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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 0.50 | - | ACUITE A4+ | Reaffirmed | Issuer not co-operating* |
| Bank Loan Ratings | 10.00 | ACUITE BB | Downgraded | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 10.50 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
| Acuité has downgraded the long-term rating from‘ACUITE BB+' (read as ACUITE double B plus) to 'ACUITE BB' (read as ACUITE double B) and reaffirmed the short term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.10.50 crore bank facilities of Himalay Cellular (HC). This rating is now an indicative rating and is based on the best available information. The rating has been downgraded on account of information risk. |
| About the Company |
| Established in 2006, Himalay Cellular is a Thane, Maharashtra based partnership firm promoted by Mr. Bhavin Thakkar and Mrs. Nirali Thakkar. The firm is engaged in the distributorship of Nikon cameras and Oppo, iTel mobile phones. Recently, the firm has also included JBL and Infinity speakers to their product portfolio. In Oct 2019, due to area realignment Himalay Cellular Distributors was established. The firm holds the distributorship for several locations across Maharashtra. |
| 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 noncooperation 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 av ailable 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. |
| Rating Sensitivities |
| 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 |
| None |
| Key Financials: |
| The rated entity has not shared the latest financial statements despite repeated requests. |
| 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 |
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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 |
| https://www.acuite.in/view-rating-criteria-55.htm |
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