Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 46.00 ACUITE D | Reaffirmed | Issuer not co-operating* -
Total Outstanding 46.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

A­cuité has reaffirmed the long term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 46.00 crore bank facilities of Finecrete Eco-Blocks Private Limited.The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.


About the Company

­The Harayna-based Finecrete Eco-Blocks Private Limited (FEPL), incorporated in July 2013, is engaged in the manufacture of autoclaved aerated concrete (AAC) blocks or fly ash bricks. The company commenced commercial operations in June 2015. Directors of the company are Mr. Kishan Gopal Biyani, Mr. Samir Biyani, Mr. Dilip Toshniwal and Mr. Dilip Sodani.

 
Unsupported Rating
­Not Applicable
 
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
Rating Sensitivity
­"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. 42.68 30.60
PAT Rs. Cr. 4.49 (2.49)
PAT Margin (%) 10.53 (8.13)
Total Debt/Tangible Net Worth Times 0.47 0.76
PBDIT/Interest Times 13.63 3.28
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
18 Jan 2024 Cash Credit Long Term 10.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 36.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
04 Nov 2022 Cash Credit Long Term 10.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 36.00 ACUITE D (Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
State Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 36.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
* The issuer did not co-operate; based on best available information.

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