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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 9.50 | ACUITE BB- | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 0.50 | - | ACUITE A4+ | Reaffirmed | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 10.00 | - | - |
| Rating Rationale |
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Acuité has Reaffirmed the long term rating to ‘ACUITE BB-’ (read as ACUITE double B minus) and the short-term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.10.00 crore bank facilities of B Ghose And CO Private Limited (BGPL). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on best available information.
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| About the Company |
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B Ghose And CO Private Limited (BGPL) was established in 1956 as a proprietorship firm, which was later reconstituted as a private limited company in 1970. B Ghose And CO Private Limited (BGPL) is primarily engaged in stevedoring activities apart from being one of the largest handler of breakbulk cargo. The operations are mainly confined to Kolkata port with minor activities in Haldia port. Currently, the business is managed by Mr. Sharad Varma and Mrs. Mallika Varma.
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| 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 |
| Limitation regarding information availability: |
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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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| Rating Sensitivity |
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"No information provided by the issuer/ available for Acuite to comment upon."
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| Material Covenants |
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Not Applicable
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| Liquidity Position |
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No information provided by the issuer / available for Acuite to comment upon.
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| Outlook |
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Not Applicable
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| Other Factors affecting Rating |
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Not Applicable
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| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 32.81 | 35.61 |
| PAT | Rs. Cr. | 0.82 | 0.66 |
| PAT Margin | (%) | 2.50 | 1.84 |
| Total Debt/Tangible Net Worth | Times | 1.10 | 0.85 |
| PBDIT/Interest | Times | 1.37 | 1.53 |
| Status of non-cooperation with previous CRA |
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Not Applicable
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| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
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| Applicable Criteria |
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• 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 |
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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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