Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 9.00 ACUITE B | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 1.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 10.00 - -
Total Withdrawn 0.00 - -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) from ‘ACUITE B+’ (read as ACUITE B plus) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 10.00 crore bank facilities of Fossil Business Solution Private Limited (FBSPL) 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

­­Incorporated in 2013, Fossil Business Solution Private Limited (FBSPL) is a Kolkata-based company promoted by Mr. Tarun Kumar Agarwal. Since inception, the company is engaged in the trading and exporting of rice. Since December 2016, the company forayed into servicing and maintenance of optical fibre cable for telecom companies with intent to diversify their operations.

 
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 24 (Actual) FY 23 (Actual)
Operating Income Rs. Cr. 2.14 9.69
PAT Rs. Cr. (1.03) 0.14
PAT Margin (%) (48.23) 1.42
Total Debt/Tangible Net Worth Times 0.00 0.14
PBDIT/Interest Times (14.34) 2.55
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm
• 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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
18 Jan 2024 Bank Guarantee (BLR) Short Term 1.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 5.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.50 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility Long Term 3.50 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
03 Nov 2022 Bank Guarantee (BLR) Short Term 1.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 5.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 0.50 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
Proposed Long Term Bank Facility Long Term 3.50 ACUITE B+ (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
Punjab National Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.50 Simple ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
Punjab National Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.50 Simple ACUITE B | Downgraded | Issuer not co-operating* ( from ACUITE B+ )
* The issuer did not co-operate; based on best available information.

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