Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 8.00 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 8.00 - -
 
Rating Rationale

­­Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs. 8.00 crore bank facilities of Bharat Kumar & Co Private Limited. The rating continues to be flagged as “Issuer Not Co-operating” and is based on the best available information.


About the Company

­Bharat Kumar & Co Private Limited (BKC), established in 1988 as Bharat Kumar & Co, a partnership firm by Mr. Vijay Modi and family was changed to private limited in 2010. The company is Currently Located in Kolkata .The company is engaged in the trading of paper and paperboards and is an authorised distributor of ITC Limited (Paperboard and Specialty Paper Division) since 1998 catering to the states of Bihar, Jharkhand, Assam and West Bengal (maximum sales in Kolkata). The Directors of the company are Ms Sarla Modi, Mr Bharat Modi, Mr Vijay Shanker Modi, Ms Khushboo Modi, Ms Megha Modi and Mr Bhagirath Modi.The dayto-day activities are managed by Mr. Vijay Modi and his sons Mr. Bhagirath Modi and Mr. Bharat Modi.

 
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:

­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 endeavored 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 Sensitivity

­"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

­Not Applicable

 

Particulars Unit FY 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 51.47 49.95
PAT Rs. Cr. 0.12 0.23
PAT Margin (%) 0.23 0.46
Total Debt/Tangible Net Worth Times 3.84 5.89
PBDIT/Interest Times 1.42 1.53
Status of non-cooperation with previous CRA

­Not Applicable

 
Any other information

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups

 
Applicable Criteria
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.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

­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.

 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
28 Jun 2022 Bank Guarantee Long Term 0.50 ACUITE B+ ( Issuer not co-operating*)
Ad-hoc limits (Fund Based) Long Term 1.50 ACUITE B+ ( Issuer not co-operating*)
Channel Financing Long Term 6.00 ACUITE B+ ( Issuer not co-operating*)
30 Mar 2021 Ad-hoc limits (Fund Based) Long Term 1.50 ACUITE B+ (Issuer not co-operating*)
Bank Guarantee Long Term 0.50 ACUITE B+ (Issuer not co-operating*)
Channel Financing Long Term 6.00 ACUITE B+ (Issuer not co-operating*)
06 Jan 2020 Ad-hoc limits (Fund Based) Long Term 1.50 ACUITE B+ (Issuer not co-operating*)
Channel Financing Long Term 6.00 ACUITE B+ (Issuer not co-operating*)
Bank Guarantee Long Term 0.50 ACUITE B+ (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
State Bank of India Not Applicable Ad-hoc Limits (Fund Based) Not Applicable Not Applicable Not Applicable 1.50 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 0.50 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Channel/Dealer/Vendor Financing Not Applicable Not Applicable Not Applicable 6.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*

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