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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 10.00 | ACUITE BB+ | Downgraded | Issuer not co-operating* | - |
| Bank Loan Ratings | 2.50 | - | ACUITE A4+ | Downgraded | Issuer not co-operating* |
| Total Outstanding Quantum (Rs. Cr) | 12.50 | - | - |
| Total Withdrawn Quantum (Rs. Cr) | 0.00 | - | - |
| Rating Rationale |
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Acuité has downgraded the long-term rating to ‘ACUITE BB+’ (read as ACUITE double B plus) from ‘ACUITE BBB+’ (read as ACUITE triple B plus) and the short term rating to ‘ACUITE A4+’ (read as ACUITE A four plus) from ‘ACUITE A2’ (read as ACUITE A two) on the Rs.12.50 crore bank facilities of Narayani Sons India Private Limited (NSIPL). The rating has been downgraded and flagged as “Issuer Not Cooperating” on account of information risk.
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| About the Company |
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Incorporated in 2005, NSPL is an Odisha based company (operating from Kolkata). The company is engaged in excavation, crushing, screening and transportation of iron ore, manganese and coal on a contract basis. In addition, the company also provides logistics services to its customers. Established in 1985 as a proprietorship firm, reconstituted as a partnership firm in 2000, and then as a private limited company, NSPL is promoted by Mr. Dinanath Passary. Currently, the operations are managed by Mr. Passary and his sons, Mr. Vivek Passary and Mr. Ashok Passary, who are also directors in the company. NSPL has established a large fleet of heavy equipment including 500 tipper trucks, 50 excavators, 20 dozers, 30 pay-loaders etc. Majority of the fleet is from reputed OEMs like Volvo, Tata, Eicher, Caterpillar etc.
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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 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 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 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 ratingis based.
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| Rating Sensitivities |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Material Covenants |
| None |
| Liquidity Position |
| "No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
| None |
| Other Factors affecting Rating |
| None |
| Key Financials: |
| The rated entity has not shared the latest financial statements despite repeated requests. |
| Status of non-cooperation with previous CRA |
| None |
| 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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• 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 • Service Sector: https://www.acuite.in/view-rating-criteria-50.htm |
| Note on Complexity Levels of the Rated Instrument |
| https://www.acuite.in/view-rating-criteria-55.htm |
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