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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 37.00 | ACUITE B+ | Reaffirmed & Withdrawn | Issuer not co-operating* | - |
| Bank Loan Ratings | 11.00 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 48.00 | - | - |
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Rating Rationale |
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Acuité has reaffirmed and withdrawn the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs.37.00 crore bank facilities and also withdraw the long term facilty on Rs.11.00 crore bank facilities of My Car Private Limited(MCPL).
The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information. The rating has been withdrawn on Acuite's policy of withdrawal of ratings. The rating has been withdrawn on account of the request received from the company, and the NOC (No objection certificate) received from the banker. |
| About the Company |
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Kanpur based, My Car Private Limited was incorporated in 2000 and the company has dealership of Maruti Suzuki India Ltd (MSIL). The company is currently being managed by Sh. Purshottam Das Garg and Mrs. Kavita Garg. The company currently runs four showrooms, one each at Kanpur, Bandha, Karvi and Farukabad. Additionally, the company has two sales extension counter at Ghatampur and Kayamganj also the company has ten workshops, five in Kanpur and one each in Bandha, Karvi, Ghatampur, Kayamganj and Farukabad. The company also has one dealership under Maruti True Value system in Kanpur and dealsin spare parts and accessories manufactured by MSIL.
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| About the Group |
| The Group was established in the year 2000 by a leading business family of Kanpur, My Car Nexa Private Limited and My Auto World (Kanpur) Private Limited to provide for as a “One Stop” solution for sale, spare and service of Maruti-Suzuki products. Over the years the group has diversified into other ventures. The group’s business includes sales, spares and servicing of Maruti Suzuki vehicles, as well as of Tata commercial vehicles. The Group also offers extended service contracts. The group is also engaged in the business of purchase and sale of used vehicles under “True Value” brand of Maruti Suzuki India Ltd. |
| Unsupported Rating |
| Not Applicable |
| 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 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.
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| 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 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 ratingis 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 |
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| Other Factors affecting Rating |
| None |
| Particulars | Unit | FY 23 (Actual) | FY 22 (Actual) |
| Operating Income | Rs. Cr. | 328.22 | 262.01 |
| PAT | Rs. Cr. | 4.63 | 3.05 |
| PAT Margin | (%) | 1.41 | 1.16 |
| Total Debt/Tangible Net Worth | Times | 1.98 | 1.84 |
| PBDIT/Interest | Times | 1.85 | 1.56 |
| Status of non-cooperation with previous CRA |
| Not Applicable |
| Any other information |
| None |
| Applicable Criteria |
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• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.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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