|
|
| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 3.00 | ACUITE BB | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 9.00 | - | ACUITE A4+ | Reaffirmed | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 12.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
|
Acuité has downgraded its long-term rating to ‘ACUITE BB’ (read as ACUITE double B) from'ACUITE BB+' (read as ACUITE double B plus) and reaffirmed the short-term rating to 'ACUITE A4+' (read as ACUITE A Four Plus) on the Rs.12.00 crore bank facilities of Ashok Kumar Mittal (AKM). This rating is now an indicative rating and is based on best available information.
The rating has been downgraded on account of information risk. |
| About the Company |
|
Ashok Kumar Mittal (AKM) was established in the year of 1985 as a proprietorship concern by Mr. Ashok Kr. Mittal; in the year of 2002, proprietorship has been changed to Mr. Deepak Kumar Mittal. The firm is engaged in providing civil construction service for PWD and Irrigation Dept. to the Chhattisgarh Govt. The registered office is located in Korba, district of Chhattisgarh.
|
| Non-cooperation by the issuer/borrower |
|
The team had sent repeated reminders to the Company for latest information; however, despite multiple requests; the Company’s management has not sent the required documents and are yet to submit the final latest documents for assigning the rating.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 rating is based.
|
| Rating Sensitivities |
|
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 |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 128.84 | 103.37 |
| PAT | Rs. Cr. | 4.37 | 3.04 |
| PAT Margin | (%) | 3.39 | 2.94 |
| Total Debt/Tangible Net Worth | Times | 0.91 | 0.82 |
| PBDIT/Interest | Times | 5.50 | 6.42 |
| Status of non-cooperation with previous CRA |
| Not Available. |
| 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 |
|
• 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 • Insurance Companies: https://www.acuite.in/view-rating-criteria-66.htm |
| Note on Complexity Levels of the Rated Instrument |
|
| |
|
|
||||||||||||||||||||||||||||||||
|
|
Contacts |
| Analytical | Rating Desk |
| About Acuité Ratings & Research |
