Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 105.55 ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating* -
Bank Loan Ratings 24.45 Not Applicable | Withdrawn -
Total Outstanding Quantum (Rs. Cr) 0.00 - -
Total Withdrawn Quantum (Rs. Cr) 130.00 - -
 
Rating Rationale
­Acuité has downgraded and withdrawn the long-term rating to ‘ACUITE B+’ (read as ACUITE B plus) from ‘ACUITE BB-’ (read as ACUITE double B minus) on the Rs.105.55 crore and withdrawn the long-term rating on the Rs. 24.45 crore bank facilities of Fortpoint Automotive Cars Private Limited (FACPL).The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NOC & NDC received from the banker.­

About the Company
­Mumbai-based, Fortpoint Automotive Cars Private Limited (FACPL) was incorporated in 2001 and is an authorized dealer of Maruti Suzuki India Limited (MSIL) for passenger vehicles. The Company is engaged in business of sale of new cars, spare parts, accessories and undertakes servicing of vehicles through its eight showrooms and workshops. Further, company is even engaged in leasing of cars. The directors of the company are Mr. Sundeep Prakash Bafna and Mr. Sandesh Dugad.
 
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 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 ratingis based.
 
About the Rated Entity - Key Financials
­­The rated entity has not shared the latest financial statements despite repeated requests.
 
Rating Sensitivity
­­The rated entity has not shared the latest financial statements despite repeated requests.
 
All Covenants
­Not Applicable­
 
Liquidity Position
­"No information provided by the issuer / available for Acuite to comment upon."­­
 
Outlook: Not Applicable­
­
 
Other Factors affecting Rating
None
 
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
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.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
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.­
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
24 May 2023 Term Loan Long Term 3.00 ACUITE BB- ( Issuer not co-operating*)
Secured Overdraft Long Term 9.20 ACUITE BB- ( Issuer not co-operating*)
Proposed Bank Facility Long Term 15.00 ACUITE BB- ( Issuer not co-operating*)
Term Loan Long Term 2.50 ACUITE BB- ( Issuer not co-operating*)
Term Loan Long Term 3.00 ACUITE BB- ( Issuer not co-operating*)
Cash Credit Long Term 20.00 ACUITE BB- ( Issuer not co-operating*)
Term Loan Long Term 10.75 ACUITE BB- ( Issuer not co-operating*)
Inventory Funding Long Term 10.00 ACUITE BB- ( Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE BB- ( Issuer not co-operating*)
Inventory Funding Long Term 7.00 ACUITE BB- ( Issuer not co-operating*)
Inventory Funding Long Term 13.00 ACUITE BB- ( Issuer not co-operating*)
Term Loan Long Term 3.50 ACUITE BB- ( Issuer not co-operating*)
Inventory Funding Long Term 8.25 ACUITE BB- ( Issuer not co-operating*)
Term Loan Long Term 11.30 ACUITE BB- ( Issuer not co-operating*)
Cash Credit Long Term 3.50 ACUITE BB- ( Issuer not co-operating*)
23 Feb 2022 Inventory Funding Long Term 8.25 ACUITE BB- (Downgraded and Issuer not co-operating*)
Secured Overdraft Long Term 3.50 ACUITE BB- (Downgraded and Issuer not co-operating*)
Term Loan Long Term 10.75 ACUITE BB- (Downgraded and Issuer not co-operating*)
Inventory Funding Long Term 13.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Term Loan Long Term 11.30 ACUITE BB- (Downgraded and Issuer not co-operating*)
Term Loan Long Term 3.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Inventory Funding Long Term 7.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 10.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Proposed Long Term Loan Long Term 9.20 ACUITE BB- (Downgraded and Issuer not co-operating*)
Term Loan Long Term 3.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 20.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Inventory Funding Long Term 10.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Inventory Funding Long Term 15.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 3.50 ACUITE BB- (Downgraded and Issuer not co-operating*)
Term Loan Long Term 2.50 ACUITE BB- (Downgraded and Issuer not co-operating*)
09 Jan 2020 Term Loan Long Term 3.00 ACUITE BB | Stable (Reaffirmed)
Inventory Funding Long Term 13.00 ACUITE BB | Stable (Reaffirmed)
Inventory Funding Long Term 8.25 ACUITE BB | Stable (Reaffirmed)
Term Loan Long Term 2.50 ACUITE BB | Stable (Reaffirmed)
Term Loan Long Term 10.75 ACUITE BB | Stable (Assigned)
Inventory Funding Long Term 10.00 ACUITE BB | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE BB | Stable (Assigned)
Cash Credit Long Term 20.00 ACUITE BB | Stable (Reaffirmed)
Cash Credit Long Term 3.50 ACUITE BB | Stable (Reaffirmed)
Term Loan Long Term 11.30 ACUITE BB | Stable (Reaffirmed)
Term Loan Long Term 3.00 ACUITE BB | Stable (Reaffirmed)
Inventory Funding Long Term 15.00 ACUITE BB | Stable (Assigned)
Inventory Funding Long Term 7.00 ACUITE BB | Stable (Assigned)
Secured Overdraft Long Term 3.50 ACUITE BB | Stable (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Axis Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*
Kotak Mahindra Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 3.50 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 20.00 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*
TATA Capital Financial Service Ltd. Not Applicable Inventory Funding Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*
Federal Bank Not Applicable Inventory Funding Not Applicable Not Applicable Not Applicable 7.00 Simple Not Applicable|Withdrawn
BMW Financial Services Pvt. Ltd. Not Applicable Inventory Funding Not Applicable Not Applicable Not Applicable 13.00 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*
HDFC Bank Ltd Not Applicable Inventory Funding Not Applicable Not Applicable Not Applicable 8.25 Simple Not Applicable|Withdrawn
Axis Bank Not Applicable Inventory Funding Not Applicable Not Applicable Not Applicable 15.00 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 9.20 Simple Not Applicable|Withdrawn
Kotak Mahindra Bank Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 3.50 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*
Kotak Mahindra Bank Not Applicable Term Loan Not available Not available Not available 2.50 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*
Yes Bank Ltd Not Applicable Term Loan Not available Not available Not available 3.00 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*
State Bank of India Not Applicable Term Loan Not available Not available Not available 10.75 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*
BMW Financial Services Pvt. Ltd. Not Applicable Term Loan Not available Not available Not available 3.00 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*
BMW Financial Services Pvt. Ltd. Not Applicable Term Loan Not available Not available Not available 11.30 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*

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