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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 6.00 | ACUITE D | Downgraded | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 6.00 | - | - |
| Rating Rationale |
| Acuité has downgraded its long term rating to ‘ACUITE D' (read as ACUITE D)’ from ‘ACUITE B' (read as ACUITE B) on the Rs.6.00 crore bank facilities of Infra Mobile. The rating continues to be flagged as “Issuer NotCooperating”. The downgrade is on the account of the suit filed against the company as mentioned in the defaulter list published by CIBIL. |
| About the Company |
| Infra Mobile, a Gujarat-based partnership firm was established in 2003 by Mr. Pansuriya, Mr. Buha and their respective families. The firm is engaged in the wholesaling and retailing of mobile phones (Samsung, Oppo, Gionee, Apple and Sony), accessories through its four outlets at Surat. The firm also offers repairs and servicing of mobile phones. About 60 percent of the firm's revenue is generated through sale of Samsung phones, 20 percent from sale of mobile accessories and the rest from sale of other mobile brands |
| 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 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 continues to be 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. |
| About the Rated Entity - Key Financials |
| The rated entity has not shared the latest financial statement for Acuite to comment |
| 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 |
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| Other Factors affecting Rating |
| None |
| 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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• 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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