Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Non Convertible Debentures (NCD) 270.00 ACUITE D | Reaffirmed | Issuer not co-operating* -
Total Outstanding 270.00 - -
 
Rating Rationale

­Acuité has reaffirmed its long-term rating of 'ACUITE D' (read as ACUITE D)  on the Rs. 270.00 Cr. Non Convertible Debentures (NCD) of Arya Capital Management Private Limited (ACMPL). The rating is now flagged as “Issuer Not Cooperating” in line with existing SEBI regulations and Policy in respect of ‘What Constitutes Non-Cooperation’ of Acuite and is based on the best available information.

About the Company
­­ACMPL was incorporated in 2007 and is promoted by Dhawan Trust and Mr.Arjun Dhawan is the Trustee of the Trust. ACMPL is member of promoter group company of Hindustan Construction Company (HCC). Mr. Arjun Dhawan is an Executive Vice chairman of HCC Ltd.  HCC did a rights issue of equity shares primarily for funding the working capital requirements of HCC. The proceeds of the NCDs issued were deployed for subscribing to the said rights issue of HCC. The company is based in Mumbai.
 
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 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 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 ratingis based.
 
Rating Sensitivities
­­­"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 24 (Actual) FY 23 (Actual)
Operating Income Rs. Cr. 8.50 384.20
PAT Rs. Cr. (16.67) 92.74
PAT Margin (%) (196.08) 24.14
Total Debt/Tangible Net Worth Times (0.01) (0.08)
PBDIT/Interest Times 0.33 3.40
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• 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
• Service Sector: https://www.acuite.in/view-rating-criteria-50.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
18 Sep 2023 Non-Covertible Debentures (NCD) Long Term 270.00 ACUITE D (Reaffirmed)
Proposed Non Convertible Debentures Long Term 30.00 ACUITE Not Applicable (Withdrawn)
16 Nov 2022 Non-Covertible Debentures (NCD) Long Term 300.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
22 Nov 2021 Non-Covertible Debentures (NCD) Long Term 300.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Not Applicable INE02C607011 Non-Convertible Debentures (NCD) 13 Dec 2018 7.00 12 Jun 2023 270.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*

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