Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 14.70 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 10.00 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 24.70 - -
 
Rating Rationale
­Acuité has reaffirmed the long-term rating of 'ACUITE D' (read as ACUITE D) and the short term rating of 'ACUITE D' (read as ACUITE D) on the Rs.24.70 crore bank facilities of Hamsa Minerals and Exports. This rating is continous to be  indicative rating and is based on the best available information.

About the Company
­Hamsa Minerals & Exports (HME) was established in the year 2004 as a partnership concern in Bangalore. The firm is engaged in the quarrying and sawing of granite blocks and slabs with an installed capacity of 600 cubic metres per month. The firm has taken these quarries on lease from Government of Andhra Pradesh. The firm extracts mass from the earth and depending upon the quality, the mass is cut into different blocks & slabs. The firm sells its product domestically and also exports it to countries such as China, Australia, and the United States, to name afew.
 
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 noncooperation by the issuer along with an 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:
­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 noncooperation by the issuer along with an 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
 
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 18 (Actual) FY 17 (Actual)
Operating Income Rs. Cr. 12.69 17.85
PAT Rs. Cr. (6.00) 0.08
PAT Margin (%) (47.28) 0.46
Total Debt/Tangible Net Worth Times 0.75 0.82
PBDIT/Interest Times (0.01) 1.77
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
• 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
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
04 Feb 2022 Term Loan Long Term 5.70 ACUITE D ( Issuer not co-operating*)
Term Loan Long Term 5.50 ACUITE D ( Issuer not co-operating*)
Bills Discounting Short Term 1.50 ACUITE D ( Issuer not co-operating*)
Cash Credit Long Term 3.50 ACUITE D ( Issuer not co-operating*)
Packing Credit Short Term 8.50 ACUITE D ( Issuer not co-operating*)
09 Nov 2020 Packing Credit Short Term 8.50 ACUITE D (Issuer not co-operating*)
Cash Credit Long Term 3.50 ACUITE D (Issuer not co-operating*)
Bills Discounting Short Term 1.50 ACUITE D (Issuer not co-operating*)
Term Loan Long Term 5.70 ACUITE D (Issuer not co-operating*)
Term Loan Long Term 5.50 ACUITE D (Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Union Bank of India Not Applicable Bills Discounting Not Applicable Not Applicable Not Applicable 1.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 3.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable PC/PCFC Not Applicable Not Applicable Not Applicable 8.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Term Loan Not available Not available Not available 5.70 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Union Bank of India Not Applicable Term Loan Not available Not available Not available 5.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating*

Contacts
Analytical Rating Desk
About Acuité Ratings & Research
Acuité Ratings & Research Limitedwww.acuite.in