Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 69.20 ACUITE B+ | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 3.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 72.20 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B Plus) and the short-term rating of ‘ACUITE A4’ (read as ACUITE A Four) on the Rs.72.20 Crore bank facilities of Mahalaxmi Automotives Private Limited. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information


About the Company

­Incorporated in the year 1997, Mahalaxmi Automotives Private Limited (MAPL) is based of Pune, Maharashtra. The company is headed by Mr. Sadashiv Satav and his family. The company is an authorized dealer for Maruti Suzuki India Limited (MSIL) and Hero Moto Corp Limited (HML). In addition to this, MAPL has a bus transportation division and supplies 110 buses to Pune Mahanagar Parivahan Mahamandal Limited (PMPML).

 
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 22 (Actual) FY 21 (Actual)
Operating Income Rs. Cr. 347.82 309.94
PAT Rs. Cr. 1.49 0.85
PAT Margin (%) 0.43 0.28
Total Debt/Tangible Net Worth Times 0.49 0.77
PBDIT/Interest Times 2.01 1.99
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
• 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
09 Jun 2022 Inventory Funding Long Term 23.00 ACUITE B+ ( Issuer not co-operating*)
Inventory Funding Long Term 4.00 ACUITE B+ ( Issuer not co-operating*)
Inventory Funding Long Term 13.00 ACUITE B+ ( Issuer not co-operating*)
Term Loan Long Term 6.00 ACUITE B+ ( Issuer not co-operating*)
Proposed Bank Facility Long Term 7.70 ACUITE B+ ( Issuer not co-operating*)
Cash Credit Long Term 3.50 ACUITE B+ ( Issuer not co-operating*)
Cash Credit Long Term 2.00 ACUITE B+ ( Issuer not co-operating*)
Channel Financing Long Term 10.00 ACUITE B+ ( Issuer not co-operating*)
Bank Guarantee Short Term 3.00 ACUITE A4 ( Issuer not co-operating*)
09 Mar 2021 Proposed Bank Facility Long Term 7.70 ACUITE B+ (Issuer not co-operating*)
Channel Financing Long Term 10.00 ACUITE B+ (Issuer not co-operating*)
Cash Credit Long Term 2.00 ACUITE B+ (Issuer not co-operating*)
Bank Guarantee Short Term 3.00 ACUITE A4 (Issuer not co-operating*)
Inventory Funding Long Term 4.00 ACUITE B+ (Issuer not co-operating*)
Inventory Funding Long Term 13.00 ACUITE B+ (Issuer not co-operating*)
Cash Credit Long Term 3.50 ACUITE B+ (Issuer not co-operating*)
Inventory Funding Long Term 23.00 ACUITE B+ (Issuer not co-operating*)
Term Loan Long Term 6.00 ACUITE B+ (Issuer not co-operating*)
02 Jan 2020 Cash Credit Long Term 3.50 ACUITE B+ | Stable (Reaffirmed)
Bank Guarantee Short Term 3.00 ACUITE A4 (Reaffirmed)
Term Loan Long Term 6.00 ACUITE B+ | Stable (Reaffirmed)
Proposed Bank Facility Long Term 7.70 ACUITE B+ | Stable (Reaffirmed)
Inventory Funding Long Term 13.00 ACUITE B+ | Stable (Reaffirmed)
Inventory Funding Long Term 23.00 ACUITE B+ | Stable (Reaffirmed)
Channel Financing Long Term 10.00 ACUITE B+ | Stable (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE B+ | Stable (Reaffirmed)
Inventory Funding Long Term 4.00 ACUITE B+ | Stable (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
HDFC Bank Ltd Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 3.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 3.50 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 2.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
State Bank of India Not Applicable Channel/Dealer/Vendor Financing Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Tata Capital Limited Not Applicable Inventory Funding Not Applicable Not Applicable Not Applicable 23.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not Applicable Inventory Funding Not Applicable Not Applicable Not Applicable 13.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not Applicable Inventory Funding Not Applicable Not Applicable Not Applicable 4.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 7.70 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*
HDFC Bank Ltd Not Applicable Term Loan Not available Not available Not available 6.00 Simple ACUITE B+ | Reaffirmed | Issuer not co-operating*

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