu, Goa, Kerala and Telangana. ADPL was incorporated in 2014 and it is engaged in resale of technology based solutions to corporates. It has has partnered with brands such as Apple, Samsung, Adobe, DellEMC, HP, IBM, Microsoft, Lenovo, etc., to cater to B2B customers. The company is promoted by Mr. Rajesh Narang Ashok and Mr. Ashok Kumar Narang.

 
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 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 Sensitivity

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

 
Material Covenants

­Not Applicable

 
Liquidity Position

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

 
Outlook

­Not Applicable

 
Other Factors affecting Rating

Not Applicable­

 

Particulars Unit FY 21 (Actual) FY 20 (Actual)
Operating Income Rs. Cr. 873.89 617.17
PAT Rs. Cr. 23.06 2.06
PAT Margin (%) 2.64 0.33
Total Debt/Tangible Net Worth Times 0.75 1.50
PBDIT/Interest Times 4.36 1.70
Status of non-cooperation with previous CRA

­Not Applicable

 
Any other information

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

 
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

­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.

 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
02 Mar 2022 Term Loan Long Term 5.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 8.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 14.00 ACUITE B+ (Downgraded and Issuer not co-operating*)
Term Loan Long Term 4.28 ACUITE B+ (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 1.50 ACUITE A4 (Downgraded and Issuer not co-operating*)
Proposed Bank Facility Long Term 16.72 ACUITE B+ (Downgraded and Issuer not co-operating*)
Letter of Credit Short Term 0.50 ACUITE A4 (Downgraded and Issuer not co-operating*)
09 Dec 2020 Term Loan Long Term 5.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Term Loan Long Term 4.28 ACUITE BB- (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 14.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 8.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 1.50 ACUITE A4+ (Issuer not co-operating*)
Letter of Credit Short Term 0.50 ACUITE A4+ (Issuer not co-operating*)
Proposed Bank Facility Long Term 16.72 ACUITE BB- (Downgraded and Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
State Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 1.50 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 14.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 8.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 0.50 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 16.72 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Term Loan Not available Not available Not available 4.28 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not Applicable Term Loan Not available Not available Not available 5.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research

Acuité Ratings & Research Limitedwww.acuite.in