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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 9.00 | ACUITE B | Downgraded | Issuer not co-operating* | - |
Total Outstanding | 9.00 | - | - |
Total Withdrawn | 0.00 | - | - |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) on the Rs. 9.00 crore bank facilities of Goverdhan Cottex 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 |
Goverdhan Cottex (GC), a partnership firm was established in 2012 by Mrs. Monika Harsola, Mr. Pritesh Harsola, and Mr. Yogesh Harsola. The firm is engaged in the ginning and pressing of cotton and extraction of oil from cotton seeds from 2014. The facility located at Khetia (Madhya Pradesh) has installed capacity of 200 bales per day. The day-to-day operations are led by Mr. Dipesh Khetiya and Mr. Pritesh Harsola. |
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 17 (Actual) | FY 16 (Actual) |
Operating Income | Rs. Cr. | 47.63 | 25.07 |
PAT | Rs. Cr. | 0.37 | 0.29 |
PAT Margin | (%) | 0.77 | 1.15 |
Total Debt/Tangible Net Worth | Times | 1.77 | 1.83 |
PBDIT/Interest | Times | 2.13 | 2.05 |
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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