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Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
Bank Loan Ratings | 25.00 | ACUITE BB- | Downgraded & Withdrawn | Issuer not co-operating* | - |
Bank Loan Ratings | 10.00 | Not Applicable | Withdrawn | - |
Bank Loan Ratings | 7.00 | - | ACUITE A4+ | Reaffirmed & Withdrawn | Issuer not co-operating* |
Bank Loan Ratings | 3.00 | - | Not Applicable | Withdrawn |
Total Outstanding | 0.00 | - | - |
Total Withdrawn | 45.00 | - | - |
Rating Rationale |
Acuité has downgraded and withdrawn the long-term rating to ‘ACUITE BB-’ (read as ACUITE double B minus) from ‘ACUITE BB’ (read as ACUITE double B) on the Rs. 25.00 crore bank facilities of Impressions Services Private Limited (ISPL) and reaffirmed and withdrawn the short-term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 7.00 crore bank facilities of Impressions Services Private Limited (ISPL).
Acuité has withdrawn the proposed short-term limit of Rs.3.00 crore bank facilities without assigning any rating of Impressions Services Private Limited (ISPL). The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. The rating has been withdrawn on account of the request received from the company and the NOC(No Objection Certificate) received from the banker. Acuité has withdrawn the long-term on the Rs.10.00 crore bank facilities without assigning any rating as the instrument is fully repaid of Impressions Services Private Limited (ISPL). The rating has been withdrawn on account of the request received from the company and the NDC(No Due Certificate) received from the banker. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information. The downgrade is based on information risk. |
About the Company |
Delhi based - Impressions Services Private Limited (ISPL) was established in 1991 as a proprietorship concern. Further, in 2002 the constitution was changed and hence, Impressions Services Private Limited was formed. The company is engaged in providing Housekeeping Services which includes services such as pantry service, catering service, pest control, among others. The company is promoted by Mr. Bikramsingh Chada and Mrs. Sonu Chada.
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Unsupported Rating |
Not Applicable |
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 not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies
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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.
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Rating Sensitivity |
"No information provided by the issuer / available for Acuite to comment upon."
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Liquidity Position |
"No information provided by the issuer / available for Acuite to comment upon." |
Outlook: Not Applicable |
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Other Factors affecting Rating |
None |
Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
Operating Income | Rs. Cr. | 388.07 | 305.22 |
PAT | Rs. Cr. | 9.63 | 7.86 |
PAT Margin | (%) | 2.48 | 2.58 |
Total Debt/Tangible Net Worth | Times | 0.34 | 0.22 |
PBDIT/Interest | Times | 6.46 | 7.94 |
Status of non-cooperation with previous CRA |
Not Applicable |
Any other information |
None |
Applicable Criteria |
• Service Sector: https://www.acuite.in/view-rating-criteria-50.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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