PR

Press Release
ANANT RAJ LIMITED
September 07, 2022
Rating Reaffirmed & Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	1135.00	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*	-
Bank Loan Ratings	50.00	ACUITE C \| Reaffirmed & Withdrawn \| Issuer not co-operating*	-
Total Outstanding Quantum (Rs. Cr)	0.00	-	-
Total Withdrawn Quantum (Rs. Cr)	1185.00	-	-

Rating Rationale

Acuité has reaffirmed & withdrawn the long-term rating to ‘ACUITE D’ (read as ACUITE D) and 'ACUITE C' (read as ACUITE C) on the Rs.1185.00 crore bank facilities of Anant Raj Limited (ARL). The rating withdrawal is in accordance with Acuité’s policy on withdrawal of rating. The rating continues to be flagged as “Issuer Not Cooperating”. The rating is being withdrawn on account of request received from the company and NOC received from the banker.

About the Company

ARL, the flagship company of Anant Raj Group, was incorporated in 1985 and started manufacturing of ceramic tiles later in 1985 and subsequently got listed in 1989. Later, the company also operated as a contractor for the Delhi Development Authority. In 2003, the company entered into Real Estate Development as 'Anant Raj Limited'. The company gradually acquired land parcels and currently has approximately 1050 acres in the Delhi, NCR and Haryana. The group is promoted by Mr. Ashok Sarin and family.

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 noncooperation 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 ratingis based.

Rating Sensitivity

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

Not Applicable

Key Financials

Particulars	Unit	FY 22 (Actual)	FY 21 (Actual)
Operating Income	Rs. Cr.	461.86	249.66
PAT	Rs. Cr.	48.47	0.23
PAT Margin	(%)	10.49	0.09
Total Debt/Tangible Net Worth	Times	0.92	0.59
PBDIT/Interest	Times	4.26	1.81

Status of non-cooperation with previous CRA

IVR, vide its press release dated August 22, 2022 had reaffirmed & issuer not cooperating the rating of Anant Raj Limited to 'BB+/A4+ (Positive); ISSUER NOT COOPERATING’.

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

• 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
• Real Estate Entities: https://www.acuite.in/view-rating-criteria-63.htm

Note on Complexity Levels of the Rated Instrument

https://www.acuite.in/view-rating-criteria-55.htm

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
14 Dec 2021	Cash Credit	Long Term	50.00	ACUITE C (Downgraded and Issuer not co-operating*)
	Term Loan	Long Term	314.66	ACUITE D (Downgraded and Issuer not co-operating*)
	Term Loan	Long Term	573.38	ACUITE D (Downgraded and Issuer not co-operating*)
	Term Loan	Long Term	236.22	ACUITE D (Downgraded and Issuer not co-operating*)
	Term Loan	Long Term	10.74	ACUITE D (Downgraded and Issuer not co-operating*)
07 Jul 2021	Cash Credit	Long Term	50.00	ACUITE BB (Downgraded and Issuer not co-operating*)
	Term Loan	Long Term	10.74	ACUITE BB (Downgraded and Issuer not co-operating*)
	Term Loan	Long Term	573.38	ACUITE BB (Downgraded and Issuer not co-operating*)
	Term Loan	Long Term	236.22	ACUITE BB (Downgraded and Issuer not co-operating*)
	Term Loan	Long Term	314.66	ACUITE BB (Downgraded and Issuer not co-operating*)
24 Jun 2020	Cash Credit	Long Term	50.00	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Negative)
	Term Loan	Long Term	573.38	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Negative)
	Term Loan	Long Term	314.66	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Negative)
	Term Loan	Long Term	10.74	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Negative)
	Term Loan	Long Term	236.22	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Negative)
28 Mar 2019	Term Loan	Long Term	10.74	ACUITE BBB- \| Negative (Downgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	236.22	ACUITE BBB- \| Negative (Downgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	573.38	ACUITE BBB- \| Negative (Downgraded from ACUITE BBB+ \| Positive)
	Cash Credit	Long Term	50.00	ACUITE BBB- \| Negative (Downgraded from ACUITE BBB+ \| Positive)
	Term Loan	Long Term	314.66	ACUITE BBB- \| Negative (Assigned)
05 Mar 2018	Cash Credit	Long Term	50.00	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	10.00	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	12.59	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	20.16	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	38.71	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	26.43	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	36.40	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	26.52	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	65.41	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	165.83	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	49.91	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	39.63	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	43.75	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	95.00	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	95.00	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	125.00	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	175.00	ACUITE BBB+ \| Positive (Assigned)
	Term Loan	Long Term	10.74	ACUITE BBB+ \| Positive (Assigned)
	Proposed Bank Facility	Long Term	98.92	ACUITE BBB+ \| Positive (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Rating
State Bank of India	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	50.00	ACUITE C \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Yes Bank Ltd	Not Applicable	Term Loan	Not available	Not available	Not available	573.38	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
LIC Housing Finance Ltd.	Not Applicable	Term Loan	Not available	Not available	Not available	314.66	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
Central Bank of India	Not Applicable	Term Loan	Not available	Not available	Not available	10.74	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*
State Bank of India	Not Applicable	Term Loan	Not available	Not available	Not available	236.22	ACUITE D \| Reaffirmed & Withdrawn \| Issuer not co-operating*

Contacts

Analytical	Rating Desk
Pooja Ghosh Vice President-Rating Operations Tel: 022-49294041 pooja.ghosh@acuite.in Abhishek Singh Analyst-Rating Operations Tel: 022-49294065 abhishek.s@acuite.in	Varsha Bist Senior Manager-Rating Operations Tel: 022-49294011 rating.desk@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité.