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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 60.80 | ACUITE BB+ | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 0.06 | Not Applicable | Withdrawn | - |
| Bank Loan Ratings | 20.00 | - | ACUITE A4+ | Downgraded & Withdrawn | Issuer not co-operating* |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 80.86 | - | - |
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Rating Rationale |
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Acuité has downgraded and withdrawn the long-term rating to 'ACUITE BB+' (read as ACUITE Double B 'plus') from ‘ACUITE BBB’ (read as ACUITE triple B) and short term rating to‘ACUITE A4+’ (read as ACUITE A four 'plus') from ‘ACUITE A3+’ (read as ACUITE A three plus) on the Rs.80.80 Cr. bank facilities of Bhatia Energy & Minerals Private Limited (BEMPL). The rating withdrawal is in accordance with the Acuité's policy on withdrawal of rating. The rating is being withdrawn on account of request received from the company and NOC received from the banker.This rating is now an indicative rating and is based on the best available information.
Acuité has withdrawn the rating of the Rs. 0.06 Cr. proposed limits of Bhatia Energy & Minerals Private Limited (BEMPL) . The same is withdrawn without assigning any rating.The rating is withdrawn on account of the request received from the company. The withdrawal is as per Acuité’s policy on withdrawal of ratings. |
| About the Company |
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Bhatia Energy & Minerals Private Limited (BEMPL), incorporated in 2009, was acquired by Indermani Group in March 2018. BEMPL is a Raigarh-based company, which has a coal washery with an installed capacity of 500,000 MTPA. The company also provides railway sidings and is engaged in coal trading. The washery unit of the company is located at Raigarh, Chhattisgarh.
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| About the Group |
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Indermani Minerals India Private limited (IMIPL), incorporated in 1997 by Mr. Sunil Agarwal, Mr. Prakash Chand Agarwal and Mr. Pankaj Agarwal. IMIPL is a Raipur based company engaged in trading of coal. The washery unit of the company is located at Raipur, Chhattisgarh. The company is also into rendering of logistic services.
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| Unsupported Rating |
| None |
| Non-cooperation by the issuer/borrower |
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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 an 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.
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| 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 has 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. |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon. |
| Outlook: Not applicable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 22 (Provisional) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 852.08 | 653.26 |
| PAT | Rs. Cr. | 85.31 | 21.63 |
| PAT Margin | (%) | 10.01 | 3.31 |
| Total Debt/Tangible Net Worth | Times | 0.68 | 0.97 |
| PBDIT/Interest | Times | 6.91 | 2.76 |
| Status of non-cooperation with previous CRA |
| Not applicable |
| Any other information |
| None |
| Applicable Criteria |
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• 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 • Trading Entitie: https://www.acuite.in/view-rating-criteria-61.htm |
| Note on Complexity Levels of the Rated Instrument |
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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
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