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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 150.00 | ACUITE BB | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding | 150.00 | - | - |
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Rating Rationale |
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Acuité has reaffirmed the long term rating of ‘ACUITE BB’ (read as ACUITE double B ) on the Rs.150.00 Crore bank facilities of Amrut Exports (AE). This rating is now an indicative rating and is based on best available information. |
| About the Company |
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Mumbai based, Amrut Exports was established in 1993 as a proprietory concern by Mr Rajivbhai B Dhameliya. In 2017, AE was converted into a partnership firm with current partners Mr Rajivbhai B Dhameliya, Mrs Shardaben R Dhameliya, Mr Shailesh R Dhameliya and Mr Vrajesh R Dhameliya. The firm is engaged in processing of rough diamonds and sale of polished diamonds of less than 1 carat. It has its processing unit at Surat (Gujarat). ~ 30 per cent of the revenues of the firm are derived from exports to countries such as Hong Kong, USA and Thailand. |
| 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. |
| Rating Sensitivity |
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"No information provided by the issuer / available for Acuite to comment upon." |
| All Covenants |
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Not Applicable |
| Liquidity Position |
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"No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
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Not Applicable |
| Other Factors affecting Rating |
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Not Applicable |
| Particulars | Unit | FY 20 (Actual) | FY 19 (Actual) |
| Operating Income | Rs. Cr. | 379.56 | 488.53 |
| PAT | Rs. Cr. | 6.25 | 9.09 |
| PAT Margin | (%) | 1.65 | 1.86 |
| Total Debt/Tangible Net Worth | Times | 1.25 | 1.11 |
| PBDIT/Interest | Times | 1.70 | 1.97 |
| Status of non-cooperation with previous CRA |
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Not Applicable |
| Any other information |
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None |
| 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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