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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 54.00 | ACUITE BB | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding Quantum (Rs. Cr) | 54.00 | - | - |
| Rating Rationale |
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Acuité has reaffirmed the long-term rating of ‘ACUITE BB (Read as Acuite Double B)' Issuer Not Co-operating’ on Rs.54.00 Cr bank facilities of ‘Mittal Dewellers Private Limited’.
As per the feedback from the Banker's, the facilities have been closed and No Dues Certificates have been issued to the client. However, as there is no response from the client and there is paucity of information, hence it is flagged as Issuer Not Co-operation, and based on the best available information. |
| About the Company |
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Mittal Dewellers Private Limited (MDPL) is an Ajmer (Rajasthan) based company and was incorporated in December, 1993 by Dr Shakuntala Mittal and Mr Sunil Kumar Mittal. The company was set up with an objective to carry out real estate business. The company had undertaken the development of ‘Mittal Mall’ in Ajmer since May 2016 and is expected to be completed by December 2022. The proposed mall will have 13 floors comprising including 1 Service Floor and 3 basements floors for parking space. The shopping cum amusement mall is proposed on Prithviraj Marg, Imperial road, Ajmer.
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| Non-cooperation by the issuer/borrower |
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Acuité has been requesting for No Default Statement from the rated entity. However, the issuer / borrower failed to submit such information before 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.
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| 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 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 Sensitivities |
| No information provided by the issuer / available for Acuite to comment upon. |
| Material Covenants |
| None |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon. |
| Outlook |
| None |
| Particulars | Unit | FY 21 (Actual) | FY 20 (Actual) |
| Operating Income | Rs. Cr. | 0.00 | 0.40 |
| PAT | Rs. Cr. | 0.01 | 0.12 |
| PAT Margin | (%) | 0.00 | 29.94 |
| Total Debt/Tangible Net Worth | Times | 3.34 | 3.53 |
| PBDIT/Interest | Times | 1.00 | 1.03 |
| 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 |
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• 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 • Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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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