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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 3.00 | ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 14.00 | - | ACUITE A4 | Downgraded & Withdrawn | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 17.00 | - | - |
| 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Acuité has Downgraded & Withdrawn the long term rating to ‘ACUITE B+’ (read as ACUITE B plus) from ‘ACUITE BB-’ (read as ACUITE double B minus) and the short term rating to ‘ACUITE A4’ (read as ACUITE A four) from‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.17 crore bank facilities of Hyprecision Hydraulik. The rating withdrawal is in accordance with the Acuité’s policy on withdrawal of rating. This rating continues to be an indicative rating and is based on best available information. The rating is being withdrawn on account of request received from the company and NOC received from the banker. The rating has been donwgraded on account of information risk |
| About the Company |
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HH was established in 1984 as a sole proprietorship concern by Mr. Suresh Rajani. H and H Precision Private Limited was incorporated in the year 2011 by Mr. Suresh Rajani and his son Mr. Gaurav Rajani. The company was set up to take over the business of HH; however the promoters continue to operate both entities separately. The firm is based in Andheri, Mumbai. The group undertakes design, engineering, installation, commissioning and maintenance of hydraulic systems and equipment for the marine sector. Hyprecision Hydraulik (HH) and H and H Precision Private Limited (HHPPL) are collectively referred to as the Hyprecision Group. |
| 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 unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is therefore being flagged as “Issuer notcooperating”, 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. This rating is therefore being flagged as “Issuer notcooperating”, 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 |
| None |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon |
| Outlook |
| Not Applicable |
| Key Financials |
| The issuer has not provided the latest financials for Acuite to comment upon |
| Status of non-cooperation with previous CRA |
| None |
| Any other information |
| Acuite is yet to receive No default statement (NDS) from the rated entity despite repeated requests and followups. |
| 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 |
| 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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