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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 15.18 | ACUITE C | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 0.50 | - | ACUITE A4 | Downgraded | Issuer not co-operating* |
| Total Outstanding | 15.68 | - | - |
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Rating Rationale |
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Acuité has downgraded long-term rating at 'ACUITE C' (read as ACUITE C) from 'ACUITE BBB-' (read as ACUITE triple B minus) and short-term rating at 'ACUITE A4' (read as ACUITE A four) from 'ACUITE A3' (read as ACUITE A three) on the Rs.15.68 Crore bank facilities of Multiplex Biotech Private Limited.
The rating is now indicative and is based on best available information. The rating downgrade is on account of information risk. This rating is now flagged as issuer not cooperating. Rationale for downgrade
As per the reporting in Credit Bureau Report, there is one account that is into delinquency. On the basis of the above mentioned information, rating is being downgraded.
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| About the Company |
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Incorporated in 2000, Multiplex Bio-Tech Private Limited (MBPL) is one of the Group Company of MULTIPLEX group. MBPL is promoted by Mr. Mahesh Gopalakrishna Shetty, Mr. Gopalakrishna Pommayya Shetty and Mr. Nishchita Mahesh Shetty. It is engaged in manufacturing and marketing of micronutrients fertilizers and various bio-Products, viz. Multiplex Organic Manure, Bio-Fertilizers, Bio-Fungicides, Bio Insecticides and Bio Pesticides. The Group has manufacturing unit located at Nelamangala near Bangalore (Karnataka). It is also engaged in manufacturing of agro based biproducts which are used for agriculture crop growth.
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| About the Group |
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Multiplex Group comprises of three companies i.e. Karnataka Agro Chemicals (estd. 1974) , Multiplex Agricare Private Limited (estd. 1996) & Multiplex Bio-Tech Private Limited (estd. 2000). The group is engaged in manufacturing of fertilizers and related products. Karnataka Agro Chemicals (KAC) is based in Bengaluru, was established in 1974 by Dr. G.P Shetty. KAC manufactures various fertilizer products, viz.: Single Micronutrients (Chelated & Non Chelated), Major Nutrients, Secondary nutrients (Chelated & Non Chelated), Multi Micronutrients (Chelated & Non Chelated), Plant Bio-Activators, Plant Growth Regulator and Spray Adjuvants. It has manufacturing units at Nagarbhavi and Tumkur in Karnataka; Ghaziabad in Uttar Pradesh and Bhubaneshwar in Odisha. Its daily operations are managed by Mr. Mahesh Shetty. Incorporated in 2000, Multiplex Bio-Tech Private Limited (MBPL) is the one of the Group Company of MULTIPLEX group. MBPL is promoted by Mr. Mahesh Gopalakrishna and his family members. It is engaged in manufacturing and marketing of micronutrients fertilizers and various bio Products, viz. Multiplex Organic Manure, Bio-Fertilizers, Bio-Fungicides, Bio Insecticides and Bio Pesticides. The Group has manufacturing unit located at Nelamangala near Bangalore (Karnataka). It is also engaged in manufacturing of agro based bi-products which are used for agriculture crop growth.
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| Unsupported Rating |
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Not Applicable
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| Non-cooperation by the issuer/borrower |
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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 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 |
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No information provided by the issuer / available for Acuité to comment upon.
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| Liquidity Position |
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No information provided by the issuer / available for Acuité to comment upon.
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| Outlook |
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Not Applicable
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| Other Factors affecting Rating |
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None
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| Particulars | Unit | FY 22 (Actual) | FY 21 (Actual) |
| Operating Income | Rs. Cr. | 324.00 | 305.12 |
| PAT | Rs. Cr. | 17.70 | 15.46 |
| PAT Margin | (%) | 5.46 | 5.07 |
| Total Debt/Tangible Net Worth | Times | 1.95 | 1.85 |
| PBDIT/Interest | Times | 4.97 | 4.25 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
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None
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| 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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| *Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) |
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1. KARNATAKA AGRO CHEMICALS 2. MULTIPLEX AGRICARE PRIVATE LIMITED 3. MULTIPLEX BIOTECH PRIVATE LIMITED |
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Contacts |
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About Acuité Ratings & Research |
