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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Total Withdrawn | 0.00 | - | - |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. |
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 |
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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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