Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 3.00 ACUITE D | Reaffirmed | Issuer not co-operating* -
Bank Loan Ratings 27.00 - ACUITE D | Reaffirmed | Issuer not co-operating*
Total Outstanding 30.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and the short term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 30.00 Cr. bank facilities of Map Overseas LLP (MOL). This rating is flagged as issuer not cooperating and is based on best available information.


About the Company

­Established in 2018, the firm started its operations in May, 2019. MOL is a Gujarat-based firm promoted by Mr. Mehulkumar A. Patel and Mrs. Khushboo M. Patel. The firm is engaged trading of soybean oil, palm oil and cottonseed oil.

 
Unsupported Rating
­None
 
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 Acuite to comment upon."

 
Liquidity Position

­"No information provided by the issuer / available for Acuite to comment upon."

 
Outlook

­Not Applicable

 
Other Factors affecting Rating

None

 

Particulars Unit FY 19 (Actual) FY 18 (Actual)
Operating Income Rs. Cr. 182.79 0.00
PAT Rs. Cr. 0.45 0.00
PAT Margin (%) 0.25 0.00
Total Debt/Tangible Net Worth Times 0.54 0.00
PBDIT/Interest Times 1.26 0.00
Status of non-cooperation with previous CRA

­Not Applicable

 
Any other information

­None

 
Applicable Criteria
• 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.

­
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
21 Nov 2022 Letter of Credit Short Term 25.00 ACUITE D ( Issuer not co-operating*)
Secured Overdraft Long Term 3.00 ACUITE D ( Issuer not co-operating*)
Bills Discounting Short Term 2.00 ACUITE D ( Issuer not co-operating*)
25 Aug 2021 Bills Discounting Short Term 2.00 ACUITE D (Downgraded from ACUITE A4)
Letter of Credit Short Term 25.00 ACUITE D (Downgraded from ACUITE A4)
Secured Overdraft Long Term 3.00 ACUITE D (Downgraded from ACUITE BB- | Stable)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Canara Bank Not avl. / Not appl. Bills Discounting Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Canara Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*
Canara Bank Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*

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