|
|
| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 3.00 | ACUITE BB | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 7.00 | - | ACUITE A4+ | Reaffirmed | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 10.00 | - | - |
| Rating Rationale |
|
Acuité has reaffirmed a long term rating of ‘ACUITE BB’ (read as ACUITE double B) and the short term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) to the Rs 10.00 crore bank facilities of Kedia Agencies Private Limited (KAPL). The rating is now flagged as “Issuer Not Cooperating” based on account of information risk.
Acuite had sent repeated reminders to the company for sharing critical information and documents for surveillance of the ratings; but, despite multiple requests, the management has remained non-cooperative in providing any information. Further, Acuite has not received the No Default Statement(NDS) from the client for last 3 consecutive months. However, the banker has provided their feedback that the conduct of the account is satisfactory. |
| About the Company |
|
Incorporated in 1979, Kedia Agencies Private Limited (KAPL) is based in Kolkata. KAPL is promoted by Mr Deepak Kedia. The company is engaged in the trading of spices and pulses including cloves, cumin seeds, cassia, gambier and many more.
|
| 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.
|
| 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 endeavoured 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 Sensitivities |
| "No information provided by the issuer / available for Acuite to comment upon." |
| All Covenants |
| None |
| Liquidity Position |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| Not Applicable |
| Particulars | Unit | FY 22 (Provisional) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 69.66 | 64.83 |
| PAT | Rs. Cr. | 0.62 | 0.48 |
| PAT Margin | (%) | 0.89 | 0.74 |
| Total Debt/Tangible Net Worth | Times | 0.42 | 1.71 |
| PBDIT/Interest | Times | 1.89 | 1.77 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| Acuite is yet to receive the latest No Default Statement despite repeated requests and followups. |
| Applicable Criteria |
|
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Trading Entitie: https://www.acuite.in/view-rating-criteria-61.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.
|
|
| |
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
Contacts |
|
|
|
About Acuité Ratings & Research |
