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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 14.55 | ACUITE B+ | Downgraded & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 34.30 | Not Applicable | Withdrawn | - |
| Bank Loan Ratings | 6.50 | - | ACUITE A4 | Downgraded & Withdrawn | Issuer not co-operating* |
| Bank Loan Ratings | 6.50 | - | Not Applicable | Withdrawn |
| Total Outstanding Quantum (Rs. Cr) | 0.00 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 61.85 | - | - |
| Rating Rationale |
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Acuité has downgraded and withdrawn the long term rating to ‘ACUITE B+’ (Read as ACUITE B plus) from ‘ACUITE BB-’ (Read as ACUITE double B minus) and short term rating to ‘ACUITE A4’ (Read As ACUITE A four) from ‘ACUITE A4+’ (Read As ACUITE A four plus) on the Rs 21.05 crore bank facilities and has also withdrawn the long term and short term rating on Rs.40.80 crore bank facilities of Mr Gupta And Company Private Limited.
The rating is being withdrawn on account of request received from the company and No Objection Certificate, and No Due Certificate received from the banker. The rating continues to be an indicative rating and downgraded is on the account of information risk.
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| About the Company |
| MR Gupta and Company Private Limited was incorporated in the year 1992. It is a Delhi based company promoted by Mr.Sachin Gupta and Mr. Avadesh Kumar Shukla. The company is a consignment sales partner for GAIL and Brahmaputra Crackers and Polymers Limited (BCPL). The company is also engaged in the trading of raw materials and polymer products such as high density polyethylene, linear low density polyethylene and polyvinyl chloride resins. |
| 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 noncooperation 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. |
| About the Rated Entity - Key Financials |
| The rated entity has not shared the latest financial statement for Acuite to comment. |
| Rating Sensitivity |
| No information provided by the issuer / available for Acuite to comment upon. |
| Material Covenants |
| Not Applicable |
| Liquidity Position |
| No information provided by the issuer / available for Acuite to comment upon |
| Outlook: |
| Not Applicable |
| Other Factors Affecting the Rating |
| None |
| Status of non-cooperation with previous CRA |
| Crisil vide its press release dated 24.03.2022 had rated the company to CRISIL BB/Stable/A4; Issuer Not Cooperating. |
| 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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• 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. |
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