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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 49.90 | ACUITE B+ | Downgraded | Issuer not co-operating* | - |
Bank Loan Ratings | 0.10 | - | ACUITE A4 | Downgraded | Issuer not co-operating* |
Total Outstanding | 50.00 | - | - |
Total Withdrawn | 0.00 | - | - |
* The issuer did not co-operate; based on best available information. |
Rating Rationale |
Acuité has downgraded the long-term rating to ‘ACUITE B+’ (read as ACUITE B plus) from 'ACUITE BB-' (read as ACUITE double B minus) and the short term rating to 'ACUITE A4' (read as ACUITE A four) from ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 50.00 crore bank facilities of Fortuna Engineering Private Limited (FEPL) on account of information risk. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information. |
About the Company |
Maharashtra-based, Fortuna Engineering Private Limited was incorporated in 1993 by Mr. R. Suriyanarayanan. FEPL is engaged in machining and assembling of precision auto components such as connecting rods and camshafts for leading OEM's in India. FEPL has its manufacturing unit located in Nashik, Maharashtra. |
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. |
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. | 345.55 | 255.32 |
PAT | Rs. Cr. | 22.23 | 16.16 |
PAT Margin | (%) | 6.43 | 6.33 |
Total Debt/Tangible Net Worth | Times | 0.32 | 0.36 |
PBDIT/Interest | Times | 15.14 | 13.53 |
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 |
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* The issuer did not co-operate; based on best available information. |
Contacts |
About Acuité Ratings & Research |
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