Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 30.00 ACUITE B- | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 15.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 45.00 - -
Total Withdrawn 0.00 - -
* The issuer did not co-operate; based on best available information.
 
Rating Rationale

­­­Acuité has downgraded the long-term rating to 'ACUITE B-’ (read as ACUITE B minus) from ‘ACUITE B’ (read as ACUITE B) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 45.00 crore bank facilities of ­Mourya Aquex Private Limited (MAPL) on account of information risk. The rating continues to be flagged as "Issuer Not-Cooperating" and is based on the best available information.


About the Company

­­Incorporated in 2017, Mourya Aquex Private Limited (MAPL) is an Andhra Pradesh based company currently undertaking a greenfield project to set up a sea food processing plant with facilities viz Individual quick freezer, feed, plant, cold storage, modern deep-freezing plant for processing of shrimps, lob star and crab. The company is promoted by Mr. Thota Pandu Ranga Jagadish and Mrs. Thota Sireesha.

 
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 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
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 24 (Actual) FY 23 (Actual)
Operating Income Rs. Cr. 241.52 308.68
PAT Rs. Cr. 1.32 3.47
PAT Margin (%) 0.55 1.12
Total Debt/Tangible Net Worth Times 1.95 1.60
PBDIT/Interest Times 1.70 2.14
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

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
22 Jan 2024 PC/PCFC Short Term 5.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Bills Discounting Short Term 10.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 20.00 ACUITE B (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 10.00 ACUITE B (Reaffirmed & Issuer not co-operating*)
10 Nov 2022 PC/PCFC Short Term 5.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Bills Discounting Short Term 10.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 20.00 ACUITE B (Reaffirmed & Issuer not co-operating*)
Term Loan Long Term 10.00 ACUITE B (Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Union Bank of India Not avl. / Not appl. Bills Discounting Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. PC/PCFC Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Canara Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
Union Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
* The issuer did not co-operate; based on best available information.

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