Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 4.00 ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating* -
Bank Loan Ratings 22.00 - ACUITE A4 | Downgraded & Withdrawn | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 0.00 - -
Total Withdrawn Quantum (Rs. Cr) 26.00 - -
 
Rating Rationale
­Acuité has Downgraded & Withdrawn the long term rating to ‘ACUITE B+’ (read as ACUITE B plus) from ‘ACUITE BB-’ (read as ACUITE double B minus)  and  the short term rating to ‘ACUITE A4’ (read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.26 crore bank facilities of H and H Precision Private Limited.
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 The rating is being withdrawn on account of request received from the company and NOC received from the banker.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 downgraded on account of information risk.

About the Company
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:
­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.
 
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
• 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 Cash Credit Long Term 4.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 1.00 ACUITE A4+ ( Issuer not co-operating*)
Bank Guarantee Short Term 20.00 ACUITE A4+ ( Issuer not co-operating*)
Standby Line of Credit Short Term 1.00 ACUITE A4+ ( Issuer not co-operating*)
05 Nov 2020 Bank Guarantee Short Term 20.00 ACUITE A4+ (Issuer not co-operating*)
Standby Line of Credit Short Term 1.00 ACUITE A4+ (Issuer not co-operating*)
Letter of Credit Short Term 12.00 ACUITE A4+ (Issuer not co-operating*)
Proposed Bank Guarantee Short Term 1.00 ACUITE A4+ (Issuer not co-operating*)
Cash Credit Long Term 4.00 ACUITE BB (Downgraded and Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 20.00 Simple ACUITE A4 | Downgraded & Withdrawn | Issuer not co-operating*
Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 1.00 Simple ACUITE A4 | Downgraded & Withdrawn | Issuer not co-operating*
Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 4.00 Simple ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating*
Bank of India Not Applicable Stand By Line of Credit Not Applicable Not Applicable Not Applicable 1.00 Simple ACUITE A4 | Downgraded & Withdrawn | Issuer not co-operating*

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