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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 75.00 | - | ACUITE A4 | Reaffirmed | Issuer not co-operating* |
| Total Outstanding | 75.00 | - | - |
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Rating Rationale |
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Acuité has reaffirmed the short-term rating at "ACUITE A4" (read as ACUITE A four) on the Rs.75.00 Crore bank facilities of Hazel Infra Limited. The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available.
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| About the Company |
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Mumbai based Hazel Infra Limited was incorporated in 2008 and is engaged in the business of building warships etc. The directors of the company include Mr. Nitinkumar Dindayal Didwania, Mr. Chetan Kanaiyalal Selarka, Mr. BHAVIK Nikhil Merchant and Mr. Vivek Paresh Merchant. HIL is an SPV of Swan Energy Limited and Hazel Mercantile Limited, wherein, Swan Energy Limited holds 74% of the equity stake and Hazel Mercantile Limited holds 26% equity stake in HIL. Mumbai Swan Energy Limited (SEL) was incorporated in the year 1909 as Swan Mills Limited by J.P. Goenka Group and taken over by Dave and Merchant families in 1992 and Hazel Mercantile Limited was incorporated in 1995 and is currently managed by Mr. Nitinkumar Dindayal Didwania. The company is engaged in trading & distribution of chemicals.
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| Unsupported Rating |
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Not Applicable
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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 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.
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| 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 rating is based.
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| Rating Sensitivities |
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No information provided by the issuer / available for Acuité to comment upon.
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| Liquidity Position |
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No information provided by the issuer / available for Acuité to comment upon.
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| Outlook |
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Not Applicable
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| Other Factors affecting Rating |
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None
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| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 0.00 | 0.00 |
| PAT | Rs. Cr. | 0.14 | (0.01) |
| PAT Margin | (%) | 0.00 | 0.00 |
| Total Debt/Tangible Net Worth | Times | 75.57 | 72.39 |
| PBDIT/Interest | Times | 1915.00 | 0.00 |
| Status of non-cooperation with previous CRA |
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Not Applicable
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| Any other information |
| None |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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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Contacts |
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