Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 7.00 ACUITE B | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 7.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 14.00 - -
Total Withdrawn 0.00 - -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) from 'ACUITE B+' (read as ACUITE B plus) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs.14.00 crore bank facilities of Baghmari Tea Company Limited (BTCL) on account of information risk. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.


About the Company

­Baghmari Tea Company Limited (­BTCL), based at Kolkata, was incorporated in 1918. The business is led by the directors of the company, Mr. Anand Bajoria, Mr. Dhruv Bajoria, Mr. Rajendra Bajoria, Mr. Golam Momen, Mr. Shakti Khaitan and Mrs. Shobha Bajoria. The company is engaged in the manufacturing and blending of tea at its own tea garden spread across 520 hectares in Upper Assam. The installed capacity stands at 16 lakh kg of CTC tea per anum.

 
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 24 (Actual) FY 23 (Actual)
Operating Income Rs. Cr. 37.27 35.52
PAT Rs. Cr. (7.19) 0.18
PAT Margin (%) (19.28) 0.51
Total Debt/Tangible Net Worth Times (4.52) (81.99)
PBDIT/Interest Times (2.16) 1.56
Status of non-cooperation with previous CRA

­Not Applicable

 
Any other information

­None

 
Applicable Criteria
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
20 Jun 2024 PC/PCFC Short Term 7.00 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A4+)
Cash Credit Long Term 7.00 ACUITE B+ (Downgraded & Issuer not co-operating* from ACUITE BB-)
28 Mar 2023 PC/PCFC Short Term 7.00 ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 7.00 ACUITE BB- (Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Indian Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.00 Simple ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
Indian Bank Not avl. / Not appl. PC/PCFC Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
* 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


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