|
|
| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 7.00 | ACUITE BB | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 7.00 | - | - |
| Rating Rationale |
|
Acuité has downgraded and withdrawn the long-term rating to ‘ACUITE BB’ (read as ACUITE double B) from 'ACUITE BB+' (read as ACUITE double B plus) on the Rs. 7.00 crore bank facilities of Bajrang Power Industries LLP. The rating has been withdrawn on account of the request received from the company, and the NOC received from the banker on acuite's policy on withdrawal of rating. The rating is now flagged as "Issuer Not cooperating" and is based on best available information. |
| About the Company |
|
Bajrang Power Industries LLP (BPIL) was incorporated in 2014, promoted by Mr. Dhruv Maheshwari. It is located in Dholpur, Rajasthan and is engaged in the manufacturing of PCC Poles. |
| About the Group |
|
Bajrang Group promoted by Mr. Naveen Kumar Poddar, Mr. Dhruv Maheshwari and Mrs. Tripti Maheshwari comprises of six entities. Bajrang Wire Products (India) Private Ltd is the flagship entity and is the parent entity of the remaining five companies in the group. The parent entity is engaged in the manufacturing of ACSR wires, high tensile steel wires, 3 ply wires, armored cable and GSS wires and the manufacturing facility is located in Jaipur, Rajasthan. All five sister concerns together are engaged in the manufacturing of PCC Poles and are spread across domestically in different states. One of the primary components of these poles is wires which are procured from its parent Bajrang Wire Products (India) Private Ltd. |
| 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 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 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 rating is based. |
| Rating Sensitivities |
|
No information provided by the issuer / available for Acuite to comment upon. |
| All Covenants |
|
Not Applicable |
| Liquidity Position |
|
No information provided by the issuer / available for Acuite to comment upon. |
| Outlook |
|
Not Applicable |
| Other Factors affecting Rating |
|
None |
| Key Financials: |
|
The rated entity has not shared the latest financial statements despite repeated requests. |
| Status of non-cooperation with previous CRA |
| None |
| Any other information |
|
Acuite is yet to receive the latest No Default Statement from the rated eneity, despite repeated requests and followups. |
| Applicable Criteria |
|
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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. |
|
| |
|
|
|||||||||||||||||||||||||||
|
|
Contacts |
|
|
|
About Acuité Ratings & Research |
