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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 7.00 | ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 27.50 | - | ACUITE A4 | Downgraded & Withdrawn | Issuer not co-operating* |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 34.50 | - | - |
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Rating Rationale |
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Acuité has downgraded & withdrawn the long-term rating to ‘ACUITE B+’ (read as ACUITE B plus) from ‘ACUITE BB-’ (read as ACUITE Double B minus) on the Rs.7.00 crore bank facilities of Himenviro Environmental Engineering Company Private Limited (HEECPL).
and also downgraded & withdrawn the short term rating to ‘ACUITE A4’ (read as ACUITE A four) from ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.27.50 crore bank facilities of Himenviro Environmental Engineering Company Private Limited (HEECPL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on best available information and the downgrade is based on information risk. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the company and NOC received from the banker. |
| About the Company |
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Himenviro Environmental Engineering Company Private Limited is a Himachal Pradesh-based company incorporated in 1993 by Mr. Manoj Garg. It designs, manufactures and installs energy efficient pollution control equipment such as bag filter systems, filtering separators and dust collectors.
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| Unsupported Rating |
| Not Applicable |
| 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 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: |
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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 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.
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| Rating Sensitivity |
| No information provided by the issuer / available for Acuité to comment upon. |
| Liquidity Position |
| No information provided by the issuer / available for Acuité to comment upon. |
| Outlook: Not Applicable |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 113.52 | 54.72 |
| PAT | Rs. Cr. | 3.54 | 1.70 |
| PAT Margin | (%) | 3.12 | 3.11 |
| Total Debt/Tangible Net Worth | Times | 1.45 | 1.97 |
| PBDIT/Interest | Times | 3.04 | 1.73 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• 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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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 http://www.acuite.in
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