Provisional | ACUITE C | Reaffirmed | Issuer not co-operating*
-
MCA
Total Outstanding
0.00
160.00
-
-
-
Total Withdrawn
0.00
0.00
-
-
-
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuite has reaffirmed its long term ratingof 'ACUITE Provisional C' (read as Acuite Provisional C) on the Rs.160 crore of Proposed Non-Convertible Debentures of the Balaji Cars Private Limited(BCPL). The rating is now an indicative rating and is based on best available information.
The rating on the proposed Rs. 160.00 Cr NCDs is provisional and the final rating is subject to the following documentation requirements:
1. Receipt of the executed trust deed.
2. Receipt of the final term sheet and confirmation from the trustee regarding compliance with all the terms and condition
About the Company
Balaji Cars Private Limited (BCPL) is a Mumbai based company incorporated in the year 2002. The company until 2015-16 was an authorized automobile dealer of Tata Motors. BCPL is promoted by Mr. Shysunder Bhagwanram Jangid. In FY2022, BCPL entered into a development management agreement with Ashar Group to construct a mixed-use real estate project at Thane, near Ghodbunder road. The project construction is expected to commence in June 2022 with total estimated project cost of Rs. 682 Cr. Further, the project has a total saleable area of 4.49 lakh sq. ft, of which 3.94 lakh is allocated for residential, 0.40 lakh towards commercial and the rest for retail.
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
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
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 21 (Actual)
FY 20 (Actual)
Operating Income
Rs. Cr.
0.00
0.00
PAT
Rs. Cr.
(1.31)
(1.57)
PAT Margin
(%)
0.00
0.00
Total Debt/Tangible Net Worth
Times
(2.46)
(2.60)
PBDIT/Interest
Times
(145.10)
0.00
Status of non-cooperation with previous CRA
Not Applicable
Any other information
Supplementary disclosures for Provisional Ratings A. Risks associated with the provisional nature of the credit rating:
1. Lack of third party monitoring of compliance in absence of executed trust deed and no finalized terms in absence of final term sheet
2. In case there are material changes in the terms of the transaction after the initial assignment of the provisional rating and post the completion of the issuance (corresponding to the part that has been issued) Acuite will withdraw the existing provisional rating and concurrently, assign a fresh final rating in the same press release, basis the revised terms of the transaction.
B. Rating that would have been assigned in absence of the pending steps/documentation:
The rating would be equated to the standalone rating of the entity: ACUITE C
C. Timeline for conversion to Final Rating for a debt instrument proposed to be issued:
The provisional rating shall be converted into a final rating within 90 days from the date of issuance of the proposed debt instrument. Under no circumstance shall the provisional rating continue upon the expiry of 180 days from the date of issuance of the proposed debt instrument.
ACUITE Provisional C
(Reaffirmed & Issuer not co-operating*)
03 May 2024
Proposed Non Convertible Debentures
Long Term
160.00
ACUITE Provisional C
(Reaffirmed & Issuer not co-operating*)
05 May 2023
Proposed Non Convertible Debentures
Long Term
160.00
ACUITE Provisional C
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Not Applicable
Not avl. / Not appl.
Proposed Non Convertible Debentures
Unlisted
MCA
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
160.00
Simple
Provisional | ACUITE C | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
