Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 0.50 - ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Bank Loan Ratings 9.50 ACUITE BB- | Downgraded | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 10.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale

­Acuité has downgraded the long term rating to ‘ACUITE BB-’ (read as ACUITE double B minus) from ‘ACUITE BB’ (read as ACUITE double B) and reaffirmed the short-term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 10.00 crore bank facilities of Bhoruka Charitable Trust (BCT). The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.


About the Company

­Bhoruka Charitable Trust (BCT) was incorporated in 1962 in Jaipur by Mr. P D Aggarwal. The trust is engaged in the execution of health, water and sanitation projects for the state governments of Rajasthan, Karnataka and Andhra Pradesh. It also manages schools and colleges in Churu district, Rajasthan. Further, the trust has also established the Bhoruka Group of Industries. The current trustee of BCT is Dr. Ashok Agarwal.

 
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 continues to be 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.

 
About the Rated Entity - Key Financials

­The rated entity has not shared the latest financial statements despite repeated requests.

 
Rating Sensitivity

­"No information provided by the issuer / available for Acuite to comment upon."

 
Material Covenants

­None

 
Liquidity Position

­"No information provided by the issuer / available for Acuite to comment upon."

 
Outlook

­Not Applicable

 
Status of non-cooperation with previous CRA

­None

 
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
• Service Sector: https://www.acuite.in/view-rating-criteria-50.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
https://www.acuite.in/view-rating-criteria-55.htm

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
15 Jul 2021 Term Loan Long Term 0.60 ACUITE BB (Downgraded and Issuer not co-operating*)
Term Loan Long Term 1.49 ACUITE BB (Downgraded and Issuer not co-operating*)
Proposed Long Term Loan Long Term 5.08 ACUITE BB (Downgraded and Issuer not co-operating*)
Term Loan Long Term 0.83 ACUITE BB (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 0.50 ACUITE A4+ ( Issuer not co-operating*)
Cash Credit Long Term 1.50 ACUITE BB (Downgraded and Issuer not co-operating*)
22 Apr 2020 Term Loan Long Term 0.60 ACUITE BB+ (Issuer not co-operating*)
Term Loan Long Term 0.83 ACUITE BB+ (Issuer not co-operating*)
Term Loan Long Term 1.49 ACUITE BB+ (Issuer not co-operating*)
Cash Credit Long Term 1.50 ACUITE BB+ (Issuer not co-operating*)
Proposed Long Term Loan Long Term 5.08 ACUITE BB+ (Issuer not co-operating*)
Bank Guarantee Short Term 0.50 ACUITE A4+ (Issuer not co-operating*)
14 Feb 2019 Bank Guarantee Short Term 0.50 ACUITE A4+ (Issuer not co-operating*)
Proposed Long Term Loan Long Term 5.08 ACUITE BB+ (Issuer not co-operating*)
Term Loan Long Term 0.83 ACUITE BB+ (Issuer not co-operating*)
Cash Credit Long Term 1.50 ACUITE BB+ (Issuer not co-operating*)
Term Loan Long Term 0.60 ACUITE BB+ (Issuer not co-operating*)
Term Loan Long Term 1.49 ACUITE BB+ (Issuer not co-operating*)
30 Dec 2017 Term Loan Long Term 0.60 ACUITE BB+ | Stable (Reaffirmed)
Term Loan Long Term 1.49 ACUITE BB+ | Stable (Reaffirmed)
Term Loan Long Term 0.83 ACUITE BB+ | Stable (Reaffirmed)
Cash Credit Long Term 1.50 ACUITE BB+ | Stable (Reaffirmed)
Bank Guarantee Short Term 0.50 ACUITE A4+ (Reaffirmed)
Proposed Long Term Loan Long Term 5.08 ACUITE BB+ | Stable (Reaffirmed)
30 Aug 2016 Proposed Long Term Loan Long Term 3.61 ACUITE BB+ | Stable (Assigned)
Term Loan Long Term 1.50 ACUITE BB+ | Stable (Assigned)
Term Loan Long Term 1.89 ACUITE BB+ | Stable (Assigned)
Term Loan Long Term 1.00 ACUITE BB+ | Stable (Assigned)
Cash Credit Long Term 1.50 ACUITE BB+ | Stable (Assigned)
Bank Guarantee Short Term 0.50 ACUITE A4+ (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Indusind Bank Ltd Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 0.50 ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Indusind Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 1.50 ACUITE BB- | Downgraded | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 5.08 ACUITE BB- | Downgraded | Issuer not co-operating*
Indusind Bank Ltd Not Applicable Term Loan Not available Not available Not available 0.60 ACUITE BB- | Downgraded | Issuer not co-operating*
Indusind Bank Ltd Not Applicable Term Loan Not available Not available Not available 1.49 ACUITE BB- | Downgraded | Issuer not co-operating*
Indusind Bank Ltd Not Applicable Term Loan Not available Not available Not available 0.83 ACUITE BB- | Downgraded | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research

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