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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 28.00 | ACUITE BB | Reaffirmed | Issuer not co-operating* | - |
| Bank Loan Ratings | 39.00 | - | ACUITE A4+ | Reaffirmed | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 67.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long-term rating to ‘ACUITE BB’ (read as ACUITE double B) and short-term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.67.00 Cr. bank facilities of Logicash Solutions Private Limited (LSPL). The rating continues to be flagged as ‘Issuer Not-Cooperating’ and based on best available information.
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| About the Company |
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Mumbai based, Logicash Solutions Private Limited (LSPL) was incorporated in 2009, The company is engaged in providing cash management services (CMS) to BFSI and retail sectors. Mr. Karanraj Paramjeet Sahi and Mrs. Swati Nanhelal Singh.
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| About the Group |
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The group consists of two other companies viz. NISA Industrial Services Private Limited (NISA) and Cattleya Technosys Private Limited (CTPL).
NISA Industrial Services Private Limited was incorporated in 1992. The company is based in Mumbai and provides security management and man guarding services to various sectors including energy, power, telecom, BFSI, IT & ITES to name a few. Mr. Paramjitsingh Datarsingh Sahi and Mr. Karanraj Paramjeet Sahi are directors of the company. Cattleya Technosys Private Limited was incorporated in 2012 and based in Mumbai. The company provides IOT based services which help in e-surveillance. It is promoted by Mrs. Nehalkaur Paramjit Sahi and Mr. Harkeerat Singh Sahi. |
| 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 the due date.
Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with an 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: |
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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 has 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.
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| Rating Sensitivity |
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No information provided by the issuer / available for Acuité to comment upon.
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| Material Covenants |
| None |
| Liquidity Position |
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No information provided by the issuer / available for Acuité to comment upon.
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| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| Not Applicable |
| Particulars | Unit | FY 19 (Actual) | FY 18 (Actual) |
| Operating Income | Rs. Cr. | 160.53 | 762.49 |
| PAT | Rs. Cr. | 2.52 | 6.65 |
| PAT Margin | (%) | 1.57 | 0.87 |
| Total Debt/Tangible Net Worth | Times | 0.32 | 1.41 |
| PBDIT/Interest | Times | 1.87 | 1.38 |
| Status of non-cooperation with previous CRA |
| None |
| Any other information |
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Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.
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| Applicable Criteria |
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• 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 |
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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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