Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 27.45 ACUITE BB | Reaffirmed | Issuer not co-operating* -
Total Outstanding Quantum (Rs. Cr) 27.45 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE BB’ (read as ACUITE double B) on the Rs. 27.45 crore bank facilities of Goa Institute Of Management(GIM). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.


About the Company

­GIM was founded in 1993 by Father Romuald D’Souza, Former Director, Xavier School of Management Jamshedpur and Founder-Director of Xavier Institute of Management Bhubaneshwar, along with a few senior industry members. The society currently operates a B-school in Goa under the said name. The institute offers a full-time (two year) residential Post-Graduate Diploma in Management (PGDM), a threeyear part-time PGDM and PGDM Healthcare Management (PGDM-HCM). GIM has sanctioned intake of 240 seats for its fulltime PGDM, 60 seats for PGDM (part-time) and 60 for PGDM-HCM. The institute has two campuses in Goa, one at Ribandar for PGDM-HCM and the other at Sanquelim (Goa). The institute also has an active collaboration with the University of Antwerp (Belgium), Universidade Catolica, Lisbon (Portugal) and the Technical University Ingolstadt (Germany) for joint projects and student exchanges.

 
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:

­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 endeavored 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 rating is based.

 
Rating Sensitivity

­­"No information provided by the issuer / available for Acuite to comment upon."

 
Material Covenants

­None

 
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 17 (Actual) FY 16 (Actual)
Operating Income Rs. Cr. 42.81 40.17
PAT Rs. Cr. 7.48 5.32
PAT Margin (%) 17.48 13.25
Total Debt/Tangible Net Worth Times 0.78 1.03
PBDIT/Interest Times 8.96 5.16
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
• 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

­­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
08 Nov 2021 Proposed Bank Facility Long Term 1.65 ACUITE BB (Downgraded and Issuer not co-operating*)
Secured Overdraft Long Term 5.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Term Loan Long Term 10.30 ACUITE BB (Downgraded and Issuer not co-operating*)
Dropline Overdraft Long Term 3.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Term Loan Long Term 7.50 ACUITE BB (Downgraded and Issuer not co-operating*)
07 Aug 2020 Term Loan Long Term 7.50 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Dropline Overdraft Long Term 3.00 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Secured Overdraft Long Term 5.00 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Term Loan Long Term 10.30 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Proposed Bank Facility Long Term 1.65 ACUITE BB+ (Downgraded and Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
HDFC Bank Ltd Not Applicable Dropline Overdraft Not Applicable Not Applicable Not Applicable 3.00 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 1.65 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 5.00 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not Applicable Term Loan Not available Not available Not available 10.30 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not Applicable Term Loan Not available Not available Not available 7.50 Simple ACUITE BB | Reaffirmed | Issuer not co-operating*

Contacts
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About Acuité Ratings & Research

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