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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 14.00 | ACUITE D | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 18.00 | - | ACUITE D | Reaffirmed | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 32.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long term rating to ‘ACUITE D’ (read as ACUITE D) and the short term rating to ‘ACUITE D’ (read as ACUITE D) on the Rs.32.00 crore bank facilities of APLAB Limited (AL).This rating is now an indicative rating and is based on best available information.
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| About the Company |
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Aplab Limited (AL) is a Thane based company incorporated in 1962 by Mr. P.S Deodhar and is engaged as a manufacturer for Test & Measurement instruments. Originally, the company was called Applied Electronics Limited which later on went on to be called Applied Electronics Lab before the name was finally changed to Aplab Limited. The primary business activity involves the manufacturing of electrical/electronic equipment and devices. The company has reputed clientele such as Hindustan Aeronautics Limited, Bharat Electronics Limited, and L&T Limited, to name a few
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| Non-cooperation by the issuer/borrower |
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Acuité has been requesting for No Default Statement and other critical information from the rated entity. 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.
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| 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 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.
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| Rating Sensitivities |
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No information provided by the issuer / available for Acuite to comment upon.
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| Material Covenants |
| None |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon. |
| Outlook: |
| Not Applicable |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 51.36 | 53.02 |
| PAT | Rs. Cr. | 0.17 | (0.39) |
| PAT Margin | (%) | 0.34 | (0.73) |
| Total Debt/Tangible Net Worth | Times | (2.29) | (2.75) |
| PBDIT/Interest | Times | 1.11 | 1.00 |
| Status of non-cooperation with previous CRA |
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ICRA vide its press release dated 17-01-2022, rated AL to ICRA D/D; INC Brickworks vide its press release dated 21-09- 2022, rated AL to BWR D/D; INC |
| 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 |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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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