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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 16.00 | ACUITE B- | Downgraded | Issuer not co-operating* | - |
Total Outstanding | 16.00 | - | - |
Total Withdrawn | 0.00 | - | - |
* The issuer did not co-operate; based on best available information. |
Rating Rationale |
Acuité has downgraded the long-term rating to 'ACUITE B-' (read as ACUITE B minus) from ‘ACUITE B’ (read as ACUITE B) on the Rs. 16.00 crore bank facilities of Atul Sharma. The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk. |
About the Company |
Established in 1998, Tamil Nadu based Atul Sharma (AS) commenced excavation and trading of granitesthrough Peethambaram Stones. Later in 2008, it started its wind power project and later in 2013, it came up with its solar power project. The firm currently has two wind power project with a cumulative installed capacity of 3800 KW. It supplies to Tamil Nadu Generation & Distribution Corporation Limited (three plants of 800 KW each) and Gujarat Urja Vikas Nigam Limited (two plants of 800 KW & 600 KW each) respectively. Further, the firm also has three solar power projects with a cumulative installed capacity of 4.25 MW. It supplies to the Pratibha Syntex Limited from the 1MW project at Berachah, MP, H&R Johnson (India) (a division of Prism Cement Limited) from the 1.25 MW project at Baroda, MP and Daawat Foods Limited from the 2MW project at Mandsaur, MP. The firm has entered into separate Power Purchase Agreements with these entities and distribute through M.P. State Electricity Board. The firm benefitsfrom the extensive experience of its proprietor, Mr. Atul Sharma. |
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 |
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 17 (Actual) | FY 16 (Actual) |
Operating Income | Rs. Cr. | 20.15 | 17.19 |
PAT | Rs. Cr. | (1.18) | 2.21 |
PAT Margin | (%) | (5.88) | 12.85 |
Total Debt/Tangible Net Worth | Times | 0.32 | 0.14 |
PBDIT/Interest | Times | 8.24 | 7.78 |
Status of non-cooperation with previous CRA |
Not Applicable |
Any other information |
None |
Applicable Criteria |
• Service Sector: https://www.acuite.in/view-rating-criteria-50.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 |
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* The issuer did not co-operate; based on best available information. |
Disclosure of list of non-cooperative issuers |
• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php • Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php |
Contacts |
About Acuité Ratings & Research |
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