Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 15.00 ACUITE B | Downgraded | Issuer not co-operating* -
Bank Loan Ratings 25.00 - ACUITE A4 | Reaffirmed | Issuer not co-operating*
Total Outstanding 40.00 - -
Total Withdrawn 0.00 - -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) from ‘ACUITE B+’ (read as ACUITE B plus) and reaffirmed the short term rating of ‘ACUITE A4’ (read as ACUITE A four) on the Rs. 40.00 crore bank facilities of M H Khanusiya (MHK) 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

M H Khanusiya (­MHK) was established in 1995 as a proprietorship firm and converted to a partnership firm in 2012 by Mr. Murtaja H. Khanusiya and his son, Mr. Izaz Murtajali Khanusiya (Partners). Subsequently, in 2017, Mr. Anish Murtajali Khanusiya joined the firm as a partner. The firm is a Class A contractor and undertakes civil construction work, mainly, earthwork and structural work for railways (construction of railway bridges, stations, platforms, coach yards and related fabrication work). The firm mainly caters to the Western and North Western Railways of Madhya Pradesh, Rajasthan, Maharashtra and Gujarat.

 
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 18 (Actual) FY 17 (Actual)
Operating Income Rs. Cr. 163.61 90.22
PAT Rs. Cr. 2.25 3.39
PAT Margin (%) 1.38 3.76
Total Debt/Tangible Net Worth Times 2.49 2.05
PBDIT/Interest Times 3.03 3.51
Status of non-cooperation with previous CRA
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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
18 Jan 2024 Bank Guarantee (BLR) Short Term 25.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 15.00 ACUITE B+ (Reaffirmed & Issuer not co-operating*)
16 Nov 2022 Bank Guarantee (BLR) Short Term 25.00 ACUITE A4 (Reaffirmed & Issuer not co-operating*)
Cash Credit Long Term 15.00 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. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE A4 | Reaffirmed | Issuer not co-operating*
Union Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 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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