Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 4.40 ACUITE BB- | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 9.40 - ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 13.80 - -
 
Rating Rationale
Acuité has reaffirmed the long-term rating of ‘ACUITE BB-’ (read as ACUITE double B minus) and short-term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs. 13.80 crore bank facilities of Jaikar Techno Private Limited. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company
Jaikar Techno Private Limited ­(JKTPL), was established in 1998 as a partnership firm and incorporated in April 2010 as a private limited company by Mr. Rajindra Chahal and his family members. Later in 2011 the company commenced its operations after taking over the business of two of its associate concerns ie JK Diesels and Prime Power Services.
In FY2014-15, the company also merged its group entity Jas Kar Techno Private Limited. The company is an authorized dealer of Cummins India Limited (CIL) and provides sales & service support for Cummins products. Currently the company has presence in Jharkhand (25 districts), Bihar - (37 districts), Odisha (23 districts), Madhya Pradesh (2 districts), Uttar Pradesh (2 districts), Haryana (3 districts) and Punjab (6 districts).
Currently, Mr. Rajinder Singh Chahal and Mr. Joginder Kaur Chahal are the directors of the company. The company's registered office is located in Dhanbad, Jharkhand.
 
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 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:
­­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 Acuité to comment upon.
 
All Covenants
­Not Applicable.
 
Liquidity Position
­No information provided by the issuer / available for Acuité to comment upon.
 
Outlook
­Not Applicable.
 
Other Factors affecting Rating
­Not Applicable.
 

Particulars Unit FY 21 (Actual) FY 20 (Actual)
Operating Income Rs. Cr. 24.71 98.89
PAT Rs. Cr. (1.75) 0.48
PAT Margin (%) (7.08) 0.49
Total Debt/Tangible Net Worth Times 0.02 0.51
PBDIT/Interest Times (2.37) 2.38
Status of non-cooperation with previous CRA
­Not Applicable.
 
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
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.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
13 Jul 2022 Bank Guarantee Short Term 2.95 ACUITE A4+ ( Issuer not co-operating*)
Working Capital Demand Loan Long Term 0.28 ACUITE BB- (Downgraded and Issuer not co-operating*)
Inventory Funding Short Term 1.00 ACUITE A4+ ( Issuer not co-operating*)
Proposed Working Capital Demand Loan Long Term 0.12 ACUITE BB- (Downgraded and Issuer not co-operating*)
Standby Line of Credit Short Term 0.45 ACUITE A4+ ( Issuer not co-operating*)
Cash Credit Long Term 4.00 ACUITE BB- (Downgraded and Issuer not co-operating*)
Inventory Funding Short Term 5.00 ACUITE A4+ ( Issuer not co-operating*)
14 Apr 2021 Bank Guarantee Short Term 2.95 ACUITE A4+ (Issuer not co-operating*)
Standby Line of Credit Short Term 0.45 ACUITE A4+ (Issuer not co-operating*)
Cash Credit Long Term 4.00 ACUITE BB (Downgraded and Issuer not co-operating*)
Proposed Working Capital Demand Loan Long Term 0.12 ACUITE BB (Downgraded and Issuer not co-operating*)
Inventory Funding Short Term 5.00 ACUITE A4+ (Issuer not co-operating*)
Working Capital Demand Loan Long Term 0.28 ACUITE BB (Downgraded and Issuer not co-operating*)
Inventory Funding Short Term 1.00 ACUITE A4+ (Issuer not co-operating*)
14 Jan 2020 Standby Line of Credit Long Term 0.45 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Inventory Funding Short Term 1.00 ACUITE A4+ (Downgraded and Issuer not co-operating*)
Cash Credit Long Term 4.00 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Bank Guarantee Short Term 2.95 ACUITE A4+ (Downgraded and Issuer not co-operating*)
Proposed Bank Facility Short Term 0.12 ACUITE A4+ (Downgraded and Issuer not co-operating*)
Working Capital Demand Loan Long Term 0.28 ACUITE BB+ (Downgraded and Issuer not co-operating*)
Inventory Funding Short Term 5.00 ACUITE A4+ (Downgraded and Issuer not co-operating*)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
State Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 2.95 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 4.00 Simple ACUITE BB- | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Inventory Funding Not Applicable Not Applicable Not Applicable 5.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Inventory Funding Not Applicable Not Applicable Not Applicable 1.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Working Capital Demand Loan Not Applicable Not Applicable Not Applicable 0.12 Simple ACUITE BB- | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Stand By Line of Credit Not Applicable Not Applicable Not Applicable 0.45 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Working Capital Demand Loan (WCDL) Not available Not available Not available 0.28 Simple ACUITE BB- | Reaffirmed | Issuer not co-operating*

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