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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 3.25 | ACUITE B | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 5.75 | - | ACUITE A4 | Reaffirmed | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 9.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long term rating of ‘ACUITE B’ (read as ACUITE B) and the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 9.00 crore bank facilities of Gas Projects India Private Limited. The rating continues to be flagged as “Issuer Not Co-operating” and is based on best available information.
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| About the Company |
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Gas Projects India Private Limited (GPPL) was established as a partnership firm in 1985 at Navi Mumbai (Maharashtra) and later was converted into a private limited company in 2001. The company is promoted by Mr. Sachiv Parikh and Mr. Prashant Parikh. The company is engaged in manufacturing of systems for storage and distribution of compressed gases and fuels such as LPG, vaporisers, reticulated gas systems, to name a few. Over the years, GPPL started the business of turnkey solution provider with a Pan-Indian service support network. GPPL has added electrical, electronics, civil and automation engineering to its services over the years.
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| Non-cooperation by the issuer/borrower: |
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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: |
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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.
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| Rating Sensitivity |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Material Covenants |
| Not Applicable |
| Liquidity Position |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| Not Applicable |
| Particulars | Unit | FY 21 (Actual) | FY 20 (Actual) |
| Operating Income | Rs. Cr. | 40.79 | 53.36 |
| PAT | Rs. Cr. | 0.65 | 0.72 |
| PAT Margin | (%) | 1.59 | 1.35 |
| Total Debt/Tangible Net Worth | Times | 2.44 | 3.01 |
| PBDIT/Interest | Times | 1.61 | 1.68 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| 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 |
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• 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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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.
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