Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 33.76 ACUITE BB | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 32.60 - ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Total Outstanding 66.36 - -
 
Rating Rationale

­­Acuité has reaffirmed the long-term rating to ‘ACUITE BB’ (read as ACUITE double B) and reaffirmed the short-term rating to ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 66.36 crore bank facilities of Andrew Yule and Company Limited. The rating continues to be flagged as “Issuer Not Co-operating” and is a based on best available information.

About the Company
­­­Incorporated in 1919 as a private sector company and later in 1979 acquired by Government of India (GoI), Andrew Yule and Co Limited is a public sector entity engaged primarily in the tea processing business. AYCL has several tea gardens in West Bengal and Assam. Currently the company is managed by the directors Mr. Vishwanath Giriraj, Mr. Sanjoy Bhattacharya and Mr. Kothenath Mohan among others. Further, the company has two other divisions, namely, engineering and electrical; where it manufactures transformers,\ regulators/rectifiers, circuit breakers, switches, industrial fans, tea machinery and does turnkey jobs. It has five operating units in West Bengal at Kalyani, Kolkata and in Chennai, Tamil Nadu.
 
Unsupported Rating
­Not Applicable
 
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 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
­"No information provided by the issuer / available for Acuite to comment upon."
 
Liquidity Position
­"No information provided by the issuer / available for Acuite to comment upon."
 
Outlook: Not Applicable
­
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 373.46 337.24
PAT Rs. Cr. 1.17 (0.90)
PAT Margin (%) 0.31 (0.27)
Total Debt/Tangible Net Worth Times 0.54 0.36
PBDIT/Interest Times 2.53 3.18
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­None
 
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

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
22 Nov 2023 Bank Guarantee/Letter of Guarantee Short Term 13.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 9.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee/Letter of Guarantee Short Term 7.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 2.50 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
FBN/FBP/FBD/PSFC/FBE Short Term 1.10 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 14.51 ACUITE BB | Not Applicable (Downgraded & Issuer not co-operating*)
Cash Credit Long Term 7.50 ACUITE BB | Not Applicable (Downgraded & Issuer not co-operating*)
Secured Overdraft Long Term 11.75 ACUITE BB | Not Applicable (Downgraded & Issuer not co-operating*)
13 Oct 2023 Cash Credit Long Term 14.51 ACUITE BB+ | Not Applicable (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 7.50 ACUITE BB+ | Not Applicable (Reaffirmed & Issuer not co-operating*)
Secured Overdraft Long Term 11.75 ACUITE BB+ | Not Applicable (Reaffirmed & Issuer not co-operating*)
Bank Guarantee/Letter of Guarantee Short Term 13.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 9.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee/Letter of Guarantee Short Term 7.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 2.50 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
FBN/FBP/FBD/PSFC/FBE Short Term 1.10 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
18 Jul 2022 Cash Credit Long Term 14.51 ACUITE BB+ | Not Applicable (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 7.00 ACUITE BB+ | Not Applicable (Reaffirmed & Withdrawn & Issuer not co-operating*)
Cash Credit Long Term 30.36 ACUITE BB+ | Not Applicable (Reaffirmed & Withdrawn & Issuer not co-operating*)
Cash Credit Long Term 7.50 ACUITE BB+ | Not Applicable (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility Long Term 15.28 ACUITE BB+ | Not Applicable (Reaffirmed & Withdrawn & Issuer not co-operating*)
Working Capital Demand Loan (WCDL) Long Term 3.04 ACUITE BB+ | Not Applicable (Reaffirmed & Withdrawn & Issuer not co-operating*)
Secured Overdraft Long Term 11.75 ACUITE BB+ | Not Applicable (Reaffirmed & Issuer not co-operating*)
Bank Guarantee/Letter of Guarantee Short Term 13.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 9.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Bank Guarantee/Letter of Guarantee Short Term 1.50 ACUITE A4+ (Reaffirmed & Withdrawn & Issuer not co-operating*)
Bank Guarantee/Letter of Guarantee Short Term 0.76 ACUITE A4+ (Reaffirmed & Withdrawn & Issuer not co-operating*)
Bank Guarantee/Letter of Guarantee Short Term 7.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 2.50 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
FBN/FBP/FBD/PSFC/FBE Short Term 1.10 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
FBN/FBP/FBD/PSFC/FBE Short Term 0.70 ACUITE A4+ (Reaffirmed & Withdrawn & Issuer not co-operating*)
23 Apr 2021 Cash Credit Long Term 14.51 ACUITE BB+ | Stable (Upgraded from ACUITE BB- | Stable)
Cash Credit Long Term 7.00 ACUITE BB+ | Stable (Upgraded from ACUITE BB- | Stable)
Cash Credit Long Term 30.36 ACUITE BB+ | Stable (Upgraded from ACUITE BB- | Stable)
Cash Credit Long Term 7.50 ACUITE BB+ | Stable (Upgraded from ACUITE BB- | Stable)
Proposed Long Term Bank Facility Long Term 15.28 ACUITE BB+ | Stable (Upgraded from ACUITE BB- | Stable)
Secured Overdraft Long Term 11.75 ACUITE BB+ | Stable (Assigned)
Term Loan Long Term 3.04 ACUITE BB+ | Stable (Upgraded from ACUITE BB- | Stable)
Bank Guarantee (BLR) Short Term 13.00 ACUITE A4+ (Upgraded from ACUITE A4)
Bank Guarantee (BLR) Short Term 1.50 ACUITE A4+ (Upgraded from ACUITE A4)
Bank Guarantee (BLR) Short Term 0.76 ACUITE A4+ (Upgraded from ACUITE A4)
Bank Guarantee (BLR) Short Term 7.00 ACUITE A4+ (Upgraded from ACUITE A4)
Bills Discounting Short Term 1.10 ACUITE A4+ (Upgraded from ACUITE A4)
Bills Discounting Short Term 0.70 ACUITE A4+ (Upgraded from ACUITE A4)
Letter of Credit Short Term 9.00 ACUITE A4+ (Upgraded from ACUITE A4)
Letter of Credit Short Term 2.50 ACUITE A4+ (Upgraded from ACUITE A4)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Indian Bank Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 13.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Bank Guarantee/Letter of Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Indian Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 14.51 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.50 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*
Indian Bank Not avl. / Not appl. FBN/FBP/FBD/PSFC/FBE Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.10 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Bank of Baroda Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.50 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Indian Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 9.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Indian Bank Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 11.75 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*

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