|
|
| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 33.10 | ACUITE BB+ | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 61.90 | - | ACUITE A4+ | Downgraded | Issuer not co-operating* |
| Total Outstanding | 95.00 | - | - |
|
Rating Rationale |
|
Acuité has downgraded its long-term rating to ‘ACUITE BB+' (read as ACUITE double B plus) from 'ACUITE BBB-' (read as ACUITE triple B minus) & short-term rating of 'ACUITE A4+' (read as ACUITE A four plus) from 'ACUITE A3' (read as ACUITE A three) on the Rs. 95.00 crore bank facilities of Cimechel Electric Private Limited (Erstwhile Cimechel Electric Company). This rating is now an indicative rating and is based on best available information. The rating has been downgraded on account of information risk and the company has not provided latest NDS for last 3 months consecutively.
|
| About the Company |
|
Mumbai-based, Cimechel Electric Private Limited (Erstwhile Cimechel Electric Company) was established as a partnership firm in 1992 and its constitution was changed to private limited company in 2021. The company, which started its commercial operations in 1998, is engaged in EPC contracting-overhead electrification for PSUs. The directors of the company are Mr. Viren Shah and Mrs. Jyoti Shah, along with Mr. Saumil Shah. Cimechel Electric Private Limited primarily caters to Indian railways including- Central Railways, Western Railways, and Central Organization for Railway Electrification (CORE). Company is also involved in rural electrification projects for Madhya Pradesh government electrification services for Discoms. The company offers services in Maharashtra, Madhya Pradesh, Gujarat, Rajasthan, Punjab, Haryana, Orissa, Jharkhand, etc. to name a few.
|
| Non-cooperation by the issuer/borrower |
|
Acuité has been requesting for No Default Statements (NDS); however, despite multiple requests; the Company’s management has remained non-cooperative and not submitted the NDS for the preceding 03 consecutive months. 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 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 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
|
| Other Factors affecting Rating |
|
None
|
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 130.93 | 98.87 |
| PAT | Rs. Cr. | 5.47 | 3.94 |
| PAT Margin | (%) | 4.18 | 3.98 |
| Total Debt/Tangible Net Worth | Times | 1.23 | 1.02 |
| PBDIT/Interest | Times | 2.95 | 2.72 |
| Status of non-cooperation with previous CRA |
|
Not Applicable
|
| Any other information |
|
None
|
| Applicable Criteria |
|
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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
|
|
| |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
| |
|
Contacts |
|
|
|
About Acuité Ratings & Research |
