Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 25.10 ACUITE D | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 10.00 - ACUITE D | Downgraded | Issuer not co-operating*
Total Outstanding 35.10 - -
 
Rating Rationale

Acuité has downgraded the long-term rating to ‘ACUITE D' (read as ACUITE D) from ‘ACUITE B’ (read as ACUITE B) and also downgraded the short-term rating to ‘ACUITE D' (read as ACUITE D) from ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 35.10 crore bank facilities of Asian Beverage Private Limited. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information.
The downgrade is based on CRIF High Mark Report and as per the press release of another credit rating agency available in the public domain

About the Company
­­Asian Beverage Private Limited (ABPL), incorporated in December, 2013 is in Purasawalkam, Chennai based company promoted by Sureshchand Arihant, Gmchainraj Vijayakumar, Pradipkumar Sohanlal and others with the collective experience of two decades in similar lines of business.
It is engaged in the manufacturing and packaging of Non-alcoholic fruit beverages, ready to serve fruit beverage and carbonated soft drinks under three registered Brand names – ‘TRUE VALLEY’, ‘JUCETIME’ and ‘VITAL’ having manufacturing unit at Villupuram, Tamil Nadu. Brand names are registered in the name of Asian Beverages Private Limited. It has added one more brand ‘YOOTOO’ Milk shake on Job work basis for Bovonto (Kalis Sparkling Water Private Limited). The production capacity has been expanded to 600,000 litres per day.
 
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 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."'
 
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 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 40.02 47.79
PAT Rs. Cr. (4.99) (4.63)
PAT Margin (%) (12.46) (9.68)
Total Debt/Tangible Net Worth Times (3.67) (7.06)
PBDIT/Interest Times 1.23 1.51
Status of non-cooperation with previous CRA
­­Not Applicable
 
Any other information
None
 
Applicable Criteria
• Rating Process and Timeline: https://www.acuite.in/view-rating-criteria-67.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
05 Apr 2023 Cash Credit Long Term 5.00 ACUITE B | Not Applicable (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 20.00 ACUITE B | Not Applicable (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan Long Term 0.10 ACUITE B | Not Applicable (Reaffirmed & Issuer not co-operating*)
Letter of Credit Short Term 10.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
17 Jan 2022 Letter of Credit Short Term 10.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 5.00 ACUITE B | Not Applicable (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 20.00 ACUITE B | Not Applicable (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Loan Long Term 0.10 ACUITE B | Not Applicable (Reaffirmed & Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
City Union Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE B )
City Union Bank Ltd Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE A4 )
Not Applicable Not avl. / Not appl. Proposed Long Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.10 Simple ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE B )
City Union Bank Ltd Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE D | Downgraded | Issuer not co-operating* ( from ACUITE B )

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